RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives $267.90 Average Price Target from Brokerages

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have received an average recommendation of “Hold” from the ten analysts that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $272.60.

RNR has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their price objective on RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. Bank of America boosted their price target on shares of RenaissanceRe from $334.00 to $347.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Citigroup increased their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research report on Tuesday. Barclays began coverage on RenaissanceRe in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 target price on the stock. Finally, Wells Fargo & Company lowered their price target on RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a research report on Friday, July 26th.

Insider Activity at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 85,544 shares in the company, valued at $19,675,120. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction on Wednesday, July 17th. The shares were 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 in the company, valued at approximately $19,675,120. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RenaissanceRe

Several hedge funds have recently modified their holdings of the stock. EntryPoint Capital LLC acquired a new stake in shares of RenaissanceRe during the first quarter valued at $46,000. Fiera Capital Corp increased its stake in shares of RenaissanceRe by 637.3% in the fourth quarter. Fiera Capital Corp now owns 199,166 shares of the insurance provider’s stock worth $39,037,000 after buying an additional 172,154 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of RenaissanceRe by 2.0% in the 4th quarter. Principal Financial Group Inc. now owns 193,146 shares of the insurance provider’s stock valued at $37,857,000 after purchasing an additional 3,797 shares in the last quarter. Royal London Asset Management Ltd. raised its position in shares of RenaissanceRe by 38.3% during the 4th quarter. Royal London Asset Management Ltd. now owns 24,811 shares of the insurance provider’s stock valued at $4,863,000 after acquiring an additional 6,874 shares in the last quarter. Finally, American International Group Inc. lifted its position 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 buying an additional 1,321,325 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Stock Performance

Shares of RenaissanceRe stock opened at $254.13 on Tuesday. 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 business’s 50 day moving average price is $237.44 and its 200 day moving average price is $229.72. The company has a market cap of $13.26 billion, a price-to-earnings ratio of 5.61, a PEG ratio of 1.41 and a beta of 0.38. RenaissanceRe has a one year low of $188.24 and a one year high of $261.62.

RenaissanceRe (NYSE:RNR) last posted 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 company had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.93 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. On average, research analysts predict that RenaissanceRe will post 39.01 EPS for the current year.

RenaissanceRe Announces Dividend

The company 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 $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date is Friday, September 13th. RenaissanceRe’s dividend payout ratio is presently 3.45%.

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.