RenaissanceRe (NYSE:RNR) Price Target Raised to $245.00

RenaissanceRe (NYSE:RNR) had its price target boosted by JPMorgan Chase & Co. from $237.00 to $245.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the insurance provider’s stock.

RNR has been the subject of several other reports. TD Cowen assumed coverage on shares of RenaissanceRe in a research report on Wednesday, January 10th. They issued a market perform rating for the company. BMO Capital Markets boosted their price target on RenaissanceRe from $216.00 to $295.00 and gave the company an outperform rating in a report on Monday, February 5th. UBS Group raised their price objective on RenaissanceRe from $229.00 to $238.00 and gave the stock a neutral rating in a report on Monday, February 5th. Finally, Evercore ISI upped their target price on RenaissanceRe from $216.00 to $218.00 and gave the stock an underperform rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, RenaissanceRe currently has a consensus rating of Hold and a consensus target price of $249.00.

RenaissanceRe Trading Down 0.1 %

RNR opened at $218.32 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.40 and a current ratio of 1.41. The stock’s 50 day moving average price is $226.56 and its 200-day moving average price is $216.37. RenaissanceRe has a one year low of $174.22 and a one year high of $239.42. The stock has a market cap of $11.51 billion, a price-to-earnings ratio of 4.82, a P/E/G ratio of 2.90 and a beta of 0.31.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, beating the consensus estimate of $9.86 by $2.32. RenaissanceRe had a return on equity of 27.09% and a net margin of 24.79%. The company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the prior year, the company posted $8.16 EPS. RenaissanceRe’s quarterly revenue was up 41.3% on a year-over-year basis. On average, equities analysts forecast that RenaissanceRe will post 34.43 EPS for the current year.

RenaissanceRe Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $0.39 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.56 dividend on an annualized basis and a yield of 0.71%. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.38. RenaissanceRe’s dividend payout ratio (DPR) is presently 3.45%.

Insiders Place Their Bets

In other news, Director Carol P. Sanders sold 880 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $227.59, for a total value of $200,279.20. Following the sale, the director now directly owns 5,363 shares in the company, valued at approximately $1,220,565.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Carol P. Sanders sold 880 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $227.59, for a total transaction of $200,279.20. Following the completion of the sale, the director now owns 5,363 shares in the company, valued at approximately $1,220,565.17. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total value of $586,400.00. Following the transaction, the chief financial officer now owns 70,424 shares in the company, valued at $16,518,653.44. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Retirement Systems of Alabama raised its stake in RenaissanceRe by 7.2% in the 4th quarter. Retirement Systems of Alabama now owns 125,847 shares of the insurance provider’s stock worth $24,666,000 after acquiring an additional 8,441 shares during the last quarter. Earnest Partners LLC raised its stake in shares of RenaissanceRe by 2.9% in the third quarter. Earnest Partners LLC now owns 548,496 shares of the insurance provider’s stock worth $108,558,000 after purchasing an additional 15,692 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of RenaissanceRe by 95.9% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 16,915 shares of the insurance provider’s stock worth $3,348,000 after purchasing an additional 8,281 shares during the period. UBS Group AG boosted its position in RenaissanceRe by 44.7% in the third quarter. UBS Group AG now owns 20,913 shares of the insurance provider’s stock valued at $4,139,000 after buying an additional 6,456 shares during the last quarter. Finally, Royal London Asset Management Ltd. increased its holdings in RenaissanceRe by 3.6% in the 3rd quarter. Royal London Asset Management Ltd. now owns 17,937 shares of the insurance provider’s stock worth $3,553,000 after buying an additional 619 shares during the period. 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.