RenaissanceRe (NYSE:RNR) Announces Quarterly Earnings Results, Beats Estimates By $2.34 EPS

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. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.35 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The business’s quarterly revenue was up 52.1% on a year-over-year basis. During the same period in the previous year, the firm earned $8.33 EPS.

RenaissanceRe Price Performance

Shares of NYSE:RNR traded down $9.73 on Thursday, reaching $268.17. The company’s stock had a trading volume of 534,405 shares, compared to its average volume of 346,344. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. RenaissanceRe has a 52-week low of $188.24 and a 52-week high of $300.00. The company has a 50-day simple moving average of $267.20 and a 200 day simple moving average of $241.23. The company has a market cap of $13.99 billion, a P/E ratio of 5.32, a PEG ratio of 1.74 and a beta of 0.39.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. StockNews.com cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. upped their price objective on RenaissanceRe from $274.00 to $280.00 and gave the stock a “neutral” rating in a research note 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 note on Wednesday, October 9th. Wells Fargo & Company increased their price objective on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Finally, 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 report on Thursday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $291.30.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $269.00, for a total transaction of $269,000.00. Following the sale, the executive vice president now directly owns 83,044 shares in the company, valued at $22,338,836. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.80% of the stock is owned by insiders.

RenaissanceRe Company Profile

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.