RenaissanceRe (NYSE:RNR) Releases Quarterly Earnings Results

RenaissanceRe (NYSE:RNR) announced its earnings results on Wednesday. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.89 by $2.34, Briefing.com reports. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the previous year, the business earned $8.33 earnings per share. The company’s revenue for the quarter was up 52.1% compared to the same quarter last year.

RenaissanceRe Stock Down 3.5 %

RenaissanceRe stock traded down $9.73 during mid-day trading on Thursday, reaching $268.17. 534,405 shares of the company were exchanged, compared to its average volume of 346,344. RenaissanceRe has a 12-month low of $188.24 and a 12-month high of $300.00. The business has a fifty day moving average of $267.20 and a 200 day moving average of $241.23. The firm has a market cap of $13.99 billion, a P/E ratio of 5.32, a PEG ratio of 1.74 and a beta of 0.39. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

Insider Activity

In related news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $269.00, for a total transaction of $269,000.00. Following the sale, the executive vice president now owns 83,044 shares of the company’s stock, valued at $22,338,836. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on RNR. Wells Fargo & Company upped their price objective on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Citigroup lifted their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Barclays assumed coverage on shares of RenaissanceRe in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 target price on the stock. Morgan Stanley decreased their price target on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. Finally, Bank of America raised their price objective on RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $291.30.

About RenaissanceRe

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.