RenaissanceRe (NYSE:RNR) Price Target Raised to $274.00

RenaissanceRe (NYSE:RNR) had its price target lifted by JPMorgan Chase & Co. from $267.00 to $274.00 in a research report report published on Thursday, Benzinga reports. The firm currently has a neutral rating on the insurance provider’s stock.

A number of other analysts have also commented on RNR. Barclays assumed coverage on RenaissanceRe in a research report on Wednesday, September 4th. They issued an equal weight rating and a $287.00 target price for the company. Wells Fargo & Company upped their target price on RenaissanceRe from $280.00 to $314.00 and gave the stock an overweight rating in a research report on Thursday. Morgan Stanley reduced their price target 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. UBS Group dropped their price objective on shares of RenaissanceRe from $251.00 to $248.00 and set a neutral rating on the stock in a research note on Tuesday, July 9th. Finally, Citigroup boosted their target price 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. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Hold and a consensus price target of $289.00.

RenaissanceRe Price Performance

Shares of RNR opened at $275.55 on Thursday. The firm has a market cap of $14.37 billion, a PE ratio of 5.45, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38. RenaissanceRe has a 52-week low of $188.24 and a 52-week high of $283.86. The business’s 50 day moving average price is $255.54 and its two-hundred day moving average price is $235.14. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

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

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.57%. The ex-dividend date of this dividend was Friday, September 13th. RenaissanceRe’s dividend payout ratio is presently 3.08%.

Insider Buying and Selling

In other news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the sale, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at $19,675,120. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Robert Qutub sold 2,500 shares of the company’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 value of $561,400.00. Following the transaction, the chief financial officer now owns 73,915 shares in the company, valued at approximately $16,598,352.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,500 shares of company stock worth $1,339,400. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RNR. EntryPoint Capital LLC purchased a new stake in RenaissanceRe during the first quarter valued at about $46,000. Royal London Asset Management Ltd. lifted its stake in shares of RenaissanceRe by 38.3% during the 4th quarter. Royal London Asset Management Ltd. now owns 24,811 shares of the insurance provider’s stock valued at $4,863,000 after buying an additional 6,874 shares in the last quarter. American International Group Inc. boosted its holdings in RenaissanceRe by 1,829.6% in the 4th quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock worth $273,135,000 after buying an additional 1,321,325 shares during the period. Wedge Capital Management L L P NC purchased a new position in RenaissanceRe in the 2nd quarter valued at approximately $2,887,000. Finally, Russell Investments Group Ltd. grew its stake in RenaissanceRe by 16.9% in the 1st quarter. Russell Investments Group Ltd. now owns 27,448 shares of the insurance provider’s stock valued at $6,451,000 after buying an additional 3,962 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.