RenaissanceRe Holdings Ltd. (NYSE: RNR) raised its quarterly dividend for the 27th consecutive year to $0.37 per share. The company is a provider of reinsurance, insurance, and other related business services.
The dividend is payable on March 31 to shareholders on record as of March 15.
Increased Stock Buyback of $500M
Moreover, RenaissanceRe has renewed its authorized share repurchase bringing the present total authorization to $500 million.
The $500 million buyback also includes pending amounts from previously authorized repurchase programs.
The current buyback program is expected to continue until the company repurchases the total value of the authorized shares, or until it is terminated by its board of directors.
Analysts Recommendation
Turning to Wall Street, the analyst consensus is also optimistic about the stock with a Moderate Buy rating based on 3 Buys and 2 Holds. The average Boyd Renaissance Holdings stock forecast of $193.50 indicates an upside potential of 25.12%.
TipRanks’ Smart Score
RNR scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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