RenaissanceRe Holdings Ltd. (NYSE:RNR) Given Consensus Rating of “Hold” by Analysts

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have received an average rating of “Hold” from the ten brokerages that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation and four have given a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $272.60.

Several analysts have recently issued reports on RNR shares. Wells Fargo & Company reduced their price objective on RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating on the stock in a research report on Friday, July 26th. Bank of America upped their price objective on RenaissanceRe from $334.00 to $347.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Morgan Stanley reduced 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. Citigroup upped their price objective on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Friday, September 6th.

Insider Transactions at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the transaction, the executive vice president now directly owns 85,544 shares in the company, valued at approximately $19,675,120. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the transaction, the executive vice president now directly owns 85,544 shares in the company, valued at approximately $19,675,120. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $224.56, for a total value of $561,400.00. Following the completion of the transaction, the chief financial officer now owns 73,915 shares in the company, valued at $16,598,352.40. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

A number of large investors have recently modified their holdings of the company. Victory Capital Management Inc. grew its stake in shares of RenaissanceRe by 20.4% in the fourth quarter. Victory Capital Management Inc. now owns 23,306 shares of the insurance provider’s stock valued at $4,568,000 after buying an additional 3,944 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of RenaissanceRe by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 342,500 shares of the insurance provider’s stock valued at $67,130,000 after buying an additional 18,186 shares in the last quarter. Principal Securities Inc. acquired a new stake in shares of RenaissanceRe in the fourth quarter valued at about $89,000. Versor Investments LP acquired a new stake in shares of RenaissanceRe in the fourth quarter valued at about $314,000. Finally, BNP Paribas Financial Markets grew its stake in shares of RenaissanceRe by 24.6% in the fourth quarter. BNP Paribas Financial Markets now owns 8,627 shares of the insurance provider’s stock valued at $1,691,000 after buying an additional 1,704 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Stock Up 2.9 %

RenaissanceRe stock opened at $266.04 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market capitalization of $13.88 billion, a price-to-earnings ratio of 5.88, a price-to-earnings-growth ratio of 1.39 and a beta of 0.38. RenaissanceRe has a fifty-two week low of $188.24 and a fifty-two week high of $268.61. The stock’s fifty day moving average is $239.34 and its two-hundred day moving average is $230.27.

RenaissanceRe (NYSE:RNR) last posted its earnings results 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 company had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.93 billion. Analysts predict that RenaissanceRe will post 39.01 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $0.39 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.59%. RenaissanceRe’s dividend payout ratio (DPR) is 3.45%.

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.