RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives $267.90 Average Target Price from Analysts

RenaissanceRe Holdings Ltd. (NYSE:RNR) has received an average rating of “Hold” from the ten research firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $272.60.

Several equities research analysts recently weighed in on the company. Citigroup boosted their target price on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. boosted their target price on RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. UBS Group decreased their target price on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. StockNews.com cut RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Friday, September 6th. Finally, Morgan Stanley reduced their price objective on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th.

RenaissanceRe Stock Performance

Shares of RenaissanceRe stock opened at $266.04 on Tuesday. RenaissanceRe has a one year low of $188.24 and a one year high of $268.61. The company has a market cap of $13.88 billion, a PE ratio of 5.88, a P/E/G ratio of 1.39 and a beta of 0.38. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The business has a 50-day simple moving average of $239.34 and a 200-day simple moving average of $230.27.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, topping analysts’ consensus estimates of $10.88 by $1.53. The business had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. On average, equities research analysts forecast that RenaissanceRe will post 39.01 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date is Friday, September 13th. RenaissanceRe’s payout ratio is currently 3.45%.

Insider Activity

In other news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 85,544 shares of the company’s stock, valued at $19,675,120. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 85,544 shares of the company’s stock, valued at $19,675,120. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the completion of the transaction, the chief financial officer now directly owns 73,915 shares in the company, valued at approximately $16,598,352.40. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RNR. American International Group Inc. grew its holdings in RenaissanceRe by 1,829.6% during the fourth quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock worth $273,135,000 after acquiring an additional 1,321,325 shares during the period. Norges Bank acquired a new position in RenaissanceRe during the fourth quarter worth $133,196,000. Fiera Capital Corp grew its holdings in RenaissanceRe by 637.3% during the fourth quarter. Fiera Capital Corp now owns 199,166 shares of the insurance provider’s stock worth $39,037,000 after acquiring an additional 172,154 shares during the period. Vanguard Group Inc. grew its holdings in RenaissanceRe by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock valued at $1,090,875,000 after purchasing an additional 148,173 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in RenaissanceRe by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 2,752,016 shares of the insurance provider’s stock valued at $646,806,000 after purchasing an additional 124,039 shares during the last quarter. Institutional investors and hedge funds 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.