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

RenaissanceRe Holdings Ltd. (NYSE:RNR) announced a quarterly dividend on Thursday, November 7th,Wall Street Journal reports. Shareholders of record on Friday, December 13th will be paid a dividend of 0.39 per share by the insurance provider on Tuesday, December 31st. This represents a $1.56 annualized dividend and a yield of 0.59%. The ex-dividend date is Friday, December 13th.

RenaissanceRe has raised its dividend payment by an average of 2.8% per year over the last three years and has raised its dividend every year for the last 29 years. RenaissanceRe has a payout ratio of 4.4% meaning its dividend is sufficiently covered by earnings. Analysts expect RenaissanceRe to earn $35.31 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 Stock Performance

RenaissanceRe stock traded down $12.15 on Thursday, hitting $265.75. The company’s stock had a trading volume of 816,425 shares, compared to its average volume of 346,900. The firm has a market cap of $13.86 billion, a P/E ratio of 5.32, a price-to-earnings-growth ratio of 1.74 and a beta of 0.39. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The company has a fifty day moving average price of $267.20 and a 200-day moving average price of $241.23. RenaissanceRe has a one year low of $188.24 and a one year high of $300.00.

RenaissanceRe (NYSE:RNR) last released its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.89 by $2.34. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.35 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The company’s revenue was up 52.1% compared to the same quarter last year. During the same period in the prior year, the company posted $8.33 EPS. On average, equities analysts anticipate that RenaissanceRe will post 39.96 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were 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 directly owns 83,044 shares in the company, valued at approximately $22,338,836. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.80% of the stock is owned by company insiders.

Analyst Ratings Changes

RNR has been the subject of several research reports. Bank of America raised their price target on shares of RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. JPMorgan Chase & Co. raised their price target on RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a report on Thursday. Jefferies Financial Group lifted their target price on RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Citigroup lifted their price target on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Finally, Wells Fargo & Company lifted their price target on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, 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.