RenaissanceRe (NYSE:RNR) Price Target Raised to $246.00

RenaissanceRe (NYSE:RNR) had its target price hoisted by Evercore ISI from $229.00 to $246.00 in a research note released on Thursday,Benzinga reports. The firm currently has an underperform rating on the insurance provider’s stock.

Other equities research analysts have also issued research reports about the company. Citigroup raised their price objective on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. raised their price target on shares of RenaissanceRe from $267.00 to $274.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Bank of America upped their price target on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Barclays started coverage on shares of RenaissanceRe in a report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective for the company. Finally, Morgan Stanley cut their target price on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, RenaissanceRe has a consensus rating of “Hold” and a consensus price target of $291.30.

RenaissanceRe Trading Up 0.9 %

RNR opened at $268.12 on Thursday. The firm’s 50 day moving average is $267.63 and its 200-day moving average is $241.84. RenaissanceRe has a 52-week low of $188.24 and a 52-week high of $300.00. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $13.98 billion, a P/E ratio of 3.86, a P/E/G ratio of 1.82 and a beta of 0.39.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.89 by $2.34. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 27.34%. The firm’s quarterly revenue was up 52.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $8.33 EPS. Analysts expect that RenaissanceRe will post 39.96 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 0.58%. The ex-dividend date is Friday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.25%.

Insider Buying and Selling

In related news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the completion of the transaction, the executive vice president now directly owns 82,044 shares in the company, valued at $22,890,276. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors have recently modified their holdings of the company. ORG Wealth Partners LLC bought a new stake in RenaissanceRe during the 3rd quarter valued at $30,000. Blue Trust Inc. bought a new stake in shares of RenaissanceRe during the second quarter valued at about $27,000. UMB Bank n.a. lifted its holdings in RenaissanceRe by 316.7% in the third quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 95 shares during the period. V Square Quantitative Management LLC bought a new position in RenaissanceRe in the 2nd quarter valued at about $31,000. Finally, Advisors Asset Management Inc. acquired a new position in RenaissanceRe during the 3rd quarter valued at about $45,000. Institutional investors own 99.97% of the company’s stock.

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.