Zacks Research Predicts Increased Earnings for RenaissanceRe

RenaissanceRe Holdings Ltd. (NYSE:RNR) – Equities research analysts at Zacks Research boosted their FY2024 EPS estimates for shares of RenaissanceRe in a research note issued to investors on Tuesday, November 19th. Zacks Research analyst K. Dey now forecasts that the insurance provider will earn $42.10 per share for the year, up from their prior estimate of $38.01. The consensus estimate for RenaissanceRe’s current full-year earnings is $40.57 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.

Other equities research analysts also recently issued research reports about the stock. Wells Fargo & Company boosted their price objective on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. StockNews.com cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Bank of America upped their target price on shares of RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Jefferies Financial Group upped their target price on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Evercore ISI upped their target price on shares of RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and a consensus price target of $293.00.

RenaissanceRe Price Performance

Shares of NYSE:RNR opened at $271.96 on Friday. 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 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 $268.86 and a 200 day simple moving average of $244.71. The company has a market cap of $14.13 billion, a PE ratio of 3.92, a P/E/G ratio of 1.33 and a beta of 0.39.

RenaissanceRe (NYSE:RNR) last issued its 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 business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The company’s revenue for the quarter was up 52.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $8.33 EPS.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid 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 dividend payout ratio is presently 2.25%.

Insider Activity at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the 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 completion of the sale, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at $22,890,276. This represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.30% of the company’s stock.

Institutional Trading of RenaissanceRe

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Impax Asset Management Group plc lifted its position in shares of RenaissanceRe by 32.4% in the 3rd quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock valued at $461,679,000 after acquiring an additional 415,366 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of RenaissanceRe by 21.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock valued at $139,579,000 after acquiring an additional 109,851 shares in the last quarter. Cooke & Bieler LP lifted its position in shares of RenaissanceRe by 9.2% in the 2nd quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock valued at $229,679,000 after acquiring an additional 86,562 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new stake in shares of RenaissanceRe in the 3rd quarter valued at approximately $18,969,000. Finally, Northwest & Ethical Investments L.P. purchased a new stake in shares of RenaissanceRe in the 3rd quarter valued at approximately $17,086,000. 99.97% of the stock is owned by institutional investors and hedge funds.

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.