RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives Consensus Recommendation of “Hold” from Analysts

RenaissanceRe Holdings Ltd. (NYSE:RNR) has been given a consensus recommendation of “Hold” by the ten brokerages that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $267.90.

A number of research analysts recently issued reports on RNR shares. Wells Fargo & Company decreased their price objective on shares of RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating on the stock in a research note on Friday, July 26th. Bank of America boosted their price target on RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Barclays initiated coverage on shares of RenaissanceRe in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 target price for the company. UBS Group cut their price objective on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. Finally, StockNews.com lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Friday.

RenaissanceRe Stock Up 0.2 %

NYSE RNR opened at $258.83 on Tuesday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The company has a market cap of $13.50 billion, a price-to-earnings ratio of 5.72, a PEG ratio of 1.41 and a beta of 0.38. The company has a 50 day moving average of $234.89 and a 200-day moving average of $229.16. RenaissanceRe has a 1-year low of $188.24 and a 1-year high of $261.62.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, topping analysts’ consensus estimates of $10.88 by $1.53. The firm had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. On average, equities research analysts expect that RenaissanceRe will post 39.01 earnings per share 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 given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 0.60%. The ex-dividend date is Friday, September 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently 3.45%.

Insiders Place Their Bets

In related news, EVP David E. Marra sold 1,000 shares of the business’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 transaction, the executive vice president now owns 85,544 shares in the company, valued at approximately $19,675,120. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction dated 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 directly owns 73,915 shares in the company, valued at $16,598,352.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David E. Marra sold 1,000 shares of the 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 completion of the sale, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at $19,675,120. 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

Large investors have recently bought and sold shares of the stock. Victory Capital Management Inc. increased its stake in RenaissanceRe by 20.4% in the 4th 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 during the last quarter. Charles Schwab Investment Management Inc. grew its stake in RenaissanceRe by 5.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 342,500 shares of the insurance provider’s stock valued at $67,130,000 after purchasing an additional 18,186 shares during the period. Principal Securities Inc. bought a new position in RenaissanceRe in the 4th quarter valued at $89,000. Versor Investments LP purchased a new stake in shares of RenaissanceRe during the 4th quarter valued at $314,000. Finally, BNP Paribas Financial Markets raised its stake in shares of RenaissanceRe by 24.6% during the 4th quarter. BNP Paribas Financial Markets now owns 8,627 shares of the insurance provider’s stock worth $1,691,000 after purchasing an additional 1,704 shares during the period. 99.97% of the stock is currently owned by 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.