RenaissanceRe (NYSE:RNR) Given New $280.00 Price Target at Morgan Stanley

RenaissanceRe (NYSE:RNR) had its price target reduced by Morgan Stanley from $285.00 to $280.00 in a report issued on Monday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the insurance provider’s stock.

RNR has been the subject of several other reports. Jefferies Financial Group decreased their price objective on shares of RenaissanceRe from $266.00 to $265.00 and set a “hold” rating for the company in a report on Friday, April 11th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $269.00 price objective (up from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. Barclays upgraded shares of RenaissanceRe from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $231.00 to $256.00 in a report on Monday, July 7th. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 price objective for the company in a report on Tuesday, April 8th. Finally, Bank of America decreased their price objective on shares of RenaissanceRe from $437.00 to $426.00 and set a “buy” rating for the company in a report on Wednesday, March 26th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, RenaissanceRe has a consensus rating of “Hold” and a consensus target price of $288.00.

RenaissanceRe Trading Up 1.1%

Shares of RNR opened at $240.09 on Monday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.36. The firm has a 50 day simple moving average of $244.00 and a 200-day simple moving average of $242.20. RenaissanceRe has a 1-year low of $210.51 and a 1-year high of $300.00. The stock has a market cap of $11.68 billion, a price-to-earnings ratio of 7.66, a price-to-earnings-growth ratio of 2.86 and a beta of 0.30.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($1.17). RenaissanceRe had a net margin of 13.26% and a return on equity of 15.90%. The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.36 billion. During the same quarter last year, the business earned $12.18 EPS. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. Equities analysts forecast that RenaissanceRe will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a $0.40 dividend. The ex-dividend date was Friday, June 13th. This represents a $1.60 annualized dividend and a dividend yield of 0.67%. RenaissanceRe’s dividend payout ratio is currently 5.10%.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, CAO James Christopher Fraser sold 332 shares of the business’s stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total value of $82,847.28. Following the completion of the transaction, the chief accounting officer owned 27,154 shares of the company’s stock, valued at $6,776,009.16. The trade was a 1.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

A number of hedge funds have recently bought and sold shares of RNR. Capital World Investors increased its holdings in RenaissanceRe by 8.8% in the 4th quarter. Capital World Investors now owns 2,882,835 shares of the insurance provider’s stock worth $717,278,000 after acquiring an additional 233,708 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in RenaissanceRe by 37.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider’s stock worth $599,049,000 after acquiring an additional 676,125 shares in the last quarter. Boston Partners increased its holdings in RenaissanceRe by 4.6% in the 1st quarter. Boston Partners now owns 2,106,207 shares of the insurance provider’s stock worth $505,509,000 after acquiring an additional 92,825 shares in the last quarter. Polar Capital Holdings Plc increased its holdings in RenaissanceRe by 5.7% in the 4th quarter. Polar Capital Holdings Plc now owns 1,298,190 shares of the insurance provider’s stock worth $323,003,000 after acquiring an additional 69,884 shares in the last quarter. Finally, Cooke & Bieler LP lifted its position in shares of RenaissanceRe by 18.0% in the first quarter. Cooke & Bieler LP now owns 1,247,742 shares of the insurance provider’s stock valued at $299,458,000 after acquiring an additional 190,139 shares in the last quarter. Institutional investors 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.