Analysts Set RenaissanceRe Holdings Ltd. (NYSE:RNR) PT at $272.60

RenaissanceRe Holdings Ltd. (NYSE:RNR) has earned an average rating of “Hold” from the eleven ratings firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and five have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $289.00.

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of RenaissanceRe from $267.00 to $274.00 and gave the stock a “neutral” rating in a report on Thursday. Morgan Stanley decreased their target price 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. Jefferies Financial Group increased their target price on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a report on Wednesday. Wells Fargo & Company lifted their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Citigroup increased their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th.

Insider Activity

In related news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the sale, the executive vice president now directly owns 85,544 shares in the company, valued at $19,675,120. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction on Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the completion of the transaction, the chief financial officer now owns 73,915 shares of the company’s stock, valued at $16,598,352.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total transaction of $230,000.00. Following the sale, the executive vice president now directly owns 85,544 shares in the company, valued at $19,675,120. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,500 shares of company stock valued at $1,339,400. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Riverview Trust Co bought a new position in RenaissanceRe during the first quarter worth $26,000. Blue Trust Inc. acquired a new stake in shares of RenaissanceRe in the 2nd quarter valued at about $27,000. ORG Wealth Partners LLC bought a new stake in RenaissanceRe in the 3rd quarter valued at about $30,000. Rise Advisors LLC acquired a new position in RenaissanceRe during the 1st quarter worth approximately $31,000. Finally, V Square Quantitative Management LLC bought a new position in RenaissanceRe in the second quarter worth approximately $31,000. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock opened at $275.56 on Friday. The stock has a market capitalization of $14.37 billion, a price-to-earnings ratio of 5.45, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. RenaissanceRe has a twelve month low of $188.24 and a twelve month high of $283.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The company has a 50-day simple moving average of $255.54 and a two-hundred day simple moving average of $235.13.

RenaissanceRe (NYSE:RNR) last released its earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, beating analysts’ consensus estimates of $10.88 by $1.53. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The firm had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.93 billion. Analysts forecast that RenaissanceRe will post 39.55 EPS for the current year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend was Friday, September 13th. RenaissanceRe’s payout ratio is presently 3.08%.

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.