RenaissanceRe (NYSE:RNR) will be announcing its earnings results after the market closes on Wednesday, January 31st. Analysts expect the company to announce earnings of $0.93 per share for the quarter.
RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($12.25) by ($1.56). The firm had revenue of $483.22 million for the quarter, compared to analysts’ expectations of $300.46 million. RenaissanceRe had a negative net margin of 7.60% and a negative return on equity of 5.82%. The business’s quarterly revenue was up 70.0% on a year-over-year basis. During the same period in the prior year, the business posted $2.09 earnings per share. On average, analysts expect RenaissanceRe to post $-9 EPS for the current fiscal year and $10 EPS for the next fiscal year.
RenaissanceRe (RNR) opened at $130.16 on Wednesday. The firm has a market capitalization of $5,180.00, a PE ratio of -29.25, a P/E/G ratio of 1.33 and a beta of 0.67. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.25. RenaissanceRe has a 1-year low of $116.50 and a 1-year high of $152.00.
RenaissanceRe declared that its Board of Directors has approved a share buyback program on Friday, November 10th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, CEO Kevin Odonnell sold 5,000 shares of RenaissanceRe stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $135.58, for a total value of $677,900.00. Following the sale, the chief executive officer now directly owns 193,447 shares in the company, valued at approximately $26,227,544.26. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Sean G. Brosnan sold 1,391 shares of RenaissanceRe stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $135.73, for a total value of $188,800.43. Following the completion of the sale, the senior vice president now owns 8,405 shares in the company, valued at $1,140,810.65. The disclosure for this sale can be found here. Insiders sold a total of 11,391 shares of company stock worth $1,524,950 over the last ninety days. Insiders own 1.80% of the company’s stock.
A number of equities analysts have commented on RNR shares. Citigroup raised RenaissanceRe from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $151.00 to $157.00 in a research note on Thursday, November 2nd. Morgan Stanley decreased their price target on RenaissanceRe from $144.00 to $142.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 2nd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $136.00 price target on shares of RenaissanceRe in a research note on Monday, October 16th. ValuEngine cut RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Friday, October 6th. Finally, Wells Fargo & Co set a $140.00 price target on RenaissanceRe and gave the stock a “hold” rating in a research note on Wednesday, October 4th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $146.50.
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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