RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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. multi-line reinsurance. The Casualty and Specialty segment writes various classes of products, such as directors and officers, medical malpractice, and professional indemnity; automobile and employer's liability, casualty clash, umbrella or excess casualty, workers' compensation, and general liability; financial and mortgage guaranty, political risk, surety, and trade credit; and accident and health, agriculture, aviation, cyber, energy, marine, satellite, and terrorism. The company distributes its products and services primarily through intermediaries. RenaissanceRe Holdings Ltd. was founded in 1993 and is headquartered in Pembroke, Bermuda.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on the stock. Morgan Stanley reduced their target price on shares of RenaissanceRe from $175.00 to $162.00 and set an "equal weight" rating on the stock in a research report on Monday, May 23rd. Jefferies Financial Group lowered shares of RenaissanceRe from a "buy" rating to a "hold" rating and reduced their target price for the stock from $173.00 to $162.00 in a research report on Tuesday, July 12th. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $180.67.
RenaissanceRe Stock Down 0.7 %
RNR Stock traded down $0.97 during trading on Monday, hitting $136.32. 251,044 shares of the company's stock traded hands, compared to its average volume of 381,004. The firm has a market capitalization of $5.96 billion, a P/E ratio of -6.27 and a beta of 0.40. The business has a fifty day simple moving average of $143.33 and a two-hundred day simple moving average of $148.29. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.23. RenaissanceRe has a 1 year low of $124.18 and a 1 year high of $174.54.
RenaissanceRe (NYSE:RNR - Get Rating) last issued its quarterly earnings data on Monday, July 25th. The insurance provider reported $5.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.11 by $0.40. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.73 billion. RenaissanceRe had a negative net margin of 19.70% and a positive return on equity of 3.88%. RenaissanceRe's revenue was up 23.2% compared to the same quarter last year. During the same period last year, the company posted $5.64 earnings per share. Sell-side analysts anticipate that RenaissanceRe will post 14.65 EPS for the current year.
RenaissanceRe Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $1.48 annualized dividend and a yield of 1.09%. RenaissanceRe's dividend payout ratio (DPR) is -6.81%.
Insider Buying and Selling at RenaissanceRe
In other RenaissanceRe news, Director David C. Bushnell sold 600 shares of the firm's stock in a transaction that occurred on Friday, May 20th. The shares were sold at an average price of $148.41, for a total value of $89,046.00. Following the completion of the sale, the director now directly owns 19,914 shares in the company, valued at $2,955,436.74. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Brian Gerald John Gray bought 7,500 shares of the stock in a transaction on Wednesday, August 10th. The stock was bought at an average cost of $130.62 per share, for a total transaction of $979,650.00. Following the completion of the purchase, the director now directly owns 23,621 shares in the company, valued at $3,085,375.02. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David C. Bushnell sold 600 shares of RenaissanceRe stock in a transaction on Friday, May 20th. The stock was sold at an average price of $148.41, for a total transaction of $89,046.00. Following the sale, the director now owns 19,914 shares of the company's stock, valued at $2,955,436.74. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.
