RenaissanceRe (NYSE:RNR) Price Target Raised to $314.00

RenaissanceRe (NYSE:RNR) had its price objective upped by Wells Fargo & Company from $280.00 to $314.00 in a research note published on Thursday morning, Benzinga reports. They currently have an overweight rating on the insurance provider’s stock.

RNR has been the subject of several other research reports. Bank of America upped their target price on RenaissanceRe from $334.00 to $347.00 and gave the stock a buy rating in a research report on Thursday, July 11th. Citigroup increased their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a buy rating in a research report on Tuesday, September 10th. UBS Group dropped their price objective on shares of RenaissanceRe from $251.00 to $248.00 and set a neutral rating on the stock in a research note on Tuesday, July 9th. JPMorgan Chase & Co. upped their target price on shares of RenaissanceRe from $265.00 to $267.00 and gave the company a neutral rating in a research note on Thursday, July 25th. Finally, Jefferies Financial Group lifted their price target on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a buy rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $289.00.

RenaissanceRe Stock Down 1.2 %

RNR opened at $275.55 on Thursday. RenaissanceRe has a 1 year low of $188.24 and a 1 year high of $283.86. The firm has a 50 day moving average price of $255.54 and a 200 day moving average price of $235.14. 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 company has a market cap of $14.37 billion, a PE ratio of 5.45, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data 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. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The company had revenue of $2.95 billion during the quarter, compared to analyst estimates of $2.93 billion. Sell-side analysts expect that RenaissanceRe will post 39.55 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.57%. RenaissanceRe’s payout ratio is 3.08%.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe 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 completion of the transaction, the chief financial officer now owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction dated 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 directly owns 73,915 shares in the company, valued at approximately $16,598,352.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $269.00, for a total transaction of $269,000.00. Following the sale, the executive vice president now directly owns 83,044 shares of the company’s stock, valued at approximately $22,338,836. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,500 shares of company stock valued at $1,339,400. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC acquired a new stake in RenaissanceRe in the first quarter worth $46,000. Royal London Asset Management Ltd. grew its position in shares of RenaissanceRe by 38.3% during the fourth quarter. Royal London Asset Management Ltd. now owns 24,811 shares of the insurance provider’s stock worth $4,863,000 after acquiring an additional 6,874 shares during the last quarter. American International Group Inc. increased its holdings in shares of RenaissanceRe by 1,829.6% in the 4th quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock worth $273,135,000 after acquiring an additional 1,321,325 shares during the period. Wedge Capital Management L L P NC bought a new stake in RenaissanceRe in the 2nd quarter valued at about $2,887,000. Finally, Russell Investments Group Ltd. boosted its stake in RenaissanceRe by 16.9% during the 1st quarter. Russell Investments Group Ltd. now owns 27,448 shares of the insurance provider’s stock valued at $6,451,000 after purchasing an additional 3,962 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.