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RenaissanceRe Declares $0.36 Dividend; Increases Stock Buyback to $500M

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Reinsurance and insurance solutions provider RenaissanceRe Holdings (RNR) has announced a quarterly dividend of $0.36 per share.

The dividend is payable on June 30 to investors of record on June 15.

Furthermore, RenaissanceRe has renewed its authorized share repurchase program. The renewal brings the present total authorization to $500 million.

The $500 million buyback also includes pending amounts from previously authorized repurchase programs. (See RenaissanceRe stock analysis on TipRanks)

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.

On April 29, Wells Fargo analyst Elyse Greenspan reiterated a Buy rating on the stock and a $200 price target (21.3% upside potential).

During RenaissanceRe’s recent Q1 conference call, Greenspan asked for more color on the company’s share repurchases and the trend going forward.

To this RenaissanceRe’s President and CEO Kevin O’Donnell replied that the company does have “dry powder” in terms of excess capital and has been returning some of it. O’Donnell emphasized that the company will remain a good steward of the shareholders’ capital.

Based on 2 Buys and 2 Holds, consensus on the Street is that RenaissanceRe is a Moderate Buy. The average analyst price target of $193.75 implies 17.5% upside potential. Shares have gained about 10.2% over the past year.

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