RenaissanceRe Holdings Ltd. (NYSE:RNR) to Post Q3 2024 Earnings of $4.06 Per Share, Zacks Research Forecasts

RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) - Investment analysts at Zacks Research decreased their Q3 2024 earnings per share (EPS) estimates for RenaissanceRe in a report issued on Monday, May 13th. Zacks Research analyst K. Dey now anticipates that the insurance provider will earn $4.06 per share for the quarter, down from their prior forecast of $4.08. The consensus estimate for RenaissanceRe's current full-year earnings is $36.42 per share. Zacks Research also issued estimates for RenaissanceRe's FY2024 earnings at $35.39 EPS, Q4 2025 earnings at $8.52 EPS, FY2025 earnings at $34.33 EPS and Q1 2026 earnings at $11.83 EPS.

RNR has been the topic of a number of other research reports. JPMorgan Chase & Co. upped their target price on RenaissanceRe from $237.00 to $245.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 1st. Evercore ISI lifted their target price on shares of RenaissanceRe from $216.00 to $218.00 and gave the company an "underperform" rating in a report on Wednesday, May 1st. UBS Group raised their price target on shares of RenaissanceRe from $229.00 to $238.00 and gave the company a "neutral" rating in a research report on Monday, February 5th. Finally, BMO Capital Markets upped their price objective on shares of RenaissanceRe from $216.00 to $295.00 and gave the stock an "outperform" rating in a research report on Monday, February 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, RenaissanceRe currently has a consensus rating of "Hold" and an average price target of $249.00.

RenaissanceRe Stock Performance

RNR traded down $0.18 during midday trading on Wednesday, hitting $222.97. 263,989 shares of the company were exchanged, compared to its average volume of 359,119. The company's 50 day simple moving average is $226.25 and its 200 day simple moving average is $216.78. The firm has a market capitalization of $11.79 billion, a price-to-earnings ratio of 4.93, a price-to-earnings-growth ratio of 1.94 and a beta of 0.31. RenaissanceRe has a 1-year low of $174.22 and a 1-year 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 released its quarterly earnings data on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share for the quarter, topping analysts' consensus estimates of $9.86 by $2.32. The firm had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.05 billion. RenaissanceRe had a net margin of 24.79% and a return on equity of 27.09%. The business's quarterly revenue was up 41.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $8.16 earnings per share.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in RenaissanceRe by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider's stock worth $1,090,875,000 after acquiring an additional 148,173 shares during the last quarter. Bank of New York Mellon Corp lifted its position in RenaissanceRe by 4.7% during the first quarter. Bank of New York Mellon Corp now owns 2,752,016 shares of the insurance provider's stock worth $646,806,000 after buying an additional 124,039 shares in the last quarter. Capital World Investors boosted its stake in RenaissanceRe by 1.0% during the fourth quarter. Capital World Investors now owns 2,539,332 shares of the insurance provider's stock worth $497,709,000 after buying an additional 25,898 shares during the last quarter. Boston Partners grew its holdings in RenaissanceRe by 7.1% in the 3rd quarter. Boston Partners now owns 2,052,716 shares of the insurance provider's stock valued at $406,390,000 after buying an additional 135,861 shares in the last quarter. Finally, Capital Research Global Investors increased its stake in shares of RenaissanceRe by 5.3% in the 4th quarter. Capital Research Global Investors now owns 1,423,281 shares of the insurance provider's stock worth $278,963,000 after acquiring an additional 71,377 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Announces Dividend

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

RenaissanceRe Company Profile

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.