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

Key Points

• RenaissanceRe beat earnings expectations: The insurer reported quarterly EPS of $12.71, exceeding the $10.56 consensus estimate by $2.15. Revenue totaled $1.69 billion, below analysts’ $1.78 billion forecast.
• Shares declined despite the earnings beat: RNR fell $10.42 to $341.24 in mid-day trading, while maintaining a 23.10% return on equity and 23.65% net margin.
• Analyst sentiment remains cautious: RenaissanceRe has a consensus “Hold” rating and an average price target of $337.50. The company also pays a quarterly dividend of $0.41, yielding approximately 0.5%.

RenaissanceRe (NYSE:RNR - Get Free Report) posted its earnings results on Tuesday. The insurance provider reported $12.71 earnings per share for the quarter, beating analysts' consensus estimates of $10.56 by $2.15, FiscalAI reports. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.78 billion. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.

RenaissanceRe Stock Performance

RNR stock traded down $10.42 during mid-day trading on Tuesday, hitting $341.24. The company had a trading volume of 677,448 shares, compared to its average volume of 356,537. The firm has a market cap of $14.18 billion, a PE ratio of 5.86, a price-to-earnings-growth ratio of 0.99 and a beta of 0.12. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. RenaissanceRe has a 12 month low of $231.17 and a 12 month high of $363.84. The stock's fifty day moving average price is $331.59 and its two-hundred day moving average price is $308.78.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were given a $0.41 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.64 annualized dividend and a yield of 0.5%. RenaissanceRe's payout ratio is currently 2.81%.

Wall Street Analysts Forecast Growth

RNR has been the subject of several recent research reports. Evercore set a $330.00 price target on RenaissanceRe in a report on Thursday, July 23rd. Royal Bank Of Canada assumed coverage on shares of RenaissanceRe in a report on Tuesday, September 22nd. They set a "sector perform" rating and a $365.00 price objective on the stock. Keefe, Bruyette & Woods upped their target price on shares of RenaissanceRe from $342.00 to $350.00 and gave the stock a "market perform" rating in a research note on Monday, July 27th. Jefferies Financial Group upgraded shares of RenaissanceRe from a "hold" rating to a "market outperform" rating in a report on Tuesday, September 22nd. Finally, Morgan Stanley increased their target price on shares of RenaissanceRe from $310.00 to $320.00 and gave the company an "equal weight" rating in a report on Monday, July 6th. Six equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, RenaissanceRe has a consensus rating of "Hold" and an average price target 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.

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