RenaissanceRe (NYSE:RNR) Given New $426.00 Price Target at Bank of America

RenaissanceRe (NYSE:RNR) had its price target lowered by Bank of America from $437.00 to $426.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the insurance provider’s stock.

Several other equities analysts also recently commented on RNR. Morgan Stanley cut their target price on RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating for the company in a research report on Friday, January 31st. JPMorgan Chase & Co. increased their target price on shares of RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a research report on Friday, January 3rd. Barclays lowered shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $284.00 to $234.00 in a research report on Monday, January 6th. Wells Fargo & Company cut their target price on shares of RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of RenaissanceRe in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $283.40.

RenaissanceRe Trading Up 2.1 %

NYSE:RNR opened at $244.03 on Wednesday. The stock’s 50-day moving average is $240.27 and its two-hundred day moving average is $256.70. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.42. The stock has a market cap of $12.02 billion, a PE ratio of 6.97, a price-to-earnings-growth ratio of 2.09 and a beta of 0.38. RenaissanceRe has a fifty-two week low of $208.98 and a fifty-two week high of $300.00.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, beating analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. As a group, equities research analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.60 dividend on an annualized basis and a yield of 0.66%. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. RenaissanceRe’s dividend payout ratio (DPR) is presently 4.57%.

Insider Buying and Selling at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the transaction, the executive vice president now directly owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. The trade was a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors and hedge funds have recently modified their holdings of RNR. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of RenaissanceRe by 51.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock worth $30,000 after buying an additional 41 shares during the period. UMB Bank n.a. lifted its position in RenaissanceRe by 40.0% during the fourth quarter. UMB Bank n.a. now owns 175 shares of the insurance provider’s stock worth $44,000 after acquiring an additional 50 shares during the last quarter. Lifestyle Asset Management Inc. boosted its holdings in shares of RenaissanceRe by 1.1% during the fourth quarter. Lifestyle Asset Management Inc. now owns 4,645 shares of the insurance provider’s stock worth $1,156,000 after acquiring an additional 52 shares during the period. AMG National Trust Bank grew its position in shares of RenaissanceRe by 1.3% in the fourth quarter. AMG National Trust Bank now owns 4,688 shares of the insurance provider’s stock valued at $1,166,000 after purchasing an additional 59 shares during the last quarter. Finally, Principal Securities Inc. increased its stake in shares of RenaissanceRe by 11.9% during the fourth quarter. Principal Securities Inc. now owns 565 shares of the insurance provider’s stock worth $141,000 after purchasing an additional 60 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

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.