RenaissanceRe (NYSE:RNR) Announces Earnings Results, Beats Expectations By $2.73 EPS

RenaissanceRe (NYSE:RNR) announced its earnings results on Tuesday. The insurance provider reported $13.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $11.02 by $2.73, FiscalAI reports. The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.86 billion. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. RenaissanceRe’s revenue was down 36.8% compared to the same quarter last year. During the same quarter last year, the business earned ($1.49) earnings per share.

RenaissanceRe Trading Down 0.0%

RNR stock opened at $310.88 on Wednesday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The company has a market cap of $13.41 billion, a price-to-earnings ratio of 5.48, a PEG ratio of 0.73 and a beta of 0.24. The business has a fifty day simple moving average of $301.33 and a 200-day simple moving average of $281.57. RenaissanceRe has a 52 week low of $231.17 and a 52 week high of $318.20.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Friday, March 13th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. RenaissanceRe’s payout ratio is currently 2.89%.

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the completion of the sale, the executive vice president owned 73,023 shares of the company’s stock, valued at approximately $22,326,782.25. The trade was a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Trading of RenaissanceRe

A number of institutional investors have recently modified their holdings of the company. Mcguire Capital Advisors Inc. purchased a new position in RenaissanceRe in the fourth quarter valued at approximately $38,000. Mercer Global Advisors Inc. ADV grew its stake in RenaissanceRe by 21.9% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 3,021 shares of the insurance provider’s stock worth $849,000 after buying an additional 543 shares during the period. Beacon Pointe Advisors LLC increased its position in shares of RenaissanceRe by 2.2% in the fourth quarter. Beacon Pointe Advisors LLC now owns 1,857 shares of the insurance provider’s stock worth $522,000 after acquiring an additional 40 shares in the last quarter. First Citizens Bank & Trust Co. increased its position in shares of RenaissanceRe by 1.6% in the fourth quarter. First Citizens Bank & Trust Co. now owns 5,073 shares of the insurance provider’s stock worth $1,426,000 after acquiring an additional 79 shares in the last quarter. Finally, Strong Retirement Solutions LLC purchased a new position in shares of RenaissanceRe in the 4th quarter valued at $481,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on RNR. Bank of America reduced their price target on RenaissanceRe to $426.00 and set a “buy” rating on the stock in a research note on Tuesday, April 14th. JPMorgan Chase & Co. lifted their price objective on RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a research report on Wednesday, January 7th. Wells Fargo & Company reduced their target price on RenaissanceRe from $306.00 to $305.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 9th. UBS Group raised their price target on RenaissanceRe from $312.00 to $319.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 8th. Finally, Cantor Fitzgerald upgraded RenaissanceRe from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $306.00 to $340.00 in a report on Thursday, April 9th. Four investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $322.64.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.