RenaissanceRe (NYSE:RNR) PT Raised to $274.00

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

A number of other research firms have also weighed in on RNR. Citigroup boosted their price target 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. Morgan Stanley dropped their price target on RenaissanceRe from $257.00 to $240.00 and set an equal weight rating for the company in a research report on Wednesday, July 10th. StockNews.com downgraded RenaissanceRe from a buy rating to a hold rating in a research report on Friday, September 6th. Evercore ISI raised their target price on RenaissanceRe from $218.00 to $229.00 and gave the stock an underperform rating in a research note on Wednesday, October 9th. Finally, Jefferies Financial Group boosted their price target on shares of RenaissanceRe from $270.00 to $314.00 and gave the company a buy rating in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and an average target price of $289.00.

RenaissanceRe Stock Down 1.2 %

RNR stock opened at $275.55 on Thursday. RenaissanceRe has a 52 week low of $188.24 and a 52 week high of $283.86. 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 50-day simple moving average of $255.54 and a 200-day simple moving average of $235.14. The stock has a market capitalization of $14.37 billion, a P/E ratio of 5.45, a P/E/G ratio of 1.68 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, topping the consensus estimate of $10.88 by $1.53. The firm had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. Equities analysts forecast that RenaissanceRe will post 40.68 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

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

Insiders Place Their Bets

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $279.00, for a total transaction of $279,000.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed 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 on Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the sale, the executive vice president now directly owns 82,044 shares in the company, valued at approximately $22,890,276. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction 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 directly owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,500 shares of company stock worth $1,339,400 over the last ninety days. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On RenaissanceRe

Institutional investors have recently modified their holdings of the company. American International Group Inc. raised its stake in 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 acquiring an additional 1,321,325 shares in the last quarter. Vanguard Group Inc. increased its position in shares of RenaissanceRe by 2.7% during the fourth 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 in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of RenaissanceRe by 21.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock valued at $139,579,000 after purchasing an additional 109,851 shares during the last quarter. Impax Asset Management Group plc boosted its position in shares of 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 valued at $286,028,000 after purchasing an additional 91,425 shares during the period. Finally, Cooke & Bieler LP grew its stake in RenaissanceRe by 9.2% during the 2nd quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock worth $229,679,000 after buying an additional 86,562 shares during the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

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.