RenaissanceRe’s (RNR) Neutral Rating Reiterated at JPMorgan Chase & Co.

JPMorgan Chase & Co. reissued their neutral rating on shares of RenaissanceRe (NYSE:RNR) in a report released on Thursday, MarketBeat Ratings reports. JPMorgan Chase & Co. currently has a $303.00 price target on the insurance provider’s stock.

Several other equities research analysts have also recently commented on the company. Cowen reaffirmed a “hold” rating on shares of RenaissanceRe in a research report on Tuesday. Citigroup began coverage on RenaissanceRe in a research note on Wednesday, August 13th. They set a “buy” rating and a $288.00 price target for the company. Barclays set a $278.00 price objective on shares of RenaissanceRe in a research note on Wednesday. Cantor Fitzgerald upgraded shares of RenaissanceRe to a “hold” rating in a research report on Wednesday, August 13th. Finally, Wells Fargo & Company increased their price target on shares of RenaissanceRe from $269.00 to $278.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Four research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, RenaissanceRe has a consensus rating of “Hold” and a consensus price target of $285.55.

RenaissanceRe Trading Up 0.3%

RenaissanceRe stock opened at $260.19 on Thursday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36. RenaissanceRe has a one year low of $219.00 and a one year high of $300.00. The stock has a market capitalization of $12.25 billion, a PE ratio of 6.65, a price-to-earnings-growth ratio of 2.41 and a beta of 0.27. The business’s fifty day moving average is $246.33 and its 200 day moving average is $243.21.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, beating 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 company had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.96 billion. During the same period last year, the firm posted $12.41 earnings per share. RenaissanceRe’s revenue was down 2.4% compared to the same quarter last year. On average, sell-side analysts predict that RenaissanceRe will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $1.60 dividend on an annualized basis and a yield of 0.6%. RenaissanceRe’s payout ratio is currently 4.09%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted 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 purchasing an additional 676,125 shares in the last quarter. Boston Partners lifted 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 purchasing an additional 92,825 shares in the last quarter. Cooke & Bieler LP lifted its holdings in RenaissanceRe by 18.0% in the 1st quarter. Cooke & Bieler LP now owns 1,247,742 shares of the insurance provider’s stock worth $299,458,000 after purchasing an additional 190,139 shares in the last quarter. Impax Asset Management Group plc lifted its holdings in RenaissanceRe by 11.2% in the 2nd quarter. Impax Asset Management Group plc now owns 1,220,038 shares of the insurance provider’s stock worth $295,494,000 after purchasing an additional 122,732 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in RenaissanceRe by 17.6% in the 2nd quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock worth $195,182,000 after purchasing an additional 120,063 shares in the last quarter. 99.97% of the stock is 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.