JPMorgan Chase & Co. Boosts RenaissanceRe (NYSE:RNR) Price Target to $265.00

RenaissanceRe (NYSE:RNR) had its target price upped by JPMorgan Chase & Co. from $245.00 to $265.00 in a research note released on Thursday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the insurance provider’s stock.

RNR has been the subject of a number of other research reports. UBS Group lowered their target price on shares of RenaissanceRe from $251.00 to $248.00 and set a neutral rating for the company in a research note on Tuesday, July 9th. Morgan Stanley lowered their target price on shares of RenaissanceRe from $257.00 to $240.00 and set an equal weight rating for the company in a research note on Wednesday. Finally, Evercore ISI lifted their target price on shares of RenaissanceRe from $216.00 to $218.00 and gave the stock an underperform rating in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $261.33.

RenaissanceRe Price Performance

RNR stock opened at $220.00 on Thursday. The company has a fifty day moving average price of $223.82 and a 200-day moving average price of $221.75. The company has a market capitalization of $11.63 billion, a P/E ratio of 4.86, a PEG ratio of 1.57 and a beta of 0.38. RenaissanceRe has a 52-week low of $174.22 and a 52-week high of $239.42. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.41 and a current ratio of 1.41.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $3.05 billion. During the same quarter last year, the firm earned $8.16 earnings per share. The company’s revenue for the quarter was up 41.3% on a year-over-year basis. As a group, equities analysts expect that RenaissanceRe will post 36.88 EPS for the current year.

RenaissanceRe Dividend Announcement

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Carolina Wealth Advisors LLC grew its holdings in shares of RenaissanceRe by 11.8% during the second quarter. Carolina Wealth Advisors LLC now owns 2,978 shares of the insurance provider’s stock valued at $666,000 after buying an additional 314 shares during the last quarter. CHICAGO TRUST Co NA grew its holdings in shares of RenaissanceRe by 20.9% during the second quarter. CHICAGO TRUST Co NA now owns 6,304 shares of the insurance provider’s stock valued at $1,409,000 after buying an additional 1,090 shares during the last quarter. CWM LLC grew its holdings in shares of RenaissanceRe by 28.4% during the second quarter. CWM LLC now owns 783 shares of the insurance provider’s stock valued at $175,000 after buying an additional 173 shares during the last quarter. Hilltop National Bank grew its holdings in shares of RenaissanceRe by 14.9% during the second quarter. Hilltop National Bank now owns 400 shares of the insurance provider’s stock valued at $89,000 after buying an additional 52 shares during the last quarter. Finally, Park Avenue Securities LLC grew its holdings in shares of RenaissanceRe by 3.2% during the second quarter. Park Avenue Securities LLC now owns 3,626 shares of the insurance provider’s stock valued at $810,000 after buying an additional 112 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

About RenaissanceRe

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.