RenaissanceRe Holdings Ltd. (NYSE:RNR) Given Average Rating of “Hold” by Brokerages

RenaissanceRe Holdings Ltd. (NYSE:RNR) has received an average recommendation of “Hold” from the twelve research firms that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $293.00.

RNR has been the subject of a number of recent analyst reports. Citigroup increased their target price on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Barclays began coverage on shares of RenaissanceRe in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective on the stock. Evercore ISI boosted their target price on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a report on Thursday, November 7th. Jefferies Financial Group increased their price target on RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. boosted their price objective on RenaissanceRe from $274.00 to $280.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $286.15 on Friday. RenaissanceRe has a 12-month low of $188.24 and a 12-month high of $300.00. The company has a market cap of $14.86 billion, a PE ratio of 4.12, a P/E/G ratio of 1.40 and a beta of 0.39. The stock has a 50 day simple moving average of $270.90 and a 200-day simple moving average of $246.73. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.35 billion. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. 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. On average, equities research analysts forecast that RenaissanceRe will post 41.94 EPS for the current 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 given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date of this dividend is Friday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.25%.

Insider Activity at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the sale, the executive vice president now owns 82,044 shares in the company, valued at approximately $22,890,276. This represents a 1.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. ORG Wealth Partners LLC acquired a new stake in shares of RenaissanceRe in the third quarter worth $30,000. Blue Trust Inc. purchased a new stake in RenaissanceRe in the 2nd quarter worth about $27,000. UMB Bank n.a. boosted its position in RenaissanceRe by 316.7% during the 3rd quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 95 shares during the period. V Square Quantitative Management LLC acquired a new stake in RenaissanceRe during the 2nd quarter worth about $31,000. Finally, Advisors Asset Management Inc. purchased a new position in RenaissanceRe during the 3rd quarter valued at about $45,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

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.