RenaissanceRe FY2024 EPS Estimate Lifted by Zacks Research

RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) - Research analysts at Zacks Research raised their FY2024 earnings per share (EPS) estimates for shares of RenaissanceRe in a report issued on Tuesday, November 19th. Zacks Research analyst K. Dey now expects that the insurance provider will earn $42.10 per share for the year, up from their previous forecast 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.

RNR has been the subject of a number of other research reports. Citigroup increased their price target on RenaissanceRe from $262.00 to $298.00 and gave the stock a "buy" rating in a research note on Tuesday, September 10th. Keefe, Bruyette & Woods dropped their target price on RenaissanceRe from $316.00 to $310.00 and set an "outperform" rating for the company in a research report on Tuesday, November 12th. Evercore ISI increased their price objective on RenaissanceRe from $229.00 to $246.00 and gave the stock an "underperform" rating in a research note on Thursday, November 7th. Wells Fargo & Company increased their price objective on RenaissanceRe from $280.00 to $314.00 and gave the stock an "overweight" rating in a research note on Thursday, October 10th. Finally, Bank of America increased their price objective on RenaissanceRe from $364.00 to $391.00 and gave the company a "buy" rating in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $293.00.

RenaissanceRe Stock Performance

Shares of NYSE:RNR traded up $7.35 during midday trading on Friday, hitting $271.99. The company had a trading volume of 154,476 shares, compared to its average volume of 357,661. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.43. The company has a market cap of $14.13 billion, a price-to-earnings ratio of 3.90, a PEG ratio of 1.33 and a beta of 0.39. RenaissanceRe has a 12-month low of $188.24 and a 12-month high of $300.00. The company has a fifty day moving average of $268.59 and a two-hundred day moving average of $244.37.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping the consensus estimate of $7.89 by $2.34. The firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.35 billion. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. RenaissanceRe's revenue was up 52.1% on a year-over-year basis. During the same period in the prior year, the business posted $8.33 EPS.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.57%. RenaissanceRe's dividend payout ratio is presently 2.25%.

Insider Activity at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $269.00, for a total value of $269,000.00. Following the completion of the transaction, the executive vice president now owns 83,044 shares in the company, valued at $22,338,836. The trade was a 1.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On RenaissanceRe

Several large investors have recently bought and sold shares of the company. V Square Quantitative Management LLC boosted its holdings in shares of RenaissanceRe by 29.5% during the 3rd quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider's stock worth $49,000 after purchasing an additional 41 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in RenaissanceRe by 19.8% in the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider's stock valued at $63,000 after acquiring an additional 45 shares during the last quarter. First Citizens Bank & Trust Co. lifted its holdings in RenaissanceRe by 4.6% in the third quarter. First Citizens Bank & Trust Co. now owns 1,073 shares of the insurance provider's stock valued at $292,000 after acquiring an additional 47 shares during the last quarter. Hilltop National Bank lifted its holdings in RenaissanceRe by 14.9% in the second quarter. Hilltop National Bank now owns 400 shares of the insurance provider's stock valued at $89,000 after acquiring an additional 52 shares during the last quarter. Finally, CIBC Asset Management Inc raised its position in RenaissanceRe by 3.6% in the third quarter. CIBC Asset Management Inc now owns 1,530 shares of the insurance provider's stock valued at $417,000 after purchasing an additional 53 shares during the period. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

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.