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

RenaissanceRe Holdings Ltd. (NYSE:RNR) declared a quarterly dividend on Thursday, November 7th,Wall Street Journal reports. Stockholders 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 dividend yield of 0.59%. The ex-dividend date is Friday, December 13th.

RenaissanceRe has increased its dividend payment by an average of 2.8% annually 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% indicating that its dividend is sufficiently covered by earnings. Research 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 Price Performance

Shares of RNR traded down $12.15 during mid-day trading 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 50-day moving average price of $267.20 and a 200 day moving average price of $241.23. The stock has a market capitalization of $13.86 billion, a price-to-earnings 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 current ratio of 1.38 and a quick ratio of 1.38. RenaissanceRe has a fifty-two week low of $188.24 and a fifty-two week 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 for the quarter, topping the consensus estimate of $7.89 by $2.34. The business 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 firm’s quarterly revenue was up 52.1% compared to the same quarter last year. During the same period last year, the firm posted $8.33 earnings per share. On average, research analysts predict that RenaissanceRe will post 39.96 EPS for the current fiscal year.

Analyst Ratings Changes

RNR has been the subject of several research reports. Wells Fargo & Company raised their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. 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 report on Wednesday, July 10th. Barclays initiated coverage on shares of RenaissanceRe in a report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price target for the company. 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 report on Thursday, October 10th. Finally, Evercore ISI lifted their target price on shares of RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $291.30.

Insider Transactions at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the sale, the executive vice president now directly owns 82,044 shares in the company, valued at approximately $22,890,276. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.80% of the stock is owned by corporate insiders.

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.