RenaissanceRe Holdings Ltd. (NYSE:RNR) Increases Dividend to $0.41 Per Share

RenaissanceRe Holdings Ltd. (NYSE:RNR) declared a quarterly dividend on Wednesday, February 11th. Investors of record on Friday, March 13th will be given a dividend of 0.41 per share by the insurance provider on Tuesday, March 31st. This represents a c) annualized dividend and a yield of 0.5%. The ex-dividend date is Friday, March 13th. This is a 2.5% increase from RenaissanceRe’s previous quarterly dividend of $0.40.

RenaissanceRe has increased its dividend payment by an average of 0.0%per year over the last three years and has increased its dividend annually for the last 30 consecutive years. RenaissanceRe has a payout ratio of 4.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect RenaissanceRe to earn $38.87 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 4.1%.

RenaissanceRe Stock Up 3.0%

NYSE RNR opened at $304.37 on Thursday. RenaissanceRe has a 1-year low of $219.00 and a 1-year high of $310.80. The company has a market capitalization of $14.03 billion, a price-to-earnings ratio of 5.37, a PEG ratio of 0.72 and a beta of 0.24. The stock’s 50 day moving average is $278.00 and its two-hundred day moving average is $260.36. The company has a current ratio of 1.43, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.59 by $2.75. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The business had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the prior year, the firm posted $8.06 EPS. RenaissanceRe’s quarterly revenue was up 29.6% compared to the same quarter last year. Equities analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

Insider Activity at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the completion of the sale, the executive vice president owned 73,023 shares in the company, valued at $22,326,782.25. The trade was a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.30% of the company’s stock.

Institutional Trading of RenaissanceRe

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hantz Financial Services Inc. lifted its position in RenaissanceRe by 707.1% during the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock valued at $27,000 after purchasing an additional 99 shares during the period. IFP Advisors Inc raised its stake in shares of RenaissanceRe by 160.0% during the second quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock worth $28,000 after buying an additional 72 shares during the last quarter. Financial Consulate Inc. acquired a new position in RenaissanceRe in the third quarter valued at approximately $29,000. Huntington National Bank lifted its holdings in RenaissanceRe by 80.9% in the second quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock valued at $30,000 after buying an additional 55 shares during the period. Finally, Farther Finance Advisors LLC boosted its stake in RenaissanceRe by 151.9% in the third quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock valued at $33,000 after acquiring an additional 79 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.