RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) - Equities researchers at Zacks Research boosted their Q1 2024 earnings estimates for shares of RenaissanceRe in a research note issued to investors on Monday, April 1st. Zacks Research analyst K. Dey now anticipates that the insurance provider will post earnings per share of $10.02 for the quarter, up from their previous forecast of $9.80. The consensus estimate for RenaissanceRe's current full-year earnings is $34.35 per share. Zacks Research also issued estimates for RenaissanceRe's Q2 2024 earnings at $10.77 EPS, Q3 2024 earnings at $4.08 EPS, Q4 2024 earnings at $8.70 EPS, FY2024 earnings at $33.57 EPS, Q2 2025 earnings at $10.93 EPS, Q3 2025 earnings at $4.49 EPS, Q1 2026 earnings at $10.93 EPS and FY2026 earnings at $39.30 EPS.
RenaissanceRe (NYSE:RNR - Get Free Report) last posted its earnings results on Tuesday, January 30th. The insurance provider reported $11.77 EPS for the quarter, topping the consensus estimate of $8.13 by $3.64. RenaissanceRe had a net margin of 28.04% and a return on equity of 26.93%. The firm had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.83 billion. During the same quarter last year, the firm earned $7.33 EPS. The company's quarterly revenue was up 17.9% compared to the same quarter last year.
RNR has been the subject of several other research reports. UBS Group raised their price target on shares of RenaissanceRe from $229.00 to $238.00 and gave the stock a "neutral" rating in a research note on Monday, February 5th. Evercore ISI began coverage on shares of RenaissanceRe in a research note on Thursday, December 14th. They set an "underperform" rating and a $200.00 price target for the company. BMO Capital Markets raised their price target on shares of RenaissanceRe from $216.00 to $295.00 and gave the stock an "outperform" rating in a research note on Monday, February 5th. Finally, TD Cowen began coverage on shares of RenaissanceRe in a research note on Wednesday, January 10th. They set a "market perform" rating for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $248.22.
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RenaissanceRe Stock Performance
Shares of RNR stock traded down $4.12 during trading hours on Tuesday, hitting $230.85. 259,207 shares of the company were exchanged, compared to its average volume of 369,260. The firm has a fifty day simple moving average of $227.39 and a 200 day simple moving average of $213.84. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.23. RenaissanceRe has a 52-week low of $174.22 and a 52-week high of $239.42. The stock has a market capitalization of $12.17 billion, a price-to-earnings ratio of 4.59, a P/E/G ratio of 2.62 and a beta of 0.30.
Institutional Trading of RenaissanceRe
A number of hedge funds have recently made changes to their positions in RNR. American International Group Inc. increased its position in shares of RenaissanceRe by 1,829.6% during the fourth quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider's stock valued at $273,135,000 after buying an additional 1,321,325 shares during the period. Norges Bank purchased a new stake in RenaissanceRe in the fourth quarter worth about $133,196,000. Cooke & Bieler LP grew its holdings in RenaissanceRe by 97.9% in the fourth quarter. Cooke & Bieler LP now owns 1,088,978 shares of the insurance provider's stock worth $213,440,000 after purchasing an additional 538,636 shares during the period. BlackRock Inc. grew its holdings in RenaissanceRe by 10.8% in the second quarter. BlackRock Inc. now owns 4,503,190 shares of the insurance provider's stock worth $839,935,000 after purchasing an additional 440,083 shares during the period. Finally, Zimmer Partners LP purchased a new stake in RenaissanceRe in the second quarter worth about $75,541,000. 99.97% of the stock is owned by institutional investors.
Insider Buying and Selling at RenaissanceRe
In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the firm's stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $209.05, for a total value of $209,050.00. Following the completion of the transaction, the executive vice president now directly owns 80,449 shares of the company's stock, valued at approximately $16,817,863.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $209.05, for a total transaction of $209,050.00. Following the completion of the sale, the executive vice president now directly owns 80,449 shares of the company's stock, valued at approximately $16,817,863.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Carol P. Sanders sold 880 shares of RenaissanceRe stock in a transaction on Monday, February 12th. The stock was sold at an average price of $227.59, for a total transaction of $200,279.20. Following the sale, the director now directly owns 5,363 shares of the company's stock, valued at $1,220,565.17. The disclosure for this sale can be found here. Insiders sold a total of 5,130 shares of company stock valued at $1,167,479 in the last three months. Company insiders own 2.10% of the company's stock.
RenaissanceRe Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.68%. This is an increase from RenaissanceRe's previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 14th. RenaissanceRe's dividend payout ratio (DPR) is presently 3.05%.
RenaissanceRe Company Profile
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RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.
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