RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives $279.90 Average PT from Brokerages

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have been given an average rating of “Hold” by the eleven brokerages that are covering the company, MarketBeat Ratings reports. Two investment analysts have 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 12 month price target among brokerages that have updated their coverage on the stock in the last year is $279.90.

Several equities research analysts have recently weighed in on RNR shares. Jefferies Financial Group reissued a “hold” rating and issued a $282.00 price objective (down from $304.00) on shares of RenaissanceRe in a report on Wednesday, December 18th. JPMorgan Chase & Co. increased their price objective on RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a research report on Friday, January 3rd. Keefe, Bruyette & Woods reduced their target price on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating for the company in a report on Tuesday, February 4th. Barclays downgraded RenaissanceRe from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $284.00 to $234.00 in a research note on Monday, January 6th. Finally, Evercore ISI lifted their price target on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research note on Thursday, November 7th.

RenaissanceRe Stock Down 0.3 %

RNR stock opened at $243.22 on Tuesday. The company’s 50 day moving average price is $243.61 and its 200 day moving average price is $258.03. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42. RenaissanceRe has a fifty-two week low of $208.98 and a fifty-two week high of $300.00. The firm has a market capitalization of $11.98 billion, a price-to-earnings ratio of 6.95, a PEG ratio of 2.09 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (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%. On average, equities research analysts anticipate that RenaissanceRe will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

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

Insider Buying and Selling at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the completion of the sale, the executive vice president now owns 79,392 shares in the company, valued at approximately $20,178,270.72. The trade was a 1.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On RenaissanceRe

Several hedge funds and other institutional investors have recently bought and sold shares of RNR. Aster Capital Management DIFC Ltd acquired a new position in RenaissanceRe during the 4th quarter worth approximately $27,000. SBI Securities Co. Ltd. acquired a new stake in shares of RenaissanceRe during the 4th quarter valued at approximately $29,000. MassMutual Private Wealth & Trust FSB grew its stake in 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 last quarter. Jones Financial Companies Lllp grew its stake in RenaissanceRe by 1,587.5% during the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock worth $34,000 after buying an additional 127 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its stake in RenaissanceRe by 71.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider’s stock worth $39,000 after buying an additional 65 shares during the last quarter. 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.