RenaissanceRe (NYSE:RNR) Given New $298.00 Price Target at Citigroup

RenaissanceRe (NYSE:RNR) had its target price raised by Citigroup from $262.00 to $298.00 in a research report released on Tuesday, Benzinga reports. The firm currently has a buy rating on the insurance provider’s stock.

A number of other brokerages have also commented on RNR. Bank of America upped their target price on RenaissanceRe from $334.00 to $347.00 and gave the company a buy rating in a research note on Thursday, July 11th. Wells Fargo & Company decreased their target price on shares of RenaissanceRe from $288.00 to $280.00 and set an overweight rating on the stock in a research report on Friday, July 26th. UBS Group decreased their price objective on RenaissanceRe from $251.00 to $248.00 and set a neutral rating on the stock in a report on Tuesday, July 9th. Barclays assumed coverage on RenaissanceRe in a report on Wednesday, September 4th. They issued an equal weight rating and a $287.00 target price for the company. Finally, Morgan Stanley decreased their price target on RenaissanceRe from $257.00 to $240.00 and set an equal weight rating on the stock in a research note on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $272.60.

RenaissanceRe Trading Down 1.1 %

Shares of RNR stock opened at $256.00 on Tuesday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The business’s 50 day moving average is $235.75 and its two-hundred day moving average is $229.37. The company has a market cap of $13.35 billion, a PE ratio of 5.66, a price-to-earnings-growth ratio of 1.41 and a beta of 0.38. RenaissanceRe has a 12 month low of $188.24 and a 12 month high of $261.62.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, beating the consensus estimate of $10.88 by $1.53. The firm had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. Equities analysts predict that RenaissanceRe will post 39.01 EPS for the current year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.56 annualized dividend and a yield of 0.61%. RenaissanceRe’s dividend payout ratio (DPR) is presently 3.45%.

Insider Buying and Selling

In other news, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the transaction, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the transaction, the executive vice president now directly owns 85,544 shares in the company, valued at approximately $19,675,120. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the sale, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On RenaissanceRe

Several institutional investors and hedge funds have recently added to or reduced their stakes in RNR. Sanctuary Advisors LLC bought a new position in shares of RenaissanceRe in the 2nd quarter valued at $229,000. Delphi Management Inc. MA boosted its stake in RenaissanceRe by 2.2% in the second quarter. Delphi Management Inc. MA now owns 7,512 shares of the insurance provider’s stock valued at $1,679,000 after buying an additional 161 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in RenaissanceRe by 23.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock valued at $76,000 after acquiring an additional 64 shares during the last quarter. Algert Global LLC acquired a new position in RenaissanceRe during the second quarter worth about $1,186,000. Finally, Susquehanna Fundamental Investments LLC lifted its holdings in shares of RenaissanceRe by 322.0% in the second quarter. Susquehanna Fundamental Investments LLC now owns 12,648 shares of the insurance provider’s stock worth $2,827,000 after acquiring an additional 9,651 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Company Profile

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.