In the present paper, a three-dimensional shear deformable beam finite element is presented, which is based on the absolute nodal coordinate formulation (ANCF). The orientation of the beam's cross section is parameterized by means of slope vectors. Both a structural mechanics based formulation of the elastic forces based on Reissner's nonlinear rod theory, as well as a continuum mechanics based formulation for a St. Venant Kirchhoff material are presented in this paper. The performance of the proposed finite beam element is investigated by the analysis of several static and linearized dynamic problems. A comparison to results provided in the literature, to analytical solutions, and to the solution found by commercial finite element software shows high accuracy and high order of convergence, and therefore the present element has high potential for geometrically nonlinear problems.