RenaissanceRe (NYSE:RNR) Given New $248.00 Price Target at UBS Group

RenaissanceRe (NYSE:RNR) had its target price lowered by UBS Group from $251.00 to $248.00 in a research report released on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the insurance provider’s stock.

Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. upped their target price on shares of RenaissanceRe from $237.00 to $245.00 and gave the stock a neutral rating in a research report on Wednesday, May 1st. Evercore ISI upped their target price on shares of RenaissanceRe from $216.00 to $218.00 and gave the stock an underperform rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, RenaissanceRe currently has an average rating of Hold and an average target price of $261.33.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $220.00 on Tuesday. The firm has a fifty day moving average price of $223.82 and a 200-day moving average price of $221.55. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.41 and a quick ratio of 1.41. The stock has a market cap of $11.63 billion, a PE ratio of 4.86, a price-to-earnings-growth ratio of 1.55 and a beta of 0.38. RenaissanceRe has a 1 year low of $174.22 and a 1 year high of $239.42.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share for the quarter, topping analysts’ consensus estimates of $9.86 by $2.32. RenaissanceRe had a net margin of 24.79% and a return on equity of 27.09%. The firm had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.05 billion. During the same quarter in the prior year, the business earned $8.16 earnings per share. RenaissanceRe’s revenue for the quarter was up 41.3% on a year-over-year basis. Equities analysts anticipate that RenaissanceRe will post 37.32 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date was Friday, June 14th. RenaissanceRe’s dividend payout ratio (DPR) is 3.45%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RNR. American International Group Inc. increased its position in RenaissanceRe by 1,829.6% during the 4th 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. Norges Bank bought a new stake in shares of RenaissanceRe in the 4th quarter valued at about $133,196,000. Cooke & Bieler LP boosted its holdings in shares of RenaissanceRe by 97.9% in the 4th quarter. Cooke & Bieler LP now owns 1,088,978 shares of the insurance provider’s stock valued at $213,440,000 after buying an additional 538,636 shares in the last quarter. Fiera Capital Corp boosted its holdings in shares of RenaissanceRe by 637.3% in the 4th quarter. Fiera Capital Corp now owns 199,166 shares of the insurance provider’s stock valued at $39,037,000 after buying an additional 172,154 shares in the last quarter. Finally, Vanguard Group Inc. boosted 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 in 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.