RenaissanceRe Holdings Ltd. Plans Quarterly Dividend of $0.38 (NYSE:RNR)

RenaissanceRe Holdings Ltd. (NYSE:RNR) announced a quarterly dividend on Wednesday, August 2nd, Wall Street Journal reports. Shareholders of record on Friday, September 15th will be given a dividend of 0.38 per share by the insurance provider on Friday, September 29th. This represents a $1.52 annualized dividend and a yield of 0.76%. The ex-dividend date is Thursday, September 14th.

RenaissanceRe has raised its dividend payment by an average of 2.9% annually over the last three years and has raised its dividend every year for the last 28 years. RenaissanceRe has a payout ratio of 5.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect RenaissanceRe to earn $28.08 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 5.4%.

RenaissanceRe Stock Up 0.7 %

RNR stock opened at $201.25 on Wednesday. RenaissanceRe has a twelve month low of $128.00 and a twelve month high of $223.80. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.28. The company has a market cap of $10.30 billion, a PE ratio of 25.16 and a beta of 0.42. The business’s 50-day simple moving average is $190.07 and its 200 day simple moving average is $195.87.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $8.79 EPS for the quarter, topping analysts’ consensus estimates of $7.58 by $1.21. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $1.96 billion. RenaissanceRe had a return on equity of 14.22% and a net margin of 5.60%. The company’s quarterly revenue was up 17.8% on a year-over-year basis. During the same quarter last year, the company earned $5.51 EPS. On average, research analysts anticipate that RenaissanceRe will post 26.8 earnings per share for the current year.

Institutional Investors Weigh In On RenaissanceRe

A number of large investors have recently bought and sold shares of the business. Quarry LP acquired a new stake in RenaissanceRe in the 1st quarter valued at about $32,000. Fred Alger Management LLC bought a new stake in shares of RenaissanceRe in the 1st quarter valued at about $44,000. Dark Forest Capital Management LP acquired a new stake in RenaissanceRe in the 1st quarter valued at about $66,000. Fortis Capital Advisors LLC bought a new position in RenaissanceRe during the first quarter worth about $101,000. Finally, Rockefeller Capital Management L.P. increased its position in RenaissanceRe by 122.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 656 shares of the insurance provider’s stock worth $120,000 after buying an additional 361 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Jefferies Financial Group raised shares of RenaissanceRe from a “hold” rating to a “buy” rating and boosted their price target for the company from $234.00 to $238.00 in a report on Thursday, May 25th. The Goldman Sachs Group initiated coverage on shares of RenaissanceRe in a research report on Friday, September 8th. They issued a “buy” rating and a $242.00 price target for the company. BMO Capital Markets raised RenaissanceRe from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $198.00 to $216.00 in a report on Tuesday, July 11th. Morgan Stanley started coverage on RenaissanceRe in a report on Tuesday, June 20th. They issued an “equal weight” rating and a $222.00 target price for the company. Finally, TheStreet downgraded RenaissanceRe from a “b-” rating to a “c+” rating in a research report on Thursday, June 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, RenaissanceRe has an average rating of “Moderate Buy” and a consensus target price of $230.71.

About RenaissanceRe

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.