Analysts Set RenaissanceRe Holdings Ltd. (NYSE:RNR) Target Price at $293.00

RenaissanceRe Holdings Ltd. (NYSE:RNR) has been given a consensus rating of “Hold” by the twelve brokerages that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and six have given a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $293.00.

Several research analysts have weighed in on the stock. Evercore ISI upped their price objective on shares of RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research note on Thursday, November 7th. Jefferies Financial Group upped 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, October 9th. JPMorgan Chase & Co. lifted their price objective on RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. StockNews.com lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Finally, Barclays started coverage on RenaissanceRe in a report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price target for the company.

Insider Buying and Selling

In other news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the transaction, the executive vice president now directly owns 82,044 shares in the company, valued at approximately $22,890,276. The trade was a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.80% of the stock is owned by insiders.

Institutional Trading of RenaissanceRe

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNR. Acadian Asset Management LLC grew its stake in shares of RenaissanceRe by 741.7% in the first quarter. Acadian Asset Management LLC now owns 1,111 shares of the insurance provider’s stock worth $261,000 after acquiring an additional 979 shares during the last quarter. EntryPoint Capital LLC bought a new position in shares of RenaissanceRe during the 1st quarter worth about $46,000. Axxcess Wealth Management LLC acquired a new position in shares of RenaissanceRe during the first quarter valued at about $223,000. Quadrature Capital Ltd bought a new stake in shares of RenaissanceRe in the first quarter valued at about $810,000. Finally, PEAK6 Investments LLC grew its position in RenaissanceRe by 100.9% during the first quarter. PEAK6 Investments LLC now owns 10,826 shares of the insurance provider’s stock worth $2,544,000 after buying an additional 5,436 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Price Performance

RNR opened at $282.38 on Friday. RenaissanceRe has a 12-month low of $188.24 and a 12-month high of $300.00. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $14.67 billion, a P/E ratio of 4.07, a PEG ratio of 1.33 and a beta of 0.39. The stock has a fifty day moving average of $269.13 and a 200-day moving average of $245.35.

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

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date is Friday, December 13th. RenaissanceRe’s payout ratio is 2.25%.

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.