RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives $282.60 Average Target Price from Brokerages

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have been given a consensus rating of “Hold” by the eleven analysts that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $283.60.

Several brokerages have recently issued reports on RNR. Keefe, Bruyette & Woods raised their target price on RenaissanceRe from $279.00 to $282.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Morgan Stanley increased their price target on RenaissanceRe from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Monday. Barclays cut their price target on RenaissanceRe from $234.00 to $231.00 and set an “underweight” rating for the company in a research note on Friday, April 11th. JPMorgan Chase & Co. upgraded RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 price target for the company in a research note on Tuesday, April 8th. Finally, JMP Securities reiterated a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, April 24th.

RenaissanceRe Trading Down 0.6%

NYSE RNR opened at $246.57 on Friday. The firm has a market capitalization of $12.00 billion, a P/E ratio of 7.04, a PEG ratio of 2.09 and a beta of 0.34. The business has a fifty day simple moving average of $240.51 and a 200 day simple moving average of $248.79. RenaissanceRe has a 12 month low of $208.98 and a 12 month high of $300.00. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.19.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($1.17). RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. The business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.36 billion. During the same period in the prior year, the business earned $12.18 earnings per share. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. On average, analysts predict that RenaissanceRe will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a $0.40 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.60 annualized dividend and a yield of 0.65%. RenaissanceRe’s dividend payout ratio is currently 5.10%.

Insiders Place Their Bets

In other news, CAO James Christopher Fraser sold 332 shares of RenaissanceRe stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total transaction of $82,847.28. Following the completion of the sale, the chief accounting officer now owns 27,154 shares in the company, valued at approximately $6,776,009.16. This trade represents a 1.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of RenaissanceRe

Large investors have recently modified their holdings of the business. Aster Capital Management DIFC Ltd bought a new stake in shares of RenaissanceRe during the 4th quarter valued at about $27,000. SBI Securities Co. Ltd. bought a new stake in shares of RenaissanceRe during the 4th quarter valued at about $29,000. MassMutual Private Wealth & Trust FSB boosted its position in shares of RenaissanceRe by 51.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 41 shares during the last quarter. Jones Financial Companies Lllp boosted its position in shares of RenaissanceRe by 1,587.5% during the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 127 shares during the last quarter. Finally, Brooklyn Investment Group boosted its position in shares of RenaissanceRe by 151.7% during the 1st quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 88 shares during 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.