RenaissanceRe Holdings Ltd. (RNR) Issues Quarterly Earnings Results

RenaissanceRe Holdings Ltd. (NYSE:RNR) announced its quarterly earnings results on Tuesday. The insurance provider reported ($13.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($12.25) by ($1.56), reports. RenaissanceRe Holdings had a negative net margin of 7.60% and a negative return on equity of 5.66%. The business had revenue of $483.22 million for the quarter, compared to analyst estimates of $300.46 million. During the same period in the prior year, the business earned $2.09 EPS. The company’s revenue for the quarter was up 70.0% compared to the same quarter last year.

In related news, CEO Kevin Odonnell sold 5,000 shares of the stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $134.89, for a total transaction of $674,450.00. Following the sale, the chief executive officer now owns 197,904 shares of the company’s stock, valued at approximately $26,695,270.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.80% of the company’s stock.

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RNR has been the subject of a number of research reports. Zacks Investment Research downgraded RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a report on Wednesday. Citigroup Inc. raised RenaissanceRe Holdings from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $151.00 to $157.00 in a report on Thursday. UBS AG reissued a “neutral” rating and set a $145.00 target price (up previously from $139.00) on shares of RenaissanceRe Holdings in a report on Tuesday, August 1st. Keefe, Bruyette & Woods reissued a “hold” rating and set a $143.00 target price on shares of RenaissanceRe Holdings in a report on Thursday, September 21st. Finally, ValuEngine raised RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $143.68.

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

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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