RenaissanceRe (NYSE:RNR) Lowered to Underweight Rating by Barclays

Barclays downgraded shares of RenaissanceRe (NYSE:RNR) from an equal weight rating to an underweight rating in a research report report published on Monday morning, MarketBeat Ratings reports. Barclays currently has $234.00 target price on the insurance provider’s stock, down from their previous target price of $284.00.

Several other research analysts also recently issued reports on the stock. Wells Fargo & Company upped their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods dropped their target price on RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating for the company in a research report on Tuesday, November 12th. Evercore ISI boosted their price target on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a report on Thursday, November 7th. Jefferies Financial Group reiterated a “hold” rating and issued a $282.00 price objective (down previously from $304.00) on shares of RenaissanceRe in a report on Wednesday, December 18th. Finally, Bank of America lifted their target price on shares of RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, RenaissanceRe has an average rating of “Hold” and a consensus price target of $285.64.

RenaissanceRe Price Performance

Shares of RNR stock opened at $248.78 on Monday. The business has a fifty day simple moving average of $264.82 and a 200 day simple moving average of $253.41. The company has a market cap of $12.92 billion, a P/E ratio of 3.58, a P/E/G ratio of 1.31 and a beta of 0.44. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18. RenaissanceRe has a twelve month low of $197.49 and a twelve month high of $300.00.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The business’s revenue for the quarter was up 52.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $8.33 earnings per share. On average, sell-side analysts forecast that RenaissanceRe will post 41.94 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 0.63%. The ex-dividend date of this dividend was Friday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.25%.

Hedge Funds Weigh In On RenaissanceRe

Hedge funds and other institutional investors have recently bought and sold shares of the company. Impax Asset Management Group plc raised its position in shares of RenaissanceRe by 32.4% in the 3rd quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock worth $461,679,000 after acquiring an additional 415,366 shares in the last quarter. Geode Capital Management LLC increased its holdings in RenaissanceRe by 2.9% in the third quarter. Geode Capital Management LLC now owns 920,814 shares of the insurance provider’s stock worth $250,892,000 after purchasing an additional 25,773 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in 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 buying an additional 109,851 shares during the period. Envestnet Asset Management Inc. lifted its stake in RenaissanceRe by 1.4% in the second quarter. Envestnet Asset Management Inc. now owns 120,129 shares of the insurance provider’s stock valued at $26,850,000 after buying an additional 1,606 shares during the period. Finally, Sei Investments Co. boosted its holdings in shares of RenaissanceRe by 42.4% during the 2nd quarter. Sei Investments Co. now owns 111,369 shares of the insurance provider’s stock worth $24,892,000 after buying an additional 33,154 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

About RenaissanceRe

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.