RenaissanceRe (NYSE:RNR) Price Target Raised to $284.00

RenaissanceRe (NYSE:RNR) had its target price raised by JPMorgan Chase & Co. from $280.00 to $284.00 in a report published on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the insurance provider’s stock.

Several other equities analysts have also weighed in on RNR. Citigroup upped their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Wells Fargo & Company increased their price target on RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Bank of America boosted their price objective on RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods cut their target price on RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating on the stock in a report on Tuesday, November 12th. Finally, StockNews.com lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $290.45.

RenaissanceRe Stock Up 1.6 %

Shares of RenaissanceRe stock opened at $252.83 on Friday. The stock’s 50-day moving average is $265.23 and its 200 day moving average is $253.25. RenaissanceRe has a one year low of $197.49 and a one year high of $300.00. The firm has a market cap of $13.13 billion, a price-to-earnings ratio of 3.64, a PEG ratio of 1.31 and a beta of 0.44. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.43.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping the consensus estimate of $7.89 by $2.34. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the firm posted $8.33 EPS. The company’s quarterly revenue was up 52.1% on a year-over-year basis. Equities research analysts anticipate that RenaissanceRe will post 41.94 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid a $0.39 dividend. The ex-dividend date was Friday, December 13th. This represents a $1.56 annualized dividend and a yield of 0.62%. RenaissanceRe’s dividend payout ratio (DPR) is 2.25%.

Hedge Funds Weigh In On RenaissanceRe

A number of hedge funds and other institutional investors have recently modified their holdings of RNR. ORG Wealth Partners LLC bought a new stake in RenaissanceRe during the third quarter worth $30,000. UMB Bank n.a. grew its position in RenaissanceRe by 316.7% during the third quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock valued at $34,000 after buying an additional 95 shares during the period. Advisors Asset Management Inc. purchased a new stake in RenaissanceRe during the third quarter worth about $45,000. V Square Quantitative Management LLC increased its holdings in RenaissanceRe by 29.5% during the third quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock worth $49,000 after buying an additional 41 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in RenaissanceRe by 19.8% in the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock worth $63,000 after acquiring an additional 45 shares during the period. Hedge funds and other institutional investors own 99.97% of the company’s stock.

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.