Analysts Expect RenaissanceRe Holdings Ltd. (RNR) Will Announce Earnings of $2.31 Per Share
Wall Street analysts expect RenaissanceRe Holdings Ltd. (NYSE:RNR) to post earnings per share (EPS) of $2.31 for the current fiscal quarter, Zacks reports. Zero analysts have issued estimates for RenaissanceRe Holdings’ earnings, with the lowest EPS estimate coming in at $2.00 and the highest estimate coming in at $2.46. RenaissanceRe Holdings posted earnings per share of $1.55 during the same quarter last year, which indicates a positive year-over-year growth rate of 49%. The company is expected to issue its next quarterly earnings report on Tuesday, July 25th.
On average, analysts expect that RenaissanceRe Holdings will report full year earnings of $8.13 per share for the current financial year, with EPS estimates ranging from $7.65 to $8.57. For the next fiscal year, analysts forecast that the company will post earnings of $9.89 per share, with EPS estimates ranging from $8.95 to $10.63. Zacks Investment Research’s earnings per share averages are an average based on a survey of research firms that follow RenaissanceRe Holdings.
Several analysts have commented on the stock. Zacks Investment Research downgraded shares of RenaissanceRe Holdings from a “hold” rating to a “strong sell” rating in a research report on Friday, May 5th. Wells Fargo & Co reissued a “hold” rating on shares of RenaissanceRe Holdings in a research report on Sunday, April 16th. Finally, Citigroup Inc boosted their target price on shares of RenaissanceRe Holdings from $150.00 to $157.00 and gave the stock a “neutral” rating in a research report on Friday, April 7th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $136.95.
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Shares of RenaissanceRe Holdings (NYSE:RNR) traded up 0.19% during midday trading on Thursday, hitting $140.45. 9,323 shares of the stock were exchanged. The company has a market cap of $5.71 billion, a PE ratio of 13.09 and a beta of 0.52. RenaissanceRe Holdings has a 12-month low of $111.25 and a 12-month high of $150.74. The firm has a 50-day moving average price of $139.80 and a 200-day moving average price of $139.12.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date is Tuesday, June 13th. RenaissanceRe Holdings’s payout ratio is 10.86%.
In other news, CEO Kevin Odonnell sold 7,000 shares of the business’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $141.64, for a total value of $991,480.00. Following the completion of the sale, the chief executive officer now directly owns 222,854 shares in the company, valued at $31,565,040.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.40% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of the company. Bessemer Group Inc. boosted its position in RenaissanceRe Holdings by 13.9% in the fourth quarter. Bessemer Group Inc. now owns 209,964 shares of the insurance provider’s stock valued at $28,601,000 after buying an additional 25,570 shares during the last quarter. Morgan Stanley boosted its position in RenaissanceRe Holdings by 103.3% in the third quarter. Morgan Stanley now owns 193,323 shares of the insurance provider’s stock valued at $23,230,000 after buying an additional 98,224 shares during the last quarter. Polar Capital LLP boosted its position in RenaissanceRe Holdings by 7.3% in the third quarter. Polar Capital LLP now owns 147,500 shares of the insurance provider’s stock valued at $17,724,000 after buying an additional 10,000 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in RenaissanceRe Holdings by 1.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 9,370 shares of the insurance provider’s stock valued at $1,126,000 after buying an additional 100 shares during the last quarter. Finally, Panagora Asset Management Inc. boosted its position in RenaissanceRe Holdings by 3,564.5% in the third quarter. Panagora Asset Management Inc. now owns 171,829 shares of the insurance provider’s stock valued at $20,647,000 after buying an additional 167,140 shares during the last quarter. Institutional investors and hedge funds own 94.24% of the company’s stock.
About RenaissanceRe Holdings
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.
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