RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives Consensus Recommendation of “Hold” from Analysts

RenaissanceRe Holdings Ltd. (NYSE:RNR) has received an average recommendation of “Hold” from the twelve ratings firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $282.0909.

Several brokerages have weighed in on RNR. Citigroup initiated coverage on RenaissanceRe in a report on Wednesday, August 13th. They set a “buy” rating and a $288.00 price target on the stock. Cantor Fitzgerald raised RenaissanceRe to a “hold” rating in a research report on Wednesday, August 13th. UBS Group upped their target price on RenaissanceRe from $250.00 to $265.00 and gave the company a “neutral” rating in a research report on Monday, July 28th. Morgan Stanley decreased their target price on RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating for the company in a research report on Monday, July 14th. Finally, Keefe, Bruyette & Woods upped their target price on RenaissanceRe from $268.00 to $269.00 and gave the company a “market perform” rating in a research report on Monday, July 28th.

Hedge Funds Weigh In On RenaissanceRe

A number of large investors have recently modified their holdings of RNR. Hantz Financial Services Inc. raised its stake in shares of RenaissanceRe by 707.1% during the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after buying an additional 99 shares in the last quarter. IFP Advisors Inc raised its stake in shares of RenaissanceRe by 160.0% during the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock worth $28,000 after buying an additional 72 shares in the last quarter. Huntington National Bank raised its stake in shares of RenaissanceRe by 80.9% during the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after buying an additional 55 shares in the last quarter. Brooklyn Investment Group increased its stake in RenaissanceRe by 151.7% in the 1st quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 88 shares in the last quarter. Finally, Tsfg LLC purchased a new position in RenaissanceRe in the 1st quarter valued at approximately $40,000. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Price Performance

RNR opened at $245.5090 on Tuesday. The stock’s 50-day moving average price is $241.48 and its 200 day moving average price is $240.54. RenaissanceRe has a 12-month low of $219.00 and a 12-month high of $300.00. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23. The firm has a market cap of $11.56 billion, a price-to-earnings ratio of 6.27, a PEG ratio of 2.43 and a beta of 0.29.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.28 by $2.01. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same quarter in the prior year, the company earned $12.41 EPS. RenaissanceRe’s revenue was down 2.4% on a year-over-year basis. As a group, sell-side analysts expect that RenaissanceRe will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Monday, September 15th. RenaissanceRe’s dividend payout ratio (DPR) is presently 4.09%.

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.