RenaissanceRe Holdings Ltd. (NYSE:RNR) declared a quarterly dividend on Friday, November 9th, Zacks reports. Shareholders of record on Friday, December 14th will be given a dividend of 0.33 per share by the insurance provider on Monday, December 31st. This represents a $1.32 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date is Thursday, December 13th.
RenaissanceRe has increased its dividend by an average of 3.3% per year over the last three years and has raised its dividend annually for the last 13 consecutive years. RenaissanceRe has a dividend payout ratio of 9.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect RenaissanceRe to earn $11.16 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 11.8%.
RenaissanceRe stock traded up $5.35 during midday trading on Friday, reaching $139.20. 634,666 shares of the stock traded hands, compared to its average volume of 281,400. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $5.39 billion, a price-to-earnings ratio of -16.67, a PEG ratio of 1.47 and a beta of 0.67. RenaissanceRe has a fifty-two week low of $116.50 and a fifty-two week high of $142.56.
RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, October 30th. The insurance provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.42. The firm had revenue of $453.30 million during the quarter, compared to analyst estimates of $416.49 million. RenaissanceRe had a net margin of 15.07% and a return on equity of 10.52%. RenaissanceRe’s revenue was down 6.2% on a year-over-year basis. During the same period in the previous year, the business posted ($13.81) EPS. Research analysts expect that RenaissanceRe will post 9.12 earnings per share for the current year.
A number of research analysts have issued reports on RNR shares. Wells Fargo & Co reduced their target price on shares of RenaissanceRe from $130.00 to $125.00 and set a “market perform” rating for the company in a research note on Thursday, November 1st. Zacks Investment Research raised shares of RenaissanceRe from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, October 23rd. Bank of America raised shares of RenaissanceRe from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $125.00 to $144.00 in a research note on Monday, December 3rd. Buckingham Research boosted their target price on shares of RenaissanceRe from $145.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 3rd. Finally, Citigroup reduced their target price on shares of RenaissanceRe from $161.00 to $153.00 and set a “buy” rating for the company in a research note on Monday, October 22nd. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. RenaissanceRe has an average rating of “Hold” and an average price target of $143.00.
In other news, Director Henry Klehm III sold 810 shares of the company’s stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $128.00, for a total value of $103,680.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.50% of the company’s stock.
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RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance coverages in the United States and internationally. Its 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, such as earthquakes, hurricanes, 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, including proportional reinsurance, property per risk, property reinsurance, and binding facilities and regional U.S.
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