RenaissanceRe Holdings Ltd. Announces Quarterly Dividend of $0.39 (NYSE:RNR)

RenaissanceRe Holdings Ltd. (NYSE:RNR) announced a quarterly dividend on Wednesday, November 6th,Wall Street Journal reports. Stockholders of record on Friday, December 13th will be paid a dividend of 0.39 per share by the insurance provider on Tuesday, December 31st. This represents a $1.56 annualized dividend and a dividend yield of 0.59%. The ex-dividend date of this dividend is Friday, December 13th.

RenaissanceRe has increased its dividend payment by an average of 2.8% annually over the last three years and has raised its dividend annually for the last 29 consecutive years. RenaissanceRe has a payout ratio of 4.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect RenaissanceRe to earn $35.31 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 4.4%.

RenaissanceRe Price Performance

Shares of RNR opened at $265.81 on Friday. The company has a market cap of $13.86 billion, a P/E ratio of 5.26, a PEG ratio of 1.74 and a beta of 0.39. RenaissanceRe has a fifty-two week low of $188.24 and a fifty-two week high of $300.00. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm’s 50 day moving average price is $267.36 and its 200 day moving average price is $241.40.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the company earned $8.33 earnings per share. The company’s revenue was up 52.1% on a year-over-year basis. On average, research analysts forecast that RenaissanceRe will post 39.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the sale, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at $22,890,276. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Jefferies Financial Group upped their target price on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Barclays initiated coverage on shares of RenaissanceRe in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price objective on the stock. Citigroup lifted their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. JPMorgan Chase & Co. increased their target price on RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Wells Fargo & Company lifted their price target on RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and an average target price of $291.30.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.