RenaissanceRe Holdings Ltd. (NYSE:RNR) issued its quarterly earnings results on Tuesday. The insurance provider reported ($13.81) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($12.25) by ($1.56), Briefing.com reports. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The business had revenue of $483.22 million for the quarter, compared to analyst estimates of $300.46 million. During the same quarter in the previous year, the business posted $2.09 earnings per share. The business’s revenue was up 70.0% on a year-over-year basis.

Shares of RenaissanceRe Holdings (NYSE:RNR) traded down 2.32% during trading on Wednesday, reaching $135.15. 141,251 shares of the company traded hands. The firm’s 50 day moving average is $136.46 and its 200-day moving average is $140.18. RenaissanceRe Holdings has a 12-month low of $120.55 and a 12-month high of $152.00. The stock has a market capitalization of $5.44 billion, a P/E ratio of 11.54 and a beta of 0.65.

In other RenaissanceRe Holdings news, CEO Kevin Odonnell sold 5,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $134.89, for a total value of $674,450.00. Following the sale, the chief executive officer now owns 197,904 shares in the company, valued at $26,695,270.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.80% of the stock is currently owned by corporate insiders.

RenaissanceRe Holdings declared that its Board of Directors has authorized a stock buyback plan on Wednesday, August 2nd that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the insurance provider to buy up to 8.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

A number of brokerages have weighed in on RNR. BidaskClub upgraded RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. UBS AG restated a “neutral” rating and issued a $145.00 target price (up from $139.00) on shares of RenaissanceRe Holdings in a research note on Tuesday, August 1st. Wells Fargo & Company restated a “hold” rating and issued a $140.00 target price on shares of RenaissanceRe Holdings in a research note on Wednesday, July 26th. J P Morgan Chase & Co downgraded RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $165.00 to $145.00 in a research note on Friday, July 28th. Finally, ValuEngine upgraded RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research note on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $142.58.

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RenaissanceRe Holdings Company Profile

RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.

Earnings History for RenaissanceRe Holdings (NYSE:RNR)

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