Analysts Set RenaissanceRe Holdings Ltd. (NYSE:RNR) Price Target at $290.09

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have been assigned an average rating of “Hold” from the twelve analysts that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $290.09.

RNR has been the subject of several recent research reports. JPMorgan Chase & Co. raised their price objective on RenaissanceRe from $274.00 to $280.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Citigroup boosted their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Bank of America increased their price objective on shares of RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. StockNews.com lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Finally, Barclays started coverage on RenaissanceRe in a report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price target for the company.

RenaissanceRe Stock Performance

Shares of NYSE:RNR opened at $249.37 on Thursday. The company’s 50 day moving average price is $270.56 and its two-hundred day moving average price is $251.05. RenaissanceRe has a 12-month low of $190.89 and a 12-month high of $300.00. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18. The firm has a market cap of $12.95 billion, a PE ratio of 3.59, a PEG ratio of 1.31 and a beta of 0.41.

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

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.63%. The ex-dividend date is Friday, December 13th. RenaissanceRe’s payout ratio is 2.25%.

Insider Activity

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the sale, the executive vice president now owns 82,044 shares of the company’s stock, valued at $22,890,276. This represents a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of RenaissanceRe

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. V Square Quantitative Management LLC lifted its stake in RenaissanceRe by 29.5% in the third quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 41 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of RenaissanceRe by 19.8% during the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock valued at $63,000 after purchasing an additional 45 shares in the last quarter. First Citizens Bank & Trust Co. grew its stake in RenaissanceRe by 4.6% in the third quarter. First Citizens Bank & Trust Co. now owns 1,073 shares of the insurance provider’s stock worth $292,000 after purchasing an additional 47 shares during the period. CIBC Asset Management Inc raised its holdings in RenaissanceRe by 3.6% in the third quarter. CIBC Asset Management Inc now owns 1,530 shares of the insurance provider’s stock worth $417,000 after purchasing an additional 53 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of RenaissanceRe by 23.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock valued at $76,000 after buying an additional 64 shares in the last quarter. Institutional investors own 99.97% of the company’s stock.

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.