RenaissanceRe (NYSE:RNR) Announces Quarterly Earnings Results, Beats Estimates By $2.32 EPS

RenaissanceRe (NYSE:RNR) issued its earnings results on Tuesday. The insurance provider reported $12.18 earnings per share for the quarter, topping the consensus estimate of $9.86 by $2.32, Briefing.com reports. The company had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.05 billion. RenaissanceRe had a net margin of 28.04% and a return on equity of 26.93%. RenaissanceRe’s quarterly revenue was up 41.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $8.16 EPS.

RenaissanceRe Stock Performance

RenaissanceRe stock opened at $219.25 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.40 and a quick ratio of 1.40. RenaissanceRe has a 1-year low of $174.22 and a 1-year high of $239.42. The firm has a market capitalization of $11.56 billion, a P/E ratio of 4.28, a price-to-earnings-growth ratio of 2.94 and a beta of 0.30. The company’s 50-day moving average is $226.81 and its 200 day moving average is $216.30.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $0.39 dividend. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date of this dividend was Thursday, March 14th. RenaissanceRe’s dividend payout ratio is 3.05%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on RNR. Evercore ISI upped their target price on shares of RenaissanceRe from $213.00 to $216.00 and gave the stock an “underperform” rating in a report on Thursday, April 11th. BMO Capital Markets increased their price objective on shares of RenaissanceRe from $216.00 to $295.00 and gave the company an “outperform” rating in a report on Monday, February 5th. UBS Group increased their price objective on shares of RenaissanceRe from $229.00 to $238.00 and gave the company a “neutral” rating in a report on Monday, February 5th. TD Cowen assumed coverage on shares of RenaissanceRe in a report on Wednesday, January 10th. They set a “market perform” rating for the company. Finally, JPMorgan Chase & Co. increased their price objective on shares of RenaissanceRe from $204.00 to $237.00 and gave the company a “neutral” rating in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, RenaissanceRe has an average rating of “Hold” and a consensus price target of $247.89.

Insider Buying and Selling

In related news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total value of $586,400.00. Following the sale, the chief financial officer now directly owns 70,424 shares of the company’s stock, valued at approximately $16,518,653.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Carol P. Sanders sold 880 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $227.59, for a total transaction of $200,279.20. Following the transaction, the director now directly owns 5,363 shares of the company’s stock, valued at $1,220,565.17. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total transaction of $586,400.00. Following the transaction, the chief financial officer now directly owns 70,424 shares in the company, valued at $16,518,653.44. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by corporate 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.