Q3 2023 EPS Estimates for RenaissanceRe Holdings Ltd. (NYSE:RNR) Decreased by Zacks Research

RenaissanceRe Holdings Ltd. (NYSE:RNR) – Investment analysts at Zacks Research lowered their Q3 2023 earnings per share (EPS) estimates for shares of RenaissanceRe in a note issued to investors on Thursday, August 31st. Zacks Research analyst K. Dey now expects that the insurance provider will earn $0.25 per share for the quarter, down from their prior estimate of $0.51. The consensus estimate for RenaissanceRe’s current full-year earnings is $25.47 per share. Zacks Research also issued estimates for RenaissanceRe’s Q4 2023 earnings at $5.00 EPS, FY2023 earnings at $22.20 EPS, Q3 2024 earnings at $1.50 EPS and FY2024 earnings at $22.80 EPS.

Other equities analysts have also recently issued research reports about the company. TheStreet cut RenaissanceRe from a “b-” rating to a “c+” rating in a report on Thursday, June 8th. Jefferies Financial Group upgraded RenaissanceRe from a “hold” rating to a “buy” rating and upped their target price for the company from $234.00 to $238.00 in a research note on Thursday, May 25th. BMO Capital Markets upgraded shares of RenaissanceRe from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $198.00 to $216.00 in a research note on Tuesday, July 11th. StockNews.com initiated coverage on shares of RenaissanceRe in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Bank of America reduced their price objective on shares of RenaissanceRe from $275.00 to $266.00 and set a “buy” rating for the company in a report on Monday, August 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $228.83.

RenaissanceRe Trading Up 0.9 %

Shares of RNR stock opened at $189.64 on Monday. The firm has a market capitalization of $9.71 billion, a P/E ratio of 23.71 and a beta of 0.42. RenaissanceRe has a 1 year low of $128.00 and a 1 year high of $223.80. The firm’s fifty day simple moving average is $188.72 and its 200 day simple moving average is $196.80. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.28.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $8.79 EPS for the quarter, topping analysts’ consensus estimates of $7.58 by $1.21. RenaissanceRe had a return on equity of 14.22% and a net margin of 5.60%. The business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $1.96 billion. During the same period in the previous year, the company posted $5.51 earnings per share. The firm’s revenue for the quarter was up 17.8% on a year-over-year basis.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RNR. Laffer Tengler Investments lifted its position in RenaissanceRe by 3.7% during the 1st quarter. Laffer Tengler Investments now owns 1,437 shares of the insurance provider’s stock valued at $288,000 after purchasing an additional 51 shares during the period. Snowden Capital Advisors LLC boosted its stake in RenaissanceRe by 4.9% in the first quarter. Snowden Capital Advisors LLC now owns 1,166 shares of the insurance provider’s stock valued at $234,000 after acquiring an additional 54 shares during the last quarter. First Trust Direct Indexing L.P. grew its holdings in RenaissanceRe by 2.0% during the 1st quarter. First Trust Direct Indexing L.P. now owns 3,007 shares of the insurance provider’s stock worth $602,000 after acquiring an additional 58 shares during the period. M&T Bank Corp raised its position in shares of RenaissanceRe by 1.1% during the 1st quarter. M&T Bank Corp now owns 6,424 shares of the insurance provider’s stock valued at $1,287,000 after acquiring an additional 67 shares during the last quarter. Finally, TCI Wealth Advisors Inc. lifted its stake in shares of RenaissanceRe by 73.4% in the 1st quarter. TCI Wealth Advisors Inc. now owns 163 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 69 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.80%. RenaissanceRe’s payout ratio is 19.00%.

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.