RenaissanceRe (NYSE:RNR) Posts Quarterly Earnings Results, Beats Estimates By $2.15 EPS

RenaissanceRe (NYSE:RNR) released its quarterly earnings data on Tuesday. The insurance provider reported $12.71 EPS for the quarter, beating analysts’ consensus estimates of $10.56 by $2.15, FiscalAI reports. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.78 billion.

RenaissanceRe Stock Down 3.0%

RNR stock traded down $10.42 during trading hours on Tuesday, reaching $341.24. 677,448 shares of the stock were exchanged, compared to its average volume of 356,537. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market cap of $14.18 billion, a price-to-earnings ratio of 5.86, a PEG ratio of 0.99 and a beta of 0.12. RenaissanceRe has a 12 month low of $231.17 and a 12 month high of $363.84. The firm’s 50-day moving average is $331.59 and its 200-day moving average is $308.78.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were paid a $0.41 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. RenaissanceRe’s dividend payout ratio is presently 2.81%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Bank of America boosted their target price on RenaissanceRe from $410.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. UBS Group set a $349.00 price target on shares of RenaissanceRe and gave the company a “neutral” rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods increased their price target on shares of RenaissanceRe from $342.00 to $350.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Jefferies Financial Group raised shares of RenaissanceRe from a “hold” rating to a “market outperform” rating in a research note on Tuesday, September 22nd. Finally, Barclays upped their target price on shares of RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Six research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $337.50.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance products. The company specializes in helping insurers, businesses and other organizations manage financial risk arising from natural catastrophes, specialty exposures and certain casualty risks.

RenaissanceRe’s reinsurance activities include property catastrophe coverage, as well as casualty and specialty reinsurance. Through its insurance operations, the company provides coverage for areas such as property, casualty and other specialty risks.