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

RenaissanceRe Holdings Ltd. (NYSE:RNR) announced a quarterly dividend on Wednesday, November 6th,Wall Street Journal reports. Shareholders of record on Friday, December 13th will be given a dividend of 0.39 per share by the insurance provider on Tuesday, December 31st. This represents a $1.56 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date of this dividend is Friday, December 13th.

RenaissanceRe has raised its dividend by an average of 2.8% annually over the last three years and has increased 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. Equities 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 Stock Down 4.4 %

NYSE:RNR opened at $265.81 on Friday. The firm has a market cap of $13.86 billion, a P/E ratio of 5.26, a P/E/G ratio of 1.74 and a beta of 0.39. 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 fifty-two week low of $188.24 and a fifty-two week high of $300.00. The firm has a 50-day simple moving average of $267.36 and a two-hundred day simple moving average of $241.40.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.89 by $2.34. The firm 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 business’s quarterly revenue was up 52.1% compared to the same quarter last year. During the same quarter last year, the firm posted $8.33 EPS. Analysts predict that RenaissanceRe will post 39.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In related 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on RNR shares. Jefferies Financial Group raised their price target on shares of RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. StockNews.com downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Evercore ISI lifted their price target on shares of RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a report on Thursday. Bank of America lifted their price target on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Citigroup lifted their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently 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.