Evercore ISI Boosts RenaissanceRe (NYSE:RNR) Price Target to $229.00

RenaissanceRe (NYSE:RNR) had its price target boosted by Evercore ISI from $218.00 to $229.00 in a research report released on Wednesday, Benzinga reports. Evercore ISI currently has an underperform rating on the insurance provider’s stock.

Several other brokerages have also recently weighed in on RNR. Wells Fargo & Company dropped their price target on shares of RenaissanceRe from $288.00 to $280.00 and set an overweight rating for the company in a research report on Friday, July 26th. UBS Group reduced their price target on RenaissanceRe from $251.00 to $248.00 and set a neutral rating on the stock in a report on Tuesday, July 9th. Barclays started coverage on RenaissanceRe in a report on Wednesday, September 4th. They issued an equal weight rating and a $287.00 price objective for the company. StockNews.com lowered RenaissanceRe from a buy rating to a hold rating in a research report on Friday, September 6th. Finally, Bank of America upped their target price on RenaissanceRe from $334.00 to $347.00 and gave the company a buy rating in a report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average target price of $289.00.

RenaissanceRe Stock Performance

NYSE RNR opened at $275.56 on Wednesday. The company’s 50 day simple moving average is $255.54 and its two-hundred day simple moving average is $235.13. The stock has a market capitalization of $14.37 billion, a PE ratio of 5.45, a P/E/G ratio of 1.70 and a beta of 0.38. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. RenaissanceRe has a 1 year low of $188.24 and a 1 year high of $283.86.

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

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.56 annualized dividend and a yield of 0.57%. RenaissanceRe’s dividend payout ratio (DPR) is presently 3.08%.

Insiders Place Their Bets

In other news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $279.00, for a total transaction of $279,000.00. Following the completion of the transaction, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at $22,890,276. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’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 completion of the sale, the executive vice president now directly owns 82,044 shares in the company, valued at $22,890,276. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Robert Qutub sold 2,500 shares of the stock in a transaction that occurred on Friday, July 26th. The stock was 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 in the company, valued at $16,598,352.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,500 shares of company stock valued at $1,339,400. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On RenaissanceRe

Hedge funds and other institutional investors have recently modified their holdings of the stock. Riverview Trust Co purchased a new stake in RenaissanceRe in the first quarter worth about $26,000. Blue Trust Inc. purchased a new stake in RenaissanceRe in the 2nd quarter worth approximately $27,000. ORG Wealth Partners LLC bought a new stake in RenaissanceRe during the 3rd quarter worth approximately $30,000. Rise Advisors LLC bought a new position in shares of RenaissanceRe in the first quarter worth approximately $31,000. Finally, V Square Quantitative Management LLC purchased a new stake in shares of RenaissanceRe in the second quarter worth $31,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

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.