Keefe, Bruyette & Woods Lowers RenaissanceRe (NYSE:RNR) Price Target to $310.00

RenaissanceRe (NYSE:RNR) had its price objective lowered by Keefe, Bruyette & Woods from $316.00 to $310.00 in a research report released on Tuesday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the insurance provider’s stock.

Other analysts also recently issued research reports about the stock. Barclays began coverage on shares of RenaissanceRe in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price objective for the company. Evercore ISI raised their price target on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. boosted their price objective on RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Wells Fargo & Company increased their target price on RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Finally, Citigroup lifted their target price on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, RenaissanceRe has an average rating of “Hold” and an average price target of $293.00.

RenaissanceRe Trading Down 1.3 %

Shares of NYSE RNR opened at $256.96 on Tuesday. The stock has a market capitalization of $13.35 billion, a P/E ratio of 3.70, a PEG ratio of 1.32 and a beta of 0.39. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.43. The business’s 50 day moving average is $267.93 and its two-hundred day moving average is $242.85. RenaissanceRe has a 1-year low of $188.24 and a 1-year high of $300.00.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, beating analysts’ consensus estimates of $7.89 by $2.34. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The business’s revenue was up 52.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $8.33 earnings per share. As a group, research analysts expect that RenaissanceRe will post 40.31 EPS for the current year.

RenaissanceRe Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a $0.39 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.61%. RenaissanceRe’s payout ratio is presently 2.25%.

Insider Activity at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of RenaissanceRe 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 transaction, the executive vice president now directly owns 82,044 shares in the company, valued at approximately $22,890,276. This trade represents a 1.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RenaissanceRe

Institutional investors have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC purchased a new stake in shares of RenaissanceRe during the first quarter valued at about $46,000. Wedge Capital Management L L P NC purchased a new stake in RenaissanceRe during the second quarter valued at approximately $2,887,000. Russell Investments Group Ltd. boosted its stake in RenaissanceRe by 16.9% in the first quarter. Russell Investments Group Ltd. now owns 27,448 shares of the insurance provider’s stock valued at $6,451,000 after acquiring an additional 3,962 shares in the last quarter. Intech Investment Management LLC grew its holdings in RenaissanceRe by 52.9% in the second quarter. Intech Investment Management LLC now owns 7,193 shares of the insurance provider’s stock worth $1,608,000 after purchasing an additional 2,490 shares during the last quarter. Finally, Acadian Asset Management LLC increased its position in shares of RenaissanceRe by 741.7% during the first quarter. Acadian Asset Management LLC now owns 1,111 shares of the insurance provider’s stock worth $261,000 after purchasing an additional 979 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.