Partnerre Reaches New 1-Year High Following Earnings Beat (PRE)
Partnerre (NYSE:PRE)’s share price hit a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings, StockRatingsNetwork.com reports. The company traded as high as $106.63 and last traded at $105.87, with a volume of 249,890 shares changing hands. The stock had previously closed at $104.44.
The company reported $3.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.80. The company had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the previous year, the company posted $3.39 earnings per share. The company’s revenue for the quarter was up 6.2% on a year-over-year basis.
The company also recently declared a quarterly dividend, which is scheduled for Friday, May 30th. Investors of record on Monday, May 19th will be given a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date of this dividend is Thursday, May 15th.
A number of analysts have recently weighed in on PRE shares. Analysts at MLV & Co
raised their price target on shares of Partnerre from $100.00 to $110.00 in a research note on Tuesday. They now have a “fair value” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Partnerre in a research note on Tuesday. They now have a $110.00 price target on the stock. Finally, analysts at MKM Partners raised their price target on shares of Partnerre from $100.00 to $110.00 in a research note on Tuesday. They now have a “neutral” rating on the stock. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $108.18.
The stock has a 50-day moving average of $101.7 and a 200-day moving average of $99.97. The company has a market cap of $5.476 billion and a P/E ratio of 9.87.
PartnerRe Ltd. (NYSE:PRE) is the ultimate holding company for its international reinsurance group.
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