RenaissanceRe Holdings Ltd. (NYSE:RNR – Free Report) – Analysts at Zacks Research boosted their Q3 2023 earnings per share (EPS) estimates for RenaissanceRe in a research note issued on Tuesday, August 8th. Zacks Research analyst K. Dey now forecasts that the insurance provider will post earnings of $0.51 per share for the quarter, up from their prior forecast of $0.14. The consensus estimate for RenaissanceRe’s current full-year earnings is $24.82 per share. Zacks Research also issued estimates for RenaissanceRe’s Q4 2023 earnings at $5.30 EPS, FY2023 earnings at $22.76 EPS, Q1 2024 earnings at $7.14 EPS, Q3 2024 earnings at $1.60 EPS, Q4 2024 earnings at $6.77 EPS, Q1 2025 earnings at $11.24 EPS and Q2 2025 earnings at $10.06 EPS.
RenaissanceRe (NYSE:RNR – Get Free Report) last posted its earnings results on Tuesday, July 25th. The insurance provider reported $8.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.58 by $1.21. The company had revenue of $2.20 billion during the quarter, compared to analyst estimates of $1.96 billion. RenaissanceRe had a return on equity of 14.22% and a net margin of 5.60%. The company’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same period in the previous year, the company earned $5.51 EPS.
Other analysts have also recently issued research reports about the stock. TheStreet cut shares of RenaissanceRe from a “b-” rating to a “c+” rating in a research report on Thursday, June 8th. Jefferies Financial Group upgraded RenaissanceRe from a “hold” rating to a “buy” rating and lifted their price objective for the company from $234.00 to $238.00 in a report on Thursday, May 25th. Morgan Stanley started coverage on RenaissanceRe in a research report on Tuesday, June 20th. They issued an “equal weight” rating and a $222.00 price objective for the company. StockNews.com initiated coverage on shares of RenaissanceRe in a report on Thursday, May 18th. They set a “hold” rating on the stock. Finally, BMO Capital Markets upgraded shares of RenaissanceRe from a “market perform” rating to an “outperform” rating and upped their price target for the company from $198.00 to $216.00 in a report on Tuesday, July 11th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $221.40.
Check Out Our Latest Analysis on RenaissanceRe
RenaissanceRe Stock Up 3.1 %
Shares of NYSE RNR opened at $189.01 on Thursday. The firm has a 50 day moving average price of $191.31 and a 200 day moving average price of $199.54. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.41 and a current ratio of 1.41. The stock has a market cap of $9.67 billion, a P/E ratio of 23.63 and a beta of 0.42. RenaissanceRe has a 52-week low of $128.00 and a 52-week high of $223.80.
Hedge Funds Weigh In On RenaissanceRe
A number of institutional investors have recently added to or reduced their stakes in RNR. American Century Companies Inc. lifted its stake in RenaissanceRe by 8.1% in the 1st quarter. American Century Companies Inc. now owns 14,404 shares of the insurance provider’s stock valued at $2,283,000 after purchasing an additional 1,083 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of RenaissanceRe by 7.1% during the 1st quarter. Bank of Montreal Can now owns 15,536 shares of the insurance provider’s stock worth $2,461,000 after acquiring an additional 1,025 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of RenaissanceRe by 5.6% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,119 shares of the insurance provider’s stock worth $2,555,000 after acquiring an additional 861 shares during the last quarter. Great West Life Assurance Co. Can increased its holdings in shares of RenaissanceRe by 5.1% during the 1st quarter. Great West Life Assurance Co. Can now owns 24,034 shares of the insurance provider’s stock worth $3,914,000 after acquiring an additional 1,163 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in RenaissanceRe by 2.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 679,383 shares of the insurance provider’s stock valued at $107,689,000 after acquiring an additional 15,215 shares during the period. 93.15% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at RenaissanceRe
In other RenaissanceRe news, CEO Kevin Odonnell bought 13,020 shares of the firm’s stock in a transaction that occurred on Friday, May 26th. The stock was acquired at an average price of $192.00 per share, with a total value of $2,499,840.00. Following the completion of the transaction, the chief executive officer now owns 296,025 shares in the company, valued at $56,836,800. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.10% of the stock is currently owned by insiders.
RenaissanceRe Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.80%. RenaissanceRe’s dividend payout ratio (DPR) is presently 19.00%.
RenaissanceRe Company Profile
RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.
See Also
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider RenaissanceRe, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and RenaissanceRe wasn’t on the list.
While RenaissanceRe currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
Need to stretch out your 401K or Roth IRA plan? Use these time-tested investing strategies to grow the monthly retirement income that your stock portfolio generates.
