Q3 2024 Earnings Forecast for RenaissanceRe Holdings Ltd. Issued By Zacks Research (NYSE:RNR)

RenaissanceRe Holdings Ltd. (NYSE:RNR) – Zacks Research boosted their Q3 2024 EPS estimates for shares of RenaissanceRe in a report released on Wednesday, August 7th. Zacks Research analyst K. Dey now expects that the insurance provider will post earnings of $4.91 per share for the quarter, up from their prior forecast of $4.06. The consensus estimate for RenaissanceRe’s current full-year earnings is $38.40 per share. Zacks Research also issued estimates for RenaissanceRe’s Q4 2024 earnings at $8.51 EPS, FY2024 earnings at $38.01 EPS, Q3 2025 earnings at $5.01 EPS, Q4 2025 earnings at $8.42 EPS and Q2 2026 earnings at $11.84 EPS.

A number of other analysts have also weighed in on the stock. Evercore ISI upped their price target on shares of RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 1st. StockNews.com raised shares of RenaissanceRe from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Wells Fargo & Company reduced their price target on shares of RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. Bank of America upped their price target on shares of RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Finally, JPMorgan Chase & Co. upped their price target on shares of RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $263.40.

RenaissanceRe Trading Up 1.4 %

RenaissanceRe stock opened at $235.93 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm has a 50-day moving average price of $224.51 and a two-hundred day moving average price of $225.33. The firm has a market capitalization of $12.31 billion, a price-to-earnings ratio of 5.21, a PEG ratio of 1.24 and a beta of 0.38. RenaissanceRe has a 52-week low of $174.22 and a 52-week high of $239.42.

Institutional Investors Weigh In On RenaissanceRe

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of RenaissanceRe by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock valued at $1,090,875,000 after purchasing an additional 148,173 shares during the period. Bank of New York Mellon Corp raised its holdings in RenaissanceRe by 4.7% in the 1st quarter. Bank of New York Mellon Corp now owns 2,752,016 shares of the insurance provider’s stock worth $646,806,000 after acquiring an additional 124,039 shares during the period. Capital World Investors lifted its position in RenaissanceRe by 1.0% during the 4th quarter. Capital World Investors now owns 2,539,332 shares of the insurance provider’s stock worth $497,709,000 after acquiring an additional 25,898 shares during the last quarter. Capital Research Global Investors boosted its holdings in RenaissanceRe by 5.3% during the fourth quarter. Capital Research Global Investors now owns 1,423,281 shares of the insurance provider’s stock valued at $278,963,000 after acquiring an additional 71,377 shares during the period. Finally, American International Group Inc. grew its position in shares of RenaissanceRe by 1,829.6% in the fourth quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock valued at $273,135,000 after purchasing an additional 1,321,325 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

Insider Buying and Selling

In related news, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the transaction, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $224.56, for a total value of $561,400.00. Following the transaction, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP David E. Marra sold 1,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the transaction, the executive vice president now owns 85,544 shares in the company, valued at approximately $19,675,120. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.66%. RenaissanceRe’s payout ratio is currently 3.45%.

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.