RenaissanceRe (NYSE:RNR) Announces Earnings Results

RenaissanceRe (NYSE:RNR) announced its quarterly earnings data 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 analysts’ expectations of $2.35 billion. During the same quarter last year, the business posted $8.33 EPS. The business’s quarterly revenue was up 52.1% compared to the same quarter last year.

RenaissanceRe Trading Down 3.4 %

Shares of NYSE RNR traded down $9.38 during midday trading on Thursday, reaching $268.52. 578,528 shares of the stock were exchanged, compared to its average volume of 346,548. The stock 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. The company has a market capitalization of $14.01 billion, a P/E ratio of 5.32, a P/E/G ratio of 1.74 and a beta of 0.39. RenaissanceRe has a 52-week low of $188.24 and a 52-week high of $300.00.

Analyst Ratings Changes

Several research firms recently commented on RNR. Jefferies Financial Group upped their price target on shares of RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Bank of America lifted their price objective on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Evercore ISI upped their price objective 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 target price on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. increased their price target on shares of RenaissanceRe from $274.00 to $280.00 and gave the stock a “neutral” rating in a report on Thursday. One 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 MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $291.30.

Insider Buying and Selling at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction on 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 sale, the executive vice president now owns 83,044 shares of the company’s stock, valued at $22,338,836. The trade was 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 at the SEC website. 1.80% of the stock is currently owned by 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.