Stock Track | RenaissanceRe Shares Surge After Upbeat Q3 Earnings, Buyback Boost

Stock Track11-07

Shares of RenaissanceRe Holdings Ltd. (RNR) soared 7.56% on Wednesday after the reinsurance company reported better-than-expected Q3 results and increased its share repurchase program, pointing to a positive outlook.

For the third quarter, RenaissanceRe posted operating income of $10.23 per diluted share, up from $8.41 a year earlier and comfortably beating analysts' estimates of $8.18. Revenue rose to $3.97 billion from $1.84 billion in the year-ago period.

Boosting investor sentiment further, RenaissanceRe's board approved a 50% increase to its share buyback authorization to $750 million. The company also maintained its quarterly dividend at $0.39 per share.

Analysts remained somewhat cautious on RNR following the results, with TD Cowen, Morgan Stanley, Barclays, and JMP Securities all reiterating Hold ratings. However, price targets were largely increased, reflecting the company's solid Q3 performance and improved capital return prospects.

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