Analysts Set RenaissanceRe Holdings Ltd. (NYSE:RNR) PT at $290.09

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have earned a consensus recommendation of “Hold” from the twelve research firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and five have given a buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $290.09.

A number of brokerages recently weighed in on RNR. Citigroup boosted their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Keefe, Bruyette & Woods decreased their price target on RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating for the company in a research note on Tuesday, November 12th. Wells Fargo & Company increased their price objective on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. 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 for the company. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $282.00 price target (down from $304.00) on shares of RenaissanceRe in a research note on Wednesday.

RenaissanceRe Price Performance

Shares of NYSE:RNR opened at $249.37 on Thursday. The company has a market capitalization of $12.95 billion, a PE ratio of 3.59, a PEG ratio of 1.31 and a beta of 0.41. The business has a fifty day moving average price of $270.56 and a 200-day moving average price of $251.05. RenaissanceRe has a 1-year low of $190.89 and a 1-year high of $300.00. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.43.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, beating analysts’ consensus estimates of $7.89 by $2.34. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. RenaissanceRe’s revenue was up 52.1% compared to the same quarter last year. During the same period last year, the business earned $8.33 EPS. As a group, equities analysts expect that RenaissanceRe will post 41.94 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.63%. RenaissanceRe’s payout ratio is currently 2.25%.

Insider Buying and Selling

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the sale, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at $22,890,276. This trade represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is currently owned by insiders.

Institutional Trading of RenaissanceRe

Institutional investors have recently made changes to their positions in the business. Blue Trust Inc. purchased a new position in RenaissanceRe during the second quarter valued at $27,000. New York State Teachers Retirement System raised its holdings in shares of RenaissanceRe by 0.7% during the 2nd quarter. New York State Teachers Retirement System now owns 56,444 shares of the insurance provider’s stock worth $12,616,000 after acquiring an additional 371 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. boosted its position in shares of RenaissanceRe by 12.8% during the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 227,773 shares of the insurance provider’s stock valued at $50,910,000 after acquiring an additional 25,760 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of RenaissanceRe by 1,323.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 3,075 shares of the insurance provider’s stock valued at $687,000 after purchasing an additional 2,859 shares in the last quarter. Finally, HB Wealth Management LLC increased its position in RenaissanceRe by 6.6% in the second quarter. HB Wealth Management LLC now owns 4,135 shares of the insurance provider’s stock worth $924,000 after purchasing an additional 255 shares during the last quarter. Hedge funds and other institutional investors 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.