RenaissanceRe FY2024 EPS Estimate Boosted by Zacks Research

RenaissanceRe Holdings Ltd. (NYSE:RNR) – Analysts at Zacks Research lifted their FY2024 earnings per share estimates for shares of RenaissanceRe in a research report issued on Tuesday, November 19th. Zacks Research analyst K. Dey now anticipates that the insurance provider will post earnings per share of $42.10 for the year, up from their previous forecast of $38.01. The consensus estimate for RenaissanceRe’s current full-year earnings is $42.01 per share. Zacks Research also issued estimates for RenaissanceRe’s Q4 2024 earnings at $7.28 EPS, Q3 2025 earnings at $4.34 EPS, Q4 2025 earnings at $8.57 EPS, Q2 2026 earnings at $12.95 EPS and Q3 2026 earnings at $4.78 EPS.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, beating analysts’ consensus estimates of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the company earned $8.33 earnings per share. The company’s quarterly revenue was up 52.1% compared to the same quarter last year.

Other research analysts have also recently issued reports about the stock. Barclays initiated coverage on shares of RenaissanceRe in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price objective for the company. Citigroup lifted their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. StockNews.com lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Wells Fargo & Company upped their price target on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Finally, Bank of America raised their price objective on RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $293.00.

RenaissanceRe Stock Performance

Shares of RNR opened at $271.90 on Friday. RenaissanceRe has a 52-week low of $188.24 and a 52-week high of $300.00. The firm has a market capitalization of $14.12 billion, a PE ratio of 3.92, a P/E/G ratio of 1.29 and a beta of 0.39. The firm has a 50-day moving average price of $268.86 and a 200 day moving average price of $244.84. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18.

RenaissanceRe Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend is Friday, December 13th. RenaissanceRe’s payout ratio is 2.25%.

Insider Buying and Selling

In related news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $279.00, for a total transaction of $279,000.00. Following the transaction, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at approximately $22,890,276. The trade was a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On RenaissanceRe

A number of institutional investors have recently modified their holdings of RNR. Acadian Asset Management LLC raised its holdings in shares of RenaissanceRe by 741.7% during the first quarter. Acadian Asset Management LLC now owns 1,111 shares of the insurance provider’s stock worth $261,000 after acquiring an additional 979 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in RenaissanceRe by 4.5% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 43,168 shares of the insurance provider’s stock worth $10,152,000 after purchasing an additional 1,850 shares during the last quarter. Natixis purchased a new stake in shares of RenaissanceRe during the 1st quarter worth about $2,462,000. MQS Management LLC acquired a new stake in shares of RenaissanceRe during the 1st quarter valued at about $248,000. Finally, EntryPoint Capital LLC bought a new stake in shares of RenaissanceRe in the 1st quarter valued at approximately $46,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

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.