RenaissanceRe (NYSE:RNR) Releases Quarterly Earnings Results, Beats Expectations By $2.32 EPS

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

RenaissanceRe Stock Up 3.7 %

RNR stock traded up $8.04 during midday trading on Wednesday, hitting $227.29. The company’s stock had a trading volume of 49,240 shares, compared to its average volume of 356,255. The company’s fifty day moving average price is $226.81 and its 200 day moving average price is $216.30. RenaissanceRe has a twelve month low of $174.22 and a twelve month high of $239.42. The stock has a market capitalization of $11.98 billion, a P/E ratio of 4.28, a PEG ratio of 2.94 and a beta of 0.30. 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 Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.39 dividend. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 0.69%. The ex-dividend date was Thursday, March 14th. RenaissanceRe’s payout ratio is presently 3.05%.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, CFO Robert Qutub sold 2,500 shares of the company’s 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Carol P. Sanders sold 880 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $227.59, for a total value of $200,279.20. Following the transaction, the director now owns 5,363 shares in the company, valued at approximately $1,220,565.17. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Robert Qutub sold 2,500 shares of the 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 owns 70,424 shares in the company, valued at approximately $16,518,653.44. The disclosure for this sale can be found here. 1.80% of the stock is owned by 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.