Zacks: Analysts Expect RenaissanceRe Holdings Ltd. (NYSE:RNR) Will Announce Earnings of $6.09 Per Share

Analysts expect that RenaissanceRe Holdings Ltd. (NYSE:RNRGet Rating) will report earnings of $6.09 per share for the current quarter, Zacks reports. Two analysts have made estimates for RenaissanceRe’s earnings, with the highest EPS estimate coming in at $6.89 and the lowest estimate coming in at $5.55. RenaissanceRe reported earnings per share of $5.64 in the same quarter last year, which would indicate a positive year over year growth rate of 8%. The company is expected to report its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that RenaissanceRe will report full year earnings of $17.14 per share for the current fiscal year, with EPS estimates ranging from $15.20 to $19.96. For the next fiscal year, analysts forecast that the company will report earnings of $21.79 per share, with EPS estimates ranging from $17.81 to $23.55. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of analysts that cover RenaissanceRe.

RenaissanceRe (NYSE:RNRGet Rating) last announced its earnings results on Tuesday, May 3rd. The insurance provider reported $3.50 earnings per share for the quarter, missing the consensus estimate of $5.64 by ($2.14). RenaissanceRe had a negative net margin of 0.76% and a positive return on equity of 1.67%. The company had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2 billion. During the same quarter last year, the business posted $0.09 earnings per share. The company’s revenue for the quarter was up 18.7% compared to the same quarter last year.

Several analysts have recently commented on RNR shares. StockNews.com started coverage on RenaissanceRe in a report on Thursday, March 31st. They issued a “hold” rating for the company. Morgan Stanley raised their price target on RenaissanceRe from $172.00 to $175.00 and gave the company an “equal weight” rating in a report on Wednesday, February 23rd. Finally, TheStreet cut RenaissanceRe from a “b-” rating to a “c” rating in a report on Thursday, March 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, RenaissanceRe currently has an average rating of “Hold” and an average price target of $177.80.

RNR opened at $146.85 on Wednesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.45 and a quick ratio of 1.45. The business has a 50 day simple moving average of $150.28 and a 200-day simple moving average of $156.51. The stock has a market capitalization of $6.49 billion, a P/E ratio of -90.65 and a beta of 0.58. RenaissanceRe has a 12 month low of $134.70 and a 12 month high of $174.54.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 31st. Stockholders of record on Tuesday, March 15th were given a $0.37 dividend. The ex-dividend date of this dividend was Monday, March 14th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.01%. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.36. RenaissanceRe’s payout ratio is currently -91.36%.

Hedge funds and other institutional investors have recently modified their holdings of the company. Exchange Traded Concepts LLC lifted its stake in shares of RenaissanceRe by 1.8% in the fourth quarter. Exchange Traded Concepts LLC now owns 3,828 shares of the insurance provider’s stock worth $648,000 after acquiring an additional 69 shares in the last quarter. LPL Financial LLC boosted its stake in RenaissanceRe by 3.8% during the 3rd quarter. LPL Financial LLC now owns 2,333 shares of the insurance provider’s stock valued at $325,000 after purchasing an additional 85 shares in the last quarter. Gateway Investment Advisers LLC boosted its stake in RenaissanceRe by 0.3% during the 4th quarter. Gateway Investment Advisers LLC now owns 34,043 shares of the insurance provider’s stock valued at $5,765,000 after purchasing an additional 89 shares in the last quarter. Koshinski Asset Management Inc. boosted its stake in RenaissanceRe by 41.8% during the 1st quarter. Koshinski Asset Management Inc. now owns 312 shares of the insurance provider’s stock valued at $49,000 after purchasing an additional 92 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its stake in RenaissanceRe by 5.6% during the 3rd quarter. CIBC Asset Management Inc now owns 2,040 shares of the insurance provider’s stock valued at $284,000 after purchasing an additional 108 shares in the last quarter. 98.18% of the stock is owned by institutional investors.

RenaissanceRe Company Profile (Get Rating)

RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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.

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