RenaissanceRe Holdings Ltd. (RNR) Expected to Post Earnings of $2.31 Per Share
Wall Street brokerages forecast that RenaissanceRe Holdings Ltd. (NYSE:RNR) will post $2.31 earnings per share for the current fiscal quarter, Zacks reports. Zero analysts have provided estimates for RenaissanceRe Holdings’ earnings, with the highest EPS estimate coming in at $2.46 and the lowest estimate coming in at $2.00. RenaissanceRe Holdings reported earnings per share of $1.55 during the same quarter last year, which suggests a positive year-over-year growth rate of 49%. The company is scheduled to issue its next earnings report on Tuesday, July 25th.
According to Zacks, 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 financial year, analysts forecast that the company will report earnings of $9.89 per share, with EPS estimates ranging from $8.95 to $10.63. Zacks’ earnings per share averages are an average based on a survey of sell-side research analysts that follow RenaissanceRe Holdings.
RNR has been the topic of several analyst reports. ValuEngine upgraded RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Zacks Investment Research upgraded RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a report on Monday, February 27th. Wells Fargo & Co restated a “hold” rating on shares of RenaissanceRe Holdings in a report on Sunday, April 16th. Citigroup Inc. lifted their price objective on RenaissanceRe Holdings from $150.00 to $157.00 and gave the stock a “neutral” rating in a report on Friday, April 7th. Finally, BidaskClub downgraded RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a report on Tuesday, June 13th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. RenaissanceRe Holdings has an average rating of “Hold” and an average target price of $136.95.
Shares of RenaissanceRe Holdings (NYSE RNR) traded down 0.22% during trading on Tuesday, reaching $141.48. The company had a trading volume of 43,428 shares. RenaissanceRe Holdings has a 52-week low of $111.48 and a 52-week high of $150.74. The firm has a 50-day moving average price of $140.17 and a 200-day moving average price of $140.65. The company has a market capitalization of $5.75 billion, a P/E ratio of 13.18 and a beta of 0.61.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be issued a dividend of $0.32 per share. The ex-dividend date is Tuesday, June 13th. This represents a $1.28 annualized dividend and a yield of 0.90%. RenaissanceRe Holdings’s dividend payout ratio is presently 11.94%.
In other news, CEO Kevin Odonnell sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $144.40, for a total value of $1,010,800.00. Following the completion of the sale, the chief executive officer now directly owns 233,101 shares in the company, valued at approximately $33,659,784.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Stephen Howard Weinstein sold 14,000 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $143.19, for a total value of $2,004,660.00. Following the completion of the sale, the senior vice president now owns 75,162 shares of the company’s stock, valued at $10,762,446.78. The disclosure for this sale can be found here. Insiders have sold a total of 28,000 shares of company stock worth $4,006,940 over the last 90 days. 1.80% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of the stock. Quadrant Capital Group LLC increased its stake in shares of RenaissanceRe Holdings by 7.6% in the first quarter. Quadrant Capital Group LLC now owns 826 shares of the insurance provider’s stock worth $114,000 after buying an additional 58 shares during the period. Macquarie Group Ltd. increased its stake in shares of RenaissanceRe Holdings by 28.5% in the fourth quarter. Macquarie Group Ltd. now owns 1,414 shares of the insurance provider’s stock worth $193,000 after buying an additional 314 shares during the period. Neuburgh Advisers LLC increased its stake in shares of RenaissanceRe Holdings by 4.6% in the first quarter. Neuburgh Advisers LLC now owns 1,456 shares of the insurance provider’s stock worth $211,000 after buying an additional 64 shares during the period. Engineers Gate Manager LP purchased a new stake in shares of RenaissanceRe Holdings during the first quarter worth $231,000. Finally, Commerzbank Aktiengesellschaft FI purchased a new stake in shares of RenaissanceRe Holdings during the fourth quarter worth $220,000. Institutional investors and hedge funds own 93.56% of the company’s stock.
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RenaissanceRe Holdings Company Profile
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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