Keefe, Bruyette & Woods Cuts RenaissanceRe (NYSE:RNR) Price Target to $294.00

RenaissanceRe (NYSE:RNR) had its target price trimmed by Keefe, Bruyette & Woods from $318.00 to $294.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has an outperform rating on the insurance provider’s stock.

Several other research analysts also recently issued reports on RNR. JMP Securities reaffirmed a “market perform” rating on shares of RenaissanceRe in a report on Thursday, January 30th. Barclays downgraded RenaissanceRe from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $284.00 to $234.00 in a research note on Monday, January 6th. StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Jefferies Financial Group reissued a “hold” rating and issued a $282.00 price target (down previously from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. Finally, Bank of America increased their price target on RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, RenaissanceRe has a consensus rating of “Hold” and a consensus target price of $279.90.

RenaissanceRe Stock Up 2.8 %

NYSE:RNR opened at $240.59 on Tuesday. The stock’s fifty day moving average price is $255.99 and its two-hundred day moving average price is $257.38. RenaissanceRe has a 52-week low of $208.98 and a 52-week high of $300.00. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.42. The company has a market cap of $12.50 billion, a price-to-earnings ratio of 6.87, a P/E/G ratio of 1.65 and a beta of 0.43.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. On average, analysts anticipate that RenaissanceRe will post 33.43 EPS for the current year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.67%. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. RenaissanceRe’s dividend payout ratio is currently 4.45%.

Insiders Place Their Bets

In other news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the transaction, the executive vice president now owns 79,392 shares in the company, valued at $20,178,270.72. This trade represents a 1.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. ORG Wealth Partners LLC acquired a new position in shares of RenaissanceRe during the 3rd quarter worth approximately $30,000. SBI Securities Co. Ltd. bought a new stake in RenaissanceRe in the 4th quarter valued at $29,000. MassMutual Private Wealth & Trust FSB boosted its stake in RenaissanceRe by 51.3% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 41 shares during the period. UMB Bank n.a. lifted its position in shares of RenaissanceRe by 316.7% during the 3rd quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 95 shares during the period. Finally, Jones Financial Companies Lllp lifted its position in shares of RenaissanceRe by 1,587.5% during the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 127 shares during the period. 99.97% of the stock is owned by institutional investors and hedge funds.

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.