FY2016 EPS Estimates for RenaissanceRe Holdings Ltd. (RNR) Cut by Langen Mcalenn
RenaissanceRe Holdings Ltd. (NYSE:RNR) – Equities researchers at Langen Mcalenn decreased their FY2016 earnings per share (EPS) estimates for shares of RenaissanceRe Holdings in a note issued to investors on Thursday. Langen Mcalenn analyst R. Byrnes now anticipates that the brokerage will earn $7.35 per share for the year, down from their previous estimate of $7.90.
A number of other brokerages also recently issued reports on RNR. Keefe, Bruyette & Woods upped their price target on RenaissanceRe Holdings from $130.00 to $134.00 and gave the company a “market perform” rating in a report on Thursday, July 28th. Zacks Investment Research downgraded RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a report on Tuesday, July 5th. Finally, Citigroup Inc. reaffirmed a “neutral” rating on shares of RenaissanceRe Holdings in a report on Tuesday, June 21st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $118.50.
Shares of RenaissanceRe Holdings (NYSE:RNR) opened at 118.92 on Monday. The stock’s 50 day moving average is $118.26 and its 200-day moving average is $115.97. The firm has a market cap of $4.90 billion, a PE ratio of 12.06 and a beta of 0.49. RenaissanceRe Holdings has a 52 week low of $104.78 and a 52 week high of $121.96.
RenaissanceRe Holdings (NYSE:RNR) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $1.55 EPS for the quarter, missing analysts’ consensus estimates of $1.92 by $0.37. The firm had revenue of $483.30 million for the quarter, compared to analyst estimates of $410.83 million. RenaissanceRe Holdings had a return on equity of 9.41% and a net margin of 27.26%. RenaissanceRe Holdings’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.18 EPS.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.04%. The ex-dividend date is Tuesday, September 13th. RenaissanceRe Holdings’s dividend payout ratio (DPR) is presently 12.50%.
In other RenaissanceRe Holdings news, SVP Stephen Howard Weinstein sold 3,000 shares of the stock in a transaction on Friday, July 1st. The stock was sold at an average price of $117.50, for a total value of $352,500.00. Following the completion of the transaction, the senior vice president now owns 82,596 shares in the company, valued at $9,705,030. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Rider Fonner Todd sold 1,500 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $117.20, for a total value of $175,800.00. Following the completion of the transaction, the senior vice president now owns 68,253 shares of the company’s stock, valued at approximately $7,999,251.60. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Walleye Trading LLC acquired a new position in RenaissanceRe Holdings during the second quarter valued at about $125,000. Seven Eight Capital LLC acquired a new position in RenaissanceRe Holdings during the first quarter valued at about $192,000. Chevy Chase Trust Holdings Inc. acquired a new position in RenaissanceRe Holdings during the second quarter valued at about $200,000. BTC Capital Management Inc. acquired a new position in RenaissanceRe Holdings during the first quarter valued at about $201,000. Finally, Gideon Capital Advisors Inc. acquired a new position in RenaissanceRe Holdings during the second quarter valued at about $227,000. Hedge funds and other institutional investors own 94.77% of the company’s stock.
About RenaissanceRe Holdings
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services. The Company’s core products include property catastrophe reinsurance and specialty reinsurance risks. The Company’s segments include Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s. Catastrophe Reinsurance includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit.
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