RenaissanceRe (NYSE:RNR) Issues Quarterly Earnings Results

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

RenaissanceRe Stock Down 0.5%

NYSE:RNR traded down $1.66 during trading hours on Wednesday, reaching $319.52. The company’s stock had a trading volume of 348,058 shares, compared to its average volume of 368,972. The stock has a 50 day moving average price of $303.24 and a two-hundred day moving average price of $297.63. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 1.37. The company has a market capitalization of $13.62 billion, a P/E ratio of 5.33, a price-to-earnings-growth ratio of 1.25 and a beta of 0.17. RenaissanceRe has a 12 month low of $231.17 and a 12 month high of $329.57.

RenaissanceRe Announces Dividend

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RNR. Orbis Allan Gray Ltd purchased a new stake in shares of RenaissanceRe during the 4th quarter worth $178,519,000. GQG Partners LLC purchased a new position in RenaissanceRe in the fourth quarter valued at about $108,780,000. AQR Capital Management LLC grew its stake in RenaissanceRe by 154.5% in the third 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 raised its holdings in RenaissanceRe by 347.6% in the third quarter. Millennium Management LLC now owns 236,919 shares of the insurance provider’s stock worth $60,161,000 after purchasing an additional 183,988 shares in the last quarter. Finally, Two Sigma Investments LP boosted its holdings in shares of 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 buying an additional 133,820 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RNR has been the subject of a number of research reports. UBS Group boosted their price target on RenaissanceRe from $326.00 to $342.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Cantor Fitzgerald raised their price objective on RenaissanceRe from $340.00 to $354.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. JPMorgan Chase & Co. lifted their target price on RenaissanceRe from $329.00 to $360.00 and gave the company a “neutral” rating in a research report on Monday. Keefe, Bruyette & Woods upped their target price on RenaissanceRe from $327.00 to $342.00 and gave the stock a “market perform” rating in a report on Wednesday, July 8th. Finally, Morgan Stanley increased their price target on RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. 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’s stock. According to MarketBeat.com, RenaissanceRe presently has a consensus 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.