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

RenaissanceRe Holdings Ltd. (NYSE:RNR) declared a quarterly dividend on Wednesday, July 31st, Zacks reports. Shareholders of record on Friday, September 13th will be given a dividend of 0.39 per share by the insurance provider on Monday, September 30th. This represents a $1.56 annualized dividend and a yield of 0.67%. The ex-dividend date is Friday, September 13th.

RenaissanceRe has raised its dividend by an average of 2.8% per year 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% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect RenaissanceRe to earn $35.33 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 NYSE:RNR traded down $0.71 during midday trading on Friday, reaching $231.15. 6,739 shares of the company were exchanged, compared to its average volume of 339,551. 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 stock has a market cap of $12.06 billion, a PE ratio of 5.11, a price-to-earnings-growth ratio of 1.28 and a beta of 0.38. The business’s fifty day moving average is $224.03 and its two-hundred day moving average is $224.25. RenaissanceRe has a one year low of $174.22 and a one year high of $239.42.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, beating analysts’ consensus estimates of $9.86 by $2.32. The company had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.05 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The firm’s revenue was up 41.3% on a year-over-year basis. During the same period in the prior year, the company earned $8.16 earnings per share. As a group, analysts predict that RenaissanceRe will post 38.07 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total transaction of $230,000.00. Following the transaction, the executive vice president now directly owns 85,544 shares in the company, valued at $19,675,120. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the transaction, the executive vice president now owns 85,544 shares in the company, valued at $19,675,120. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the sale, the chief financial officer now owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on RNR. StockNews.com raised shares of RenaissanceRe from a “hold” rating to a “buy” rating in a report on Monday. Wells Fargo & Company cut their price target on shares of RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating on the stock in a report on Friday, July 26th. Evercore ISI upped their target price on RenaissanceRe from $216.00 to $218.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. UBS Group decreased their price objective on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. Finally, Bank of America increased their target price on RenaissanceRe from $334.00 to $347.00 and gave the company a “buy” rating in a report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $263.40.

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.