RenaissanceRe Holdings Ltd. (NYSE:RNR) Posts Earnings Results, Beats Estimates By $0.46 EPS
RenaissanceRe Holdings Ltd. (NYSE:RNR) issued its quarterly earnings data on Tuesday. The insurance provider reported $2.79 EPS for the quarter, beating the Zacks’ consensus estimate of $2.33 by $0.46, Briefing.com reports. The business had revenue of $555.75 million for the quarter, compared to analyst estimates of $540.65 million. RenaissanceRe Holdings had a return on equity of 7.55% and a net margin of 26.68%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.55 EPS.
RenaissanceRe Holdings (NYSE:RNR) traded up 1.31% during trading on Wednesday, hitting $148.00. The company had a trading volume of 345,329 shares. The stock has a 50-day moving average of $141.18 and a 200 day moving average of $141.74. RenaissanceRe Holdings has a one year low of $115.13 and a one year high of $152.00. The company has a market capitalization of $6.01 billion, a price-to-earnings ratio of 13.79 and a beta of 0.64.
The business also recently announced a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Thursday, June 15th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Tuesday, June 13th. This represents a $1.28 annualized dividend and a dividend yield of 0.88%. RenaissanceRe Holdings’s dividend payout ratio (DPR) is presently 11.94%.
A number of brokerages have recently commented on RNR. Zacks Investment Research lowered RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a report on Tuesday, March 28th. BidaskClub downgraded RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research report on Tuesday, June 13th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $143.00 price objective on shares of RenaissanceRe Holdings in a research report on Wednesday, June 28th. ValuEngine upgraded RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Citigroup Inc. raised their price objective on RenaissanceRe Holdings from $150.00 to $157.00 and gave the stock a “neutral” rating in a research report on Friday, April 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. RenaissanceRe Holdings presently has an average rating of “Hold” and a consensus target price of $143.13.
In related news, SVP Stephen Howard Weinstein sold 14,000 shares of the stock in a transaction on Thursday, June 1st. The stock was 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 directly owns 75,162 shares in the company, valued at $10,762,446.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin Odonnell sold 7,000 shares of the 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 owns 222,854 shares of the company’s stock, valued at $31,565,040.56. The disclosure for this sale can be found here. 1.80% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of RNR. BlackRock Inc. increased its stake in shares of RenaissanceRe Holdings by 4,513.2% in the first quarter. BlackRock Inc. now owns 4,001,408 shares of the insurance provider’s stock worth $578,804,000 after buying an additional 3,914,669 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of RenaissanceRe Holdings by 5.5% in the first quarter. Vanguard Group Inc. now owns 3,981,921 shares of the insurance provider’s stock worth $575,984,000 after buying an additional 206,444 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of RenaissanceRe Holdings by 20.2% in the first quarter. Bank of New York Mellon Corp now owns 644,447 shares of the insurance provider’s stock worth $93,219,000 after buying an additional 108,425 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of RenaissanceRe Holdings by 213.0% in the first quarter. JPMorgan Chase & Co. now owns 459,902 shares of the insurance provider’s stock worth $66,524,000 after buying an additional 312,987 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of RenaissanceRe Holdings by 13.8% in the first quarter. AQR Capital Management LLC now owns 384,427 shares of the insurance provider’s stock worth $55,607,000 after buying an additional 46,610 shares during the last quarter. Institutional investors and hedge funds own 92.58% of the company’s stock.
RenaissanceRe Holdings declared that its board has approved a stock buyback program on Wednesday, May 17th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the insurance provider to reacquire up to 99% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
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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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