RenaissanceRe Holdings Ltd. (NYSE:RNR) to Issue $0.39 Quarterly Dividend

RenaissanceRe Holdings Ltd. (NYSE:RNR) announced a quarterly dividend on Wednesday, July 31st, Zacks reports. Stockholders of record on Friday, September 13th will be given a dividend of 0.39 per share by the insurance provider on Monday, September 30th. This represents a $1.56 annualized dividend and a dividend yield of 0.61%. The ex-dividend date is Friday, September 13th.

RenaissanceRe has increased its dividend payment by an average of 2.8% annually over the last three years and has raised its dividend every year for the last 29 years. RenaissanceRe has a dividend payout ratio of 4.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect RenaissanceRe to earn $35.46 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 4.4%.

RenaissanceRe Trading Down 0.5 %

Shares of NYSE RNR opened at $254.91 on Thursday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. RenaissanceRe has a 12 month low of $188.24 and a 12 month high of $261.62. The company has a market cap of $13.30 billion, a price-to-earnings ratio of 5.63, a P/E/G ratio of 1.41 and a beta of 0.38. The business has a fifty day simple moving average of $236.60 and a 200-day simple moving average of $229.55.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, beating analysts’ consensus estimates of $10.88 by $1.53. The company had revenue of $2.95 billion during the quarter, compared to analyst estimates of $2.93 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. Sell-side analysts predict that RenaissanceRe will post 39.01 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Wells Fargo & Company decreased their price objective on shares of RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. JPMorgan Chase & Co. lifted their price target on RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. UBS Group reduced their price objective on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. Barclays initiated coverage on RenaissanceRe in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 target price on the stock. Finally, Citigroup increased their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $272.60.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the sale, the executive vice president now owns 85,544 shares of the company’s stock, valued at $19,675,120. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the transaction, the chief financial officer now owns 73,915 shares in the company, valued at approximately $16,598,352.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total transaction of $230,000.00. Following the sale, the executive vice president now owns 85,544 shares of the company’s stock, valued at $19,675,120. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

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.