RenaissanceRe (NYSE:RNR) Posts Quarterly Earnings Results, Beats Expectations By $2.75 EPS

RenaissanceRe (NYSE:RNR) announced its quarterly earnings data on Tuesday. The insurance provider reported $13.34 EPS for the quarter, beating the consensus estimate of $10.59 by $2.75, FiscalAI reports. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter last year, the business earned $8.06 earnings per share. The business’s revenue for the quarter was up 29.6% compared to the same quarter last year.

RenaissanceRe Stock Performance

NYSE RNR opened at $286.27 on Wednesday. The business’s 50-day moving average price is $273.65 and its 200 day moving average price is $257.96. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21. RenaissanceRe has a twelve month low of $219.00 and a twelve month high of $288.62. The company has a market capitalization of $13.20 billion, a PE ratio of 7.95, a price-to-earnings-growth ratio of 2.98 and a beta of 0.24.

Analysts Set New Price Targets

RNR has been the topic of several research reports. Zacks Research lowered RenaissanceRe from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. TD Cowen reiterated a “hold” rating on shares of RenaissanceRe in a research report on Thursday, January 8th. Barclays raised their target price on shares of RenaissanceRe from $278.00 to $304.00 and gave the company an “equal weight” rating in a report on Thursday, January 8th. Wells Fargo & Company cut their target price on shares of RenaissanceRe from $285.00 to $281.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 13th. Finally, Cantor Fitzgerald upped their price target on shares of RenaissanceRe from $252.00 to $282.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Five equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, RenaissanceRe currently has a consensus rating of “Hold” and an average price target of $298.07.

Institutional Trading of RenaissanceRe

Several institutional investors have recently made changes to their positions in the stock. United Capital Financial Advisors LLC acquired a new position in shares of RenaissanceRe in the 3rd quarter valued at about $552,000. Voleon Capital Management LP bought a new position in RenaissanceRe in the third quarter worth about $436,000. Northwestern Mutual Wealth Management Co. lifted its holdings in RenaissanceRe by 11.8% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 493 shares of the insurance provider’s stock worth $125,000 after acquiring an additional 52 shares during the last quarter. Brown Brothers Harriman & Co. boosted its stake in RenaissanceRe by 2.6% in the third quarter. Brown Brothers Harriman & Co. now owns 2,006 shares of the insurance provider’s stock valued at $509,000 after acquiring an additional 51 shares during the period. Finally, Rehmann Capital Advisory Group grew its holdings in shares of RenaissanceRe by 14.1% during the third quarter. Rehmann Capital Advisory Group now owns 1,411 shares of the insurance provider’s stock valued at $359,000 after purchasing an additional 174 shares during the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.