Equities Analysts Issue Forecasts for RenaissanceRe Holdings Ltd.'s Q2 2024 Earnings (NYSE:RNR)

RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) - Investment analysts at Zacks Research increased their Q2 2024 earnings per share estimates for RenaissanceRe in a report issued on Monday, May 13th. Zacks Research analyst K. Dey now forecasts that the insurance provider will earn $10.89 per share for the quarter, up from their previous estimate of $10.77. The consensus estimate for RenaissanceRe's current full-year earnings is $36.42 per share. Zacks Research also issued estimates for RenaissanceRe's Q4 2024 earnings at $8.26 EPS, Q1 2025 earnings at $10.37 EPS and Q3 2025 earnings at $4.51 EPS.

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. raised their price target on RenaissanceRe from $237.00 to $245.00 and gave the company a "neutral" rating in a report on Wednesday, May 1st. Evercore ISI increased their target price on RenaissanceRe from $216.00 to $218.00 and gave the company an "underperform" rating in a research note on Wednesday, May 1st. BMO Capital Markets increased their target price on RenaissanceRe from $216.00 to $295.00 and gave the company an "outperform" rating in a research note on Monday, February 5th. Finally, UBS Group increased their target price on RenaissanceRe from $229.00 to $238.00 and gave the company a "neutral" rating in a research note on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $249.00.

RenaissanceRe Trading Down 0.2 %

RenaissanceRe stock traded down $0.52 during mid-day trading on Tuesday, hitting $223.15. The stock had a trading volume of 256,197 shares, compared to its average volume of 360,143. The stock has a 50-day simple moving average of $226.36 and a two-hundred day simple moving average of $216.74. The stock has a market capitalization of $11.80 billion, a PE ratio of 4.93, a P/E/G ratio of 1.96 and a beta of 0.31. RenaissanceRe has a 12 month low of $174.22 and a 12 month high of $239.42. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.86 by $2.32. The business had revenue of $3.20 billion for the quarter, compared to analysts' expectations of $3.05 billion. RenaissanceRe had a return on equity of 27.09% and a net margin of 24.79%. The firm's quarterly revenue was up 41.3% compared to the same quarter last year. During the same quarter last year, the business earned $8.16 earnings per share.

RenaissanceRe Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date is Friday, June 14th. RenaissanceRe's dividend payout ratio is currently 3.45%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RNR. American International Group Inc. grew its holdings 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 worth $273,135,000 after buying an additional 1,321,325 shares in the last quarter. Norges Bank bought a new position in RenaissanceRe in the fourth quarter valued at approximately $133,196,000. Cooke & Bieler LP grew its stake in RenaissanceRe by 97.9% in the fourth quarter. Cooke & Bieler LP now owns 1,088,978 shares of the insurance provider's stock valued at $213,440,000 after purchasing an additional 538,636 shares in the last quarter. AQR Capital Management LLC grew its stake in RenaissanceRe by 226.8% in the third quarter. AQR Capital Management LLC now owns 280,666 shares of the insurance provider's stock valued at $55,549,000 after purchasing an additional 194,774 shares in the last quarter. Finally, Fiera Capital Corp grew its stake in RenaissanceRe by 637.3% in the fourth quarter. Fiera Capital Corp now owns 199,166 shares of the insurance provider's stock valued at $39,037,000 after purchasing an additional 172,154 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors.

About RenaissanceRe

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.