RenaissanceRe (NYSE:RNR) Price Target Raised to $391.00 at Bank of America

RenaissanceRe (NYSE:RNR) had its target price lifted by Bank of America from $364.00 to $391.00 in a research note published on Thursday morning, Benzinga reports. Bank of America currently has a buy rating on the insurance provider’s stock.

Other research analysts also recently issued reports about the stock. Morgan Stanley lowered their price objective on shares of RenaissanceRe from $257.00 to $240.00 and set an equal weight rating for the company in a research report on Wednesday, July 10th. Wells Fargo & Company boosted their price objective on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an overweight rating in a research report on Thursday. Barclays began coverage on shares of RenaissanceRe in a report on Wednesday, September 4th. They set an equal weight rating and a $287.00 price target for the company. Evercore ISI upped their price target on shares of RenaissanceRe from $218.00 to $229.00 and gave the stock an underperform rating in a report on Wednesday. Finally, Citigroup upped their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a buy rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $289.00.

RenaissanceRe Stock Performance

RNR stock traded down $2.25 during mid-day trading on Thursday, hitting $276.55. 67,032 shares of the company were exchanged, compared to its average volume of 339,399. The business has a 50 day simple moving average of $254.72 and a 200-day simple moving average of $234.83. 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 stock has a market capitalization of $14.42 billion, a PE ratio of 5.51, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. RenaissanceRe has a 1-year low of $188.24 and a 1-year high of $283.86.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.88 by $1.53. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The firm had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.93 billion. On average, equities analysts forecast that RenaissanceRe will post 39.55 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $0.39 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.56 annualized dividend and a yield of 0.56%. RenaissanceRe’s dividend payout ratio (DPR) is 3.08%.

Insider Buying and Selling at RenaissanceRe

In other news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $16,598,352.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP David E. Marra sold 1,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at $19,675,120. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The stock was 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 of the company’s stock, valued at approximately $16,598,352.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,500 shares of company stock worth $1,339,400. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. American International Group Inc. raised its position in shares of RenaissanceRe by 1,829.6% during the 4th quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock valued at $273,135,000 after buying an additional 1,321,325 shares in the last quarter. Vanguard Group Inc. raised its position in RenaissanceRe by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock worth $1,090,875,000 after purchasing an additional 148,173 shares during the period. Dimensional Fund Advisors LP raised its position in RenaissanceRe by 21.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock worth $139,579,000 after purchasing an additional 109,851 shares during the period. Impax Asset Management Group plc raised its position in RenaissanceRe by 7.7% in the 2nd quarter. Impax Asset Management Group plc now owns 1,282,270 shares of the insurance provider’s stock worth $286,028,000 after purchasing an additional 91,425 shares during the period. Finally, Cooke & Bieler LP raised its position in RenaissanceRe by 9.2% in the 2nd quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock worth $229,679,000 after purchasing an additional 86,562 shares during the period. 99.97% of the stock is owned by institutional investors.

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.