RenaissanceRe (NYSE:RNR) Price Target Increased to $265.00 by Analysts at JPMorgan Chase & Co.

RenaissanceRe (NYSE:RNR) had its price objective increased by JPMorgan Chase & Co. from $245.00 to $265.00 in a research note published on Thursday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the insurance provider’s stock.

RNR has been the topic of a number of other research reports. UBS Group decreased their target price on RenaissanceRe from $251.00 to $248.00 and set a neutral rating on the stock in a research report on Tuesday, July 9th. Evercore ISI raised their price objective on RenaissanceRe from $216.00 to $218.00 and gave the company an underperform rating in a report on Wednesday, May 1st. Finally, Morgan Stanley decreased their price objective on RenaissanceRe from $257.00 to $240.00 and set an equal weight rating on the stock in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, RenaissanceRe presently has a consensus rating of Hold and a consensus target price of $261.33.

RenaissanceRe Trading Up 1.0 %

Shares of NYSE:RNR opened at $220.00 on Thursday. RenaissanceRe has a 1 year low of $174.22 and a 1 year high of $239.42. The firm has a market capitalization of $11.63 billion, a price-to-earnings ratio of 4.86, a price-to-earnings-growth ratio of 1.57 and a beta of 0.38. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.41 and a quick ratio of 1.41. The business’s 50 day moving average price is $223.82 and its 200-day moving average price is $221.75.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.86 by $2.32. RenaissanceRe had a return on equity of 27.09% and a net margin of 24.79%. The firm had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.05 billion. During the same quarter last year, the firm posted $8.16 EPS. The business’s revenue was up 41.3% on a year-over-year basis. On average, equities research analysts forecast that RenaissanceRe will post 36.88 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $0.39 per share. The ex-dividend date was Friday, June 14th. This represents a $1.56 annualized dividend and a dividend yield of 0.71%. RenaissanceRe’s dividend payout ratio is presently 3.45%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of RenaissanceRe by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock worth $1,090,875,000 after acquiring an additional 148,173 shares during the period. Bank of New York Mellon Corp increased its position in shares of RenaissanceRe by 4.7% during the 1st quarter. Bank of New York Mellon Corp now owns 2,752,016 shares of the insurance provider’s stock worth $646,806,000 after purchasing an additional 124,039 shares during the last quarter. Capital World Investors increased its position in shares of RenaissanceRe by 1.0% during the 4th quarter. Capital World Investors now owns 2,539,332 shares of the insurance provider’s stock worth $497,709,000 after purchasing an additional 25,898 shares during the last quarter. Capital Research Global Investors increased its position in shares of RenaissanceRe by 5.3% during the 4th quarter. Capital Research Global Investors now owns 1,423,281 shares of the insurance provider’s stock worth $278,963,000 after purchasing an additional 71,377 shares during the last quarter. Finally, American International Group Inc. increased 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 worth $273,135,000 after purchasing an additional 1,321,325 shares during the last quarter. Hedge funds and other 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.