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

RenaissanceRe Holdings Ltd. (NYSE:RNR) declared a quarterly dividend on Wednesday, November 6th,Wall Street Journal reports. Shareholders of record on Friday, December 13th will be paid 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 dividend yield of 0.58%. The ex-dividend date of this dividend is Friday, December 13th.

RenaissanceRe has raised its dividend payment by an average of 2.8% per year over the last three years and has raised its dividend annually for the last 29 consecutive years. RenaissanceRe has a dividend payout ratio of 4.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect RenaissanceRe to earn $35.27 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 2.0 %

Shares of NYSE:RNR opened at $269.28 on Wednesday. The firm has a market cap of $13.99 billion, a PE ratio of 3.88, a price-to-earnings-growth ratio of 1.36 and a beta of 0.41. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18. RenaissanceRe has a 12-month low of $188.24 and a 12-month high of $300.00. The company has a fifty day simple moving average of $272.76 and a 200 day simple moving average of $249.65.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping 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 business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period last year, the firm earned $8.33 earnings per share. The company’s revenue for the quarter was up 52.1% compared to the same quarter last year. On average, equities research analysts anticipate that RenaissanceRe will post 41.94 EPS for the current fiscal year.

Insider Activity at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $279.00, for a total value 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 approximately $22,890,276. This represents a 1.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.30% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RNR. Citigroup boosted their price target on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Jefferies Financial Group increased their target price on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Wells Fargo & Company lifted their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. StockNews.com cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. upped their target price on RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, RenaissanceRe presently has an average rating of “Hold” and a consensus target price of $293.00.

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.