RenaissanceRe (NYSE:RNR) Posts Earnings Results, Beats Expectations By $1.20 EPS

RenaissanceRe (NYSE:RNR) released its quarterly earnings data on Wednesday. The insurance provider reported $12.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $11.72 by $1.20, 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 analysts’ expectations of $2.57 billion. During the same period last year, the firm posted $12.29 earnings per share.

RenaissanceRe Trading Down 0.5%

Shares of NYSE:RNR opened at $319.52 on Thursday. The business’s 50 day simple moving average is $303.83 and its 200 day simple moving average is $297.90. RenaissanceRe has a 1 year low of $231.17 and a 1 year high of $329.57. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.37. The company has a market capitalization of $13.62 billion, a P/E ratio of 5.33, a P/E/G ratio of 1.25 and a beta of 0.17.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Monday, June 15th. RenaissanceRe’s payout ratio is presently 2.73%.

Wall Street Analyst Weigh In

Several research firms have commented on RNR. Barclays upped their price objective on shares of RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. TD Cowen raised their target price on shares of RenaissanceRe from $300.00 to $315.00 and gave the stock a “hold” rating in a research note on Tuesday, July 7th. Wells Fargo & Company lifted their target price on shares of RenaissanceRe from $306.00 to $329.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Keefe, Bruyette & Woods raised their price objective on shares of RenaissanceRe from $327.00 to $342.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 8th. Finally, Morgan Stanley boosted their price objective on RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and a consensus target price of $333.87.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Orbis Allan Gray Ltd acquired a new position in RenaissanceRe during the fourth quarter worth about $178,519,000. GQG Partners LLC acquired a new stake in shares of RenaissanceRe in the 4th quarter valued at approximately $108,780,000. AQR Capital Management LLC grew its holdings in shares of RenaissanceRe by 154.5% during the 3rd quarter. AQR Capital Management LLC now owns 397,027 shares of the insurance provider’s stock valued at $99,769,000 after purchasing an additional 241,001 shares during the last quarter. Millennium Management LLC grew its holdings in shares of RenaissanceRe by 347.6% during the 3rd quarter. Millennium Management LLC now owns 236,919 shares of the insurance provider’s stock valued at $60,161,000 after purchasing an additional 183,988 shares during the last quarter. Finally, Two Sigma Investments LP lifted its stake in RenaissanceRe by 330.0% in the 3rd quarter. Two Sigma Investments LP now owns 174,368 shares of the insurance provider’s stock valued at $44,277,000 after purchasing an additional 133,820 shares during the last quarter. Institutional investors own 99.97% of the company’s stock.

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.