RenaissanceRe Holdings Ltd. (RNR) Announces Quarterly Dividend of $0.33

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.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Wednesday, January 31st. The insurance provider reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.29. The business had revenue of $288.22 million during the quarter, compared to the consensus estimate of $227.65 million. RenaissanceRe had a negative net margin of 10.57% and a negative return on equity of 7.68%. The firm’s revenue for the quarter was up 31.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.66 earnings per share. analysts predict that RenaissanceRe will post 9.95 earnings per share for the current year.

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.

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About RenaissanceRe

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.

Dividend History for RenaissanceRe (NYSE:RNR)

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