RenaissanceRe (NYSE:RNR) Price Target Increased to $229.00 by Analysts at Evercore ISI

RenaissanceRe (NYSE:RNR) had its price objective increased by Evercore ISI from $218.00 to $229.00 in a research note released on Wednesday morning, Benzinga reports. They currently have an underperform rating on the insurance provider’s stock.

A number of other brokerages have also recently weighed in on RNR. StockNews.com cut shares of RenaissanceRe from a buy rating to a hold rating in a research note on Friday, September 6th. Barclays began coverage on RenaissanceRe in a research report on Wednesday, September 4th. They set an equal weight rating and a $287.00 price target for the company. JPMorgan Chase & Co. upped their price objective on RenaissanceRe from $265.00 to $267.00 and gave the company a neutral rating in a research report on Thursday, July 25th. Wells Fargo & Company dropped their price objective on RenaissanceRe from $288.00 to $280.00 and set an overweight rating for the company in a research report on Friday, July 26th. Finally, Morgan Stanley reduced their target price on shares of RenaissanceRe from $257.00 to $240.00 and set an equal weight rating on the stock in a report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $289.00.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $275.55 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market cap of $14.37 billion, a PE ratio of 5.45, a P/E/G ratio of 1.70 and a beta of 0.38. RenaissanceRe has a 1 year low of $188.24 and a 1 year high of $283.86. The stock has a fifty day moving average price of $255.54 and a 200 day moving average price of $235.14.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.88 by $1.53. The business 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%. Sell-side analysts forecast that RenaissanceRe will post 39.55 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date was Friday, September 13th. RenaissanceRe’s dividend payout ratio is currently 3.08%.

Insider Activity

In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the transaction, the executive vice president now owns 85,544 shares in the company, valued at approximately $19,675,120. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the transaction, the chief financial officer now owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the sale, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at approximately $19,675,120. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,500 shares of company stock valued at $1,339,400 in the last ninety days. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. American International Group Inc. raised its holdings in shares of RenaissanceRe by 1,829.6% during the 4th quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock valued at $273,135,000 after buying an additional 1,321,325 shares during the period. Vanguard Group Inc. raised its stake in shares of RenaissanceRe by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock valued at $1,090,875,000 after purchasing an additional 148,173 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of RenaissanceRe by 21.3% in the second quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock valued at $139,579,000 after purchasing an additional 109,851 shares during the period. Impax Asset Management Group plc grew its holdings in RenaissanceRe by 7.7% during the 2nd quarter. Impax Asset Management Group plc now owns 1,282,270 shares of the insurance provider’s stock valued at $286,028,000 after purchasing an additional 91,425 shares in the last quarter. Finally, Cooke & Bieler LP increased its stake in RenaissanceRe by 9.2% during the 2nd quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock worth $229,679,000 after buying an additional 86,562 shares during the period. Institutional investors and hedge funds own 99.97% of the company’s stock.

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.