RenaissanceRe (NYSE:RNR) Posts Quarterly Earnings Results, Beats Estimates By $2.15 EPS

RenaissanceRe (NYSE:RNR) issued its earnings results on Tuesday. The insurance provider reported $12.71 EPS for the quarter, topping the consensus estimate of $10.56 by $2.15, FiscalAI reports. The firm had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the previous year, the business posted $15.62 EPS.

RenaissanceRe Trading Down 3.0%

Shares of RenaissanceRe stock opened at $341.24 on Wednesday. The business’s 50 day simple moving average is $332.05 and its 200-day simple moving average is $309.11. RenaissanceRe has a twelve month low of $231.17 and a twelve month high of $363.84.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on RNR shares. Evercore set a $330.00 price target on RenaissanceRe in a research report on Thursday, July 23rd. Wolfe Research set a $315.00 price objective on shares of RenaissanceRe in a report on Tuesday, July 7th. Jefferies Financial Group upgraded shares of RenaissanceRe from a “hold” rating to a “market outperform” rating in a research note on Tuesday, September 22nd. TD Cowen boosted their target price on shares of RenaissanceRe from $315.00 to $320.00 and gave the company a “hold” rating in a research note on Monday, October 12th. Finally, Bank of America increased their target price on shares of RenaissanceRe from $410.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday, July 23rd. Six analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $337.50.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance products. The company specializes in helping insurers, businesses and other organizations manage financial risk arising from natural catastrophes, specialty exposures and certain casualty risks.

RenaissanceRe’s reinsurance activities include property catastrophe coverage, as well as casualty and specialty reinsurance. Through its insurance operations, the company provides coverage for areas such as property, casualty and other specialty risks.