Key Points
- Executive sale: RenaissanceRe EVP Robert Qutub sold 5,000 shares at an average price of $333.03, generating $1.665 million. He continues to own 72,907 shares after the transaction.
- Strong quarterly results: RenaissanceRe reported quarterly EPS of $12.92, beating estimates by $1.20, while revenue of $2.77 billion also exceeded expectations.
- Stock and analyst view: Shares opened at $334.63 near their 52-week high, but analysts maintain a consensus “Hold” rating with an average price target of $336.33.
RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report) EVP Robert Qutub sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the completion of the transaction, the executive vice president directly owned 72,907 shares of the company's stock, valued at $24,280,218.21. This represents a 6.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
RenaissanceRe Stock Up 1.8%
RenaissanceRe stock opened at $334.63 on Wednesday. RenaissanceRe Holdings Ltd. has a twelve month low of $231.17 and a twelve month high of $335.88. The stock's fifty day simple moving average is $306.36 and its 200-day simple moving average is $299.40. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $13.90 billion, a P/E ratio of 5.74, a P/E/G ratio of 1.24 and a beta of 0.17.
RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $11.72 by $1.20. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The business had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.57 billion. During the same period last year, the firm earned $12.29 earnings per share. As a group, equities analysts expect that RenaissanceRe Holdings Ltd. will post 41.08 earnings per share for the current fiscal year.
RenaissanceRe Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given 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 dividend payout ratio (DPR) is currently 2.81%.
Institutional Trading of RenaissanceRe
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNR. Quarry LP boosted its holdings in shares of RenaissanceRe by 65.0% in the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider's stock valued at $34,000 after buying an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in shares of RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock valued at $34,000 after buying an additional 94 shares during the last quarter. Kingdom Financial Group LLC. acquired a new stake in RenaissanceRe during the 4th quarter worth $36,000. Mcguire Capital Advisors Inc. acquired a new stake in RenaissanceRe during the 4th quarter worth $38,000. Finally, SBI Securities Co. Ltd. lifted its position in RenaissanceRe by 33.6% in the fourth quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider's stock valued at $41,000 after acquiring an additional 37 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on RNR shares. Morgan Stanley boosted their price objective on RenaissanceRe from $310.00 to $320.00 and gave the stock an "equal weight" rating in a research report on Monday, July 6th. JPMorgan Chase & Co. raised their target price on shares of RenaissanceRe from $329.00 to $360.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Weiss Ratings upgraded shares of RenaissanceRe from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, June 25th. UBS Group set a $349.00 price target on shares of RenaissanceRe and gave the stock a "neutral" rating in a report on Monday. Finally, Mizuho increased their price objective on shares of RenaissanceRe from $325.00 to $329.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. Five 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. Based on data from MarketBeat.com, RenaissanceRe presently has a consensus rating of "Hold" and an average target price of $336.33.
Check Out Our Latest Stock Analysis on RenaissanceRe
RenaissanceRe Company Profile
(
Get Free Report)
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.
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