RenaissanceRe Holdings Ltd. (RNR) Set to Announce Quarterly Earnings on Tuesday
RenaissanceRe Holdings Ltd. (NYSE:RNR) is scheduled to be releasing its earnings data after the market closes on Tuesday, July 25th. Analysts expect RenaissanceRe Holdings to post earnings of $2.36 per share for the quarter.
RenaissanceRe Holdings Ltd. (NYSE RNR) opened at 141.16 on Tuesday. The company has a market capitalization of $5.73 billion, a P/E ratio of 13.15 and a beta of 0.64. The company has a 50-day moving average of $140.21 and a 200 day moving average of $141.03. RenaissanceRe Holdings Ltd. has a 12-month low of $114.76 and a 12-month high of $150.74.
RenaissanceRe Holdings announced that its Board of Directors has approved a share buyback plan on Wednesday, May 17th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the insurance provider to purchase up to 99% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Thursday, June 15th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Tuesday, June 13th. This represents a $1.28 dividend on an annualized basis and a yield of 0.91%. RenaissanceRe Holdings’s dividend payout ratio is currently 11.94%.
A number of analysts have commented on the stock. Zacks Investment Research cut shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a report on Tuesday, March 28th. ValuEngine raised shares of RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Citigroup Inc. upped their target price on shares of RenaissanceRe Holdings from $150.00 to $157.00 and gave the company a “neutral” rating in a report on Friday, April 7th. BidaskClub cut shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a report on Tuesday, June 13th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $144.00 target price (up from $138.00) on shares of RenaissanceRe Holdings in a report on Friday, July 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $143.13.
In other RenaissanceRe Holdings news, SVP Stephen Howard Weinstein sold 14,000 shares of the company’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 transaction, the senior vice president now directly owns 75,162 shares in the company, valued at $10,762,446.78. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Kevin Odonnell sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $141.64, for a total transaction of $991,480.00. Following the completion of the transaction, the chief executive officer now owns 222,854 shares of the company’s stock, valued at $31,565,040.56. The disclosure for this sale can be found here. Corporate insiders own 1.80% 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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