Zacks Research Lifts Earnings Estimates for RenaissanceRe

RenaissanceRe Holdings Ltd. (NYSE:RNR) – Analysts at Zacks Research boosted their FY2024 earnings per share estimates for shares of RenaissanceRe in a research report issued to clients and investors on Tuesday, November 19th. Zacks Research analyst K. Dey now forecasts that the insurance provider will post earnings per share of $42.10 for the year, up from their previous estimate of $38.01. The consensus estimate for RenaissanceRe’s current full-year earnings is $40.57 per share. Zacks Research also issued estimates for RenaissanceRe’s Q4 2024 earnings at $7.28 EPS, Q3 2025 earnings at $4.34 EPS, Q4 2025 earnings at $8.57 EPS, Q2 2026 earnings at $12.95 EPS and Q3 2026 earnings at $4.78 EPS.

Other equities analysts also recently issued reports about the stock. Citigroup increased their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. increased their price target on RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Evercore ISI boosted their price target on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research report on Thursday, November 7th. Barclays began coverage on RenaissanceRe in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price objective for the company. Finally, Wells Fargo & Company raised their target price on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $293.00.

RenaissanceRe Stock Up 0.2 %

RenaissanceRe stock opened at $264.71 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18. RenaissanceRe has a 1-year low of $188.24 and a 1-year high of $300.00. The company has a fifty day simple moving average of $268.59 and a 200 day simple moving average of $244.37. The company has a market cap of $13.75 billion, a P/E ratio of 3.81, a price-to-earnings-growth ratio of 1.33 and a beta of 0.39.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results 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 26.31% and a net margin of 28.84%. The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the firm posted $8.33 EPS. The business’s revenue was up 52.1% on a year-over-year basis.

Institutional Trading of RenaissanceRe

Several large investors have recently bought and sold shares of RNR. Rehmann Capital Advisory Group bought a new stake in shares of RenaissanceRe during the third quarter worth $256,000. Coldstream Capital Management Inc. bought a new stake in RenaissanceRe during the 3rd quarter worth $257,000. Geode Capital Management LLC increased its holdings in RenaissanceRe by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 920,814 shares of the insurance provider’s stock worth $250,892,000 after purchasing an additional 25,773 shares in the last quarter. M&T Bank Corp raised its position in RenaissanceRe by 4.4% in the third quarter. M&T Bank Corp now owns 4,516 shares of the insurance provider’s stock valued at $1,230,000 after purchasing an additional 190 shares during the last quarter. Finally, Barclays PLC raised its position in RenaissanceRe by 57.1% in the third quarter. Barclays PLC now owns 22,923 shares of the insurance provider’s stock valued at $6,244,000 after purchasing an additional 8,333 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction on Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the transaction, the executive vice president now owns 82,044 shares in the company, valued at approximately $22,890,276. This trade represents a 1.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, December 13th. This represents a $1.56 annualized dividend and a yield of 0.59%. RenaissanceRe’s dividend payout ratio is 2.25%.

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.