RenaissanceRe Holdings Ltd. (RNR) Shares Gap Up to $118.64
RenaissanceRe Holdings Ltd. (NYSE:RNR)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $118.60, but opened at $118.64. RenaissanceRe Holdings shares last traded at $119.01, with a volume of 63,117 shares.
A number of equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods raised their price objective on shares of RenaissanceRe Holdings from $130.00 to $134.00 and gave the stock a “market perform” rating in a report on Thursday, July 28th. Zacks Investment Research downgraded shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a report on Tuesday, July 5th. Finally, Citigroup Inc. reaffirmed a “neutral” rating on shares of RenaissanceRe Holdings in a report on Tuesday, June 21st. Two analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. RenaissanceRe Holdings currently has an average rating of “Hold” and a consensus price target of $118.50.
The stock’s 50 day moving average is $118.26 and its 200-day moving average is $115.97. The company has a market cap of $4.90 billion, a PE ratio of 12.06 and a beta of 0.49.
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RenaissanceRe Holdings (NYSE:RNR) last announced its earnings results on Tuesday, July 26th. The company reported $1.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.92 by $0.37. RenaissanceRe Holdings had a net margin of 27.26% and a return on equity of 9.41%. The business had revenue of $483.30 million for the quarter, compared to analysts’ expectations of $410.83 million. During the same quarter last year, the business earned $2.18 EPS. The company’s quarterly revenue was up 21.6% on a year-over-year basis. On average, equities analysts expect that RenaissanceRe Holdings Ltd. will post $7.36 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.04%. RenaissanceRe Holdings’s dividend payout ratio (DPR) is 12.50%.
In other news, SVP Rider Fonner Todd sold 1,500 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $117.20, for a total transaction of $175,800.00. Following the transaction, the senior vice president now owns 68,253 shares in the company, valued at approximately $7,999,251.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Kevin Odonnell sold 3,000 shares of the stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $114.81, for a total value of $344,430.00. Following the transaction, the chief executive officer now owns 279,944 shares in the company, valued at approximately $32,140,370.64. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Walleye Trading LLC acquired a new position in shares of RenaissanceRe Holdings during the second quarter worth about $125,000. Seven Eight Capital LLC purchased a new position in shares of RenaissanceRe Holdings during the first quarter worth $192,000. Chevy Chase Trust Holdings Inc. purchased a new position in shares of RenaissanceRe Holdings during the second quarter worth $200,000. BTC Capital Management Inc. purchased a new position in shares of RenaissanceRe Holdings during the first quarter worth $201,000. Finally, Gideon Capital Advisors Inc. purchased a new position in shares of RenaissanceRe Holdings during the second quarter worth $227,000. Hedge funds and other institutional investors own 94.84% of the company’s stock.
About RenaissanceRe Holdings
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services. The Company’s core products include property catastrophe reinsurance and specialty reinsurance risks. The Company’s segments include Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s. Catastrophe Reinsurance includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit.
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