RenaissanceRe Holdings Ltd. (RNR) Announces Earnings Results
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.
COPYRIGHT VIOLATION WARNING: This piece of content was originally posted by TheOlympiaReport and is the property of of TheOlympiaReport. If you are viewing this piece of content on another website, it was stolen and republished in violation of international copyright and trademark laws. The correct version of this piece of content can be read at https://theolympiareport.com/2017/10/31/renaissancere-holdings-ltd-rnr-announces-earnings-results.html.
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.
Receive News & Ratings for RenaissanceRe Holdings Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RenaissanceRe Holdings Ltd. and related companies with Analyst Ratings Network's FREE daily email newsletter.