RenaissanceRe Holdings Ltd. (RNR) to Issue Quarterly Dividend of $0.39 on September 30th

RenaissanceRe Holdings Ltd. (NYSE:RNR) announced a quarterly dividend on Wednesday, July 31st, Zacks reports. Investors of record on Friday, September 13th will be given a dividend of 0.39 per share by the insurance provider on Monday, September 30th. This represents a $1.56 annualized dividend and a dividend yield of 0.68%. The ex-dividend date is Friday, September 13th.

RenaissanceRe has raised its dividend by an average of 2.8% annually over the last three years and has raised its dividend annually for the last 29 consecutive years. RenaissanceRe has a payout ratio of 4.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect RenaissanceRe to earn $35.33 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 $2.18 during mid-day trading on Friday, reaching $229.68. The company’s stock had a trading volume of 49,734 shares, compared to its average volume of 339,841. The firm has a market cap of $11.98 billion, a price-to-earnings ratio of 5.11, a PEG ratio of 1.28 and a beta of 0.38. RenaissanceRe has a twelve month low of $174.22 and a twelve month high of $239.42. The business has a 50 day moving average price of $224.03 and a 200-day moving average price of $224.25. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, beating the consensus estimate of $9.86 by $2.32. The business had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.05 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The company’s quarterly revenue was up 41.3% on a year-over-year basis. During the same period in the previous year, the business posted $8.16 EPS. Sell-side analysts predict that RenaissanceRe will post 38.07 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RNR has been the subject of several recent research reports. Bank of America upped their target price on RenaissanceRe from $334.00 to $347.00 and gave the company a “buy” rating in a report on Thursday, July 11th. 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 research note on Wednesday, July 10th. JPMorgan Chase & Co. raised their target price on RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. StockNews.com upgraded shares of RenaissanceRe from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Evercore ISI increased their price objective on shares of RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, RenaissanceRe presently has a consensus rating of “Hold” and a consensus target price of $263.40.

Insider Buying and Selling at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the sale, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at approximately $19,675,120. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the sale, the executive vice president now owns 85,544 shares of the company’s stock, valued at approximately $19,675,120. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the completion of the sale, the chief financial officer now owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. The disclosure for this sale can be found here. 1.30% 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.