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

RenaissanceRe (NYSE:RNR) posted its earnings results on Tuesday. The insurance provider reported $12.71 EPS for the quarter, beating the consensus estimate of $10.56 by $2.15, FiscalAI reports. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.78 billion. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%. During the same period last year, the firm earned $15.62 EPS.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock traded up $5.88 during trading on Thursday, hitting $338.07. The stock had a trading volume of 66,783 shares, compared to its average volume of 358,254. The business has a fifty day moving average of $332.29 and a two-hundred day moving average of $309.38. RenaissanceRe has a fifty-two week low of $248.64 and a fifty-two week high of $363.84. The firm has a market cap of $14.05 billion, a P/E ratio of 5.77, a PEG ratio of 0.99 and a beta of 0.12. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. TD Cowen boosted their price target on RenaissanceRe from $315.00 to $320.00 and gave the stock a “hold” rating in a research report on Monday, October 12th. UBS Group set a $349.00 price target on RenaissanceRe and gave the company a “neutral” rating in a report on Monday, July 27th. Wells Fargo & Company cut their price objective on shares of RenaissanceRe from $331.00 to $319.00 and set an “equal weight” rating on the stock in a research note on Monday, October 12th. Wolfe Research set a $315.00 price objective on shares of RenaissanceRe in a report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods increased their target price 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. Six equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price 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.