RenaissanceRe Holdings Ltd. (NYSE:RNR) announced a quarterly dividend on Thursday, February 8th, Zacks reports. Shareholders of record on Thursday, March 15th will be given a dividend of 0.33 per share by the insurance provider on Thursday, March 29th. This represents a $1.32 annualized dividend and a yield of 1.02%. The ex-dividend date is Wednesday, March 14th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.32.
RenaissanceRe has raised its dividend by an average of 3.3% annually over the last three years and has increased its dividend every year for the last 13 years. RenaissanceRe has a dividend payout ratio of -14.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect RenaissanceRe to earn $11.00 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 11.6%.
RenaissanceRe (RNR) traded up $1.76 during trading on Friday, reaching $129.61. 552,735 shares of the company’s stock traded hands, compared to its average volume of 503,280. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.77 and a quick ratio of 1.66. The company has a market capitalization of $5,280.64, a P/E ratio of -20.13, a PEG ratio of 1.40 and a beta of 0.63. RenaissanceRe has a 1-year low of $116.50 and a 1-year high of $152.00.
RNR has been the subject of several recent research reports. Zacks Investment Research raised shares of RenaissanceRe from a “sell” rating to a “hold” rating in a research note on Friday, November 10th. Wells Fargo & Co reissued a “hold” rating on shares of RenaissanceRe in a research note on Friday, December 22nd. Citigroup raised shares of RenaissanceRe from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $151.00 to $157.00 in a research note on Thursday, November 2nd. UBS Group boosted their price target on shares of RenaissanceRe from $135.00 to $144.00 and gave the stock a “neutral” rating in a research note on Monday, November 6th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $136.00 price target on shares of RenaissanceRe in a research note on Monday, October 16th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $145.88.
In other RenaissanceRe news, SVP Sean G. Brosnan sold 1,391 shares of the business’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $135.73, for a total value of $188,800.43. Following the transaction, the senior vice president now owns 8,405 shares in the company, valued at $1,140,810.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kevin Odonnell sold 5,000 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $131.65, for a total transaction of $658,250.00. Following the completion of the transaction, the chief executive officer now owns 190,707 shares in the company, valued at approximately $25,106,576.55. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by insiders.
RenaissanceRe announced that its board has authorized a stock repurchase program on Friday, November 10th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the insurance provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
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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