RenaissanceRe (NYSE:RNR) Issues Earnings Results

RenaissanceRe (NYSE:RNR) posted its quarterly earnings data on Wednesday. The insurance provider reported $10.23 earnings per share for the quarter, beating analysts’ consensus estimates of $7.89 by $2.34, Briefing.com reports. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the prior year, the company posted $8.33 EPS. The firm’s revenue for the quarter was up 52.1% on a year-over-year basis.

RenaissanceRe Price Performance

Shares of NYSE RNR traded down $9.38 during midday trading on Thursday, reaching $268.52. The company’s stock had a trading volume of 578,528 shares, compared to its average volume of 346,548. RenaissanceRe has a one year low of $188.24 and a one year high of $300.00. The company has a market cap of $14.01 billion, a price-to-earnings ratio of 5.32, a price-to-earnings-growth ratio of 1.74 and a beta of 0.39. The company has a 50 day moving average price of $267.20 and a 200 day moving average price of $241.23. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21.

Insider Activity

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the sale, the executive vice president now owns 82,044 shares in the company, valued at approximately $22,890,276. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

RNR has been the subject of several research analyst reports. Evercore ISI boosted their target price on shares of RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research report on Thursday. Morgan Stanley lowered their price objective on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Citigroup increased their target price on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Jefferies Financial Group boosted their price target on RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. raised their price objective on RenaissanceRe from $274.00 to $280.00 and gave the stock a “neutral” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price 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.