RenaissanceRe (NYSE:RNR) Given New $391.00 Price Target at Bank of America

RenaissanceRe (NYSE:RNR) had its target price raised by Bank of America from $364.00 to $391.00 in a research note released on Thursday, Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

A number of other research firms also recently issued reports on RNR. 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 note on Tuesday, September 10th. Jefferies Financial Group lifted their price target on RenaissanceRe from $270.00 to $314.00 and gave the company a buy rating in a report on Wednesday. Barclays began coverage on RenaissanceRe in a research report on Wednesday, September 4th. They issued an equal weight rating and a $287.00 price target for the company. Morgan Stanley dropped their price objective on RenaissanceRe from $257.00 to $240.00 and set an equal weight rating on the stock in a research report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. boosted their target price on shares of RenaissanceRe from $265.00 to $267.00 and gave the stock a neutral rating in a report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, RenaissanceRe has an average rating of Hold and an average price target of $289.00.

RenaissanceRe Trading Down 1.2 %

Shares of NYSE RNR opened at $275.55 on Thursday. RenaissanceRe has a twelve month low of $188.24 and a twelve month high of $283.86. The firm 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. The business has a fifty day simple moving average of $255.54 and a two-hundred day simple moving average of $235.14. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data 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. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The firm had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.93 billion. Analysts expect 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. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.56 dividend on an annualized basis and a yield of 0.57%. RenaissanceRe’s payout ratio is 3.08%.

Insider Transactions at RenaissanceRe

In related news, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction on Friday, July 26th. The stock was 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 of the company’s stock, valued at $16,598,352.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP David E. Marra sold 1,000 shares of the company’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 value of $230,000.00. Following the sale, the executive vice president now owns 85,544 shares in the company, valued at $19,675,120. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Robert Qutub sold 2,500 shares of the 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 completion of the transaction, the chief financial officer now 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,500 shares of company stock worth $1,339,400. Company insiders own 1.30% of the company’s stock.

Institutional Trading of RenaissanceRe

Large investors have recently made changes to their positions in the business. American International Group Inc. lifted its position in RenaissanceRe by 1,829.6% during the fourth quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock valued at $273,135,000 after purchasing an additional 1,321,325 shares during the period. Vanguard Group Inc. lifted its holdings in shares of RenaissanceRe by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock valued at $1,090,875,000 after buying 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 worth $139,579,000 after buying an additional 109,851 shares during the last quarter. Impax Asset Management Group plc grew its holdings in RenaissanceRe by 7.7% during the second quarter. Impax Asset Management Group plc now owns 1,282,270 shares of the insurance provider’s stock worth $286,028,000 after acquiring an additional 91,425 shares during the period. Finally, Cooke & Bieler LP raised its position in RenaissanceRe by 9.2% during the second quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock valued at $229,679,000 after acquiring an additional 86,562 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other 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.