RenaissanceRe (NYSE:RNR) Releases Quarterly Earnings Results, Beats Expectations By $1.22 EPS

RenaissanceRe (NYSE:RNR) issued its quarterly earnings data on Wednesday. The insurance provider reported $12.92 EPS for the quarter, topping the consensus estimate of $11.70 by $1.22, FiscalAI reports. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%.The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.57 billion.

RenaissanceRe Stock Performance

NYSE RNR traded down $1.66 on Wednesday, reaching $319.52. 348,036 shares of the stock were exchanged, compared to its average volume of 368,972. RenaissanceRe has a one year low of $231.17 and a one year high of $329.57. The firm has a market capitalization of $13.62 billion, a PE ratio of 5.33, a PEG ratio of 1.25 and a beta of 0.17. The company’s 50-day simple moving average is $303.24 and its two-hundred day simple moving average is $297.63. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Monday, June 15th. RenaissanceRe’s dividend payout ratio is currently 2.73%.

Institutional Trading of RenaissanceRe

Hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in shares of RenaissanceRe by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,033,009 shares of the insurance provider’s stock valued at $290,450,000 after purchasing an additional 31,599 shares during the period. Bank of America Corp DE boosted its holdings in RenaissanceRe by 17.6% in the 2nd quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock worth $195,182,000 after buying an additional 120,063 shares during the period. Orbis Allan Gray Ltd bought a new position in RenaissanceRe in the 4th quarter worth $178,519,000. Invesco Ltd. increased its stake in RenaissanceRe by 6.2% in the 3rd quarter. Invesco Ltd. now owns 618,974 shares of the insurance provider’s stock worth $157,176,000 after buying an additional 36,254 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in RenaissanceRe by 36.5% in the 4th quarter. AQR Capital Management LLC now owns 541,923 shares of the insurance provider’s stock worth $152,367,000 after buying an additional 144,896 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on RNR. Weiss Ratings upgraded RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, June 25th. Cantor Fitzgerald raised their price objective on shares of RenaissanceRe from $340.00 to $354.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. TD Cowen boosted their target price on shares of RenaissanceRe from $300.00 to $315.00 and gave the company a “hold” rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods upped their target price on shares of RenaissanceRe from $327.00 to $342.00 and gave the company a “market perform” rating in a report on Wednesday, July 8th. Finally, Mizuho increased their price target on shares of RenaissanceRe from $325.00 to $329.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, RenaissanceRe currently has an average rating of “Hold” and an average target price of $333.87.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.