RenaissanceRe Holdings Ltd. (NYSE:RNR) announced a quarterly dividend on Friday, November 9th, Zacks reports. Investors of record on Friday, December 14th will be paid a dividend of 0.33 per share by the insurance provider on Monday, December 31st. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend is Thursday, December 13th.
RenaissanceRe has raised its dividend payment by an average of 3.3% per year over the last three years and has raised its dividend annually for the last 13 consecutive years. RenaissanceRe has a payout ratio of 9.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect RenaissanceRe to earn $11.16 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 11.8%.
Shares of NYSE:RNR traded up $5.35 during midday trading on Friday, reaching $139.20. 634,666 shares of the company were exchanged, compared to its average volume of 281,400. RenaissanceRe has a fifty-two week low of $116.50 and a fifty-two week high of $142.56. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.23. The firm has a market cap of $5.39 billion, a price-to-earnings ratio of -16.67, a PEG ratio of 1.47 and a beta of 0.67.
RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, October 30th. The insurance provider reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.42. RenaissanceRe had a net margin of 15.07% and a return on equity of 10.52%. The business had revenue of $453.30 million for the quarter, compared to analyst estimates of $416.49 million. During the same period last year, the business posted ($13.81) earnings per share. The firm’s quarterly revenue was down 6.2% on a year-over-year basis. Research analysts expect that RenaissanceRe will post 9.12 earnings per share for the current fiscal year.
A number of research analysts recently weighed in on RNR shares. Zacks Investment Research raised shares of RenaissanceRe from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research report on Tuesday, October 23rd. Wells Fargo & Co decreased their target price on shares of RenaissanceRe from $130.00 to $125.00 and set a “market perform” rating for the company in a research report on Thursday, November 1st. Bank of America raised shares of RenaissanceRe from an “underperform” rating to a “neutral” rating and raised their target price for the company from $125.00 to $144.00 in a research report on Monday, December 3rd. Morgan Stanley decreased their target price on shares of RenaissanceRe from $142.00 to $136.00 and set a “hold” rating for the company in a research report on Wednesday, November 14th. Finally, Deutsche Bank raised shares of RenaissanceRe from a “hold” rating to a “buy” rating and set a $150.00 target price for the company in a research report on Wednesday, November 7th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $143.00.
In related news, Director Henry Klehm III sold 810 shares of the firm’s stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $128.00, for a total value of $103,680.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.50% of the stock is currently owned by company insiders.
RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance coverages in the United States and internationally. Its Property segment writes property catastrophe excess of loss reinsurance and excess of loss retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, such as earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, including proportional reinsurance, property per risk, property reinsurance, and binding facilities and regional U.S.
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