RenaissanceRe Holdings Ltd. (RNR) To Go Ex-Dividend on March 14th

RenaissanceRe Holdings Ltd. (NYSE:RNR) announced a quarterly dividend on Thursday, February 6th,Wall Street Journal reports. Investors of record on Friday, March 14th will be given a dividend of 0.40 per share by the insurance provider on Monday, March 31st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.39.

RenaissanceRe has increased its dividend by an average of 2.7% annually over the last three years. RenaissanceRe has a payout ratio of 4.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect RenaissanceRe to earn $39.12 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 4.0%.

RenaissanceRe Stock Performance

NYSE RNR opened at $239.49 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.43. RenaissanceRe has a 1-year low of $208.98 and a 1-year high of $300.00. The business has a 50 day simple moving average of $255.06 and a two-hundred day simple moving average of $257.47. The stock has a market capitalization of $12.44 billion, a PE ratio of 6.84, a P/E/G ratio of 1.91 and a beta of 0.43.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share for the quarter, topping the consensus estimate of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. On average, research analysts predict that RenaissanceRe will post 29.92 EPS for the current fiscal year.

Insider Buying and Selling

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the sale, the executive vice president now directly owns 79,392 shares of the company’s stock, valued at $20,178,270.72. The trade was a 1.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Wells Fargo & Company lowered their price target on shares of RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. Barclays lowered RenaissanceRe from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $284.00 to $234.00 in a research note on Monday, January 6th. Morgan Stanley cut their target price on RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Friday, January 31st. JPMorgan Chase & Co. raised their price target on RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a research report on Friday, January 3rd. Finally, StockNews.com cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $279.90.

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.