RenaissanceRe (NYSE:RNR) Earns Sell Rating from Analysts at The Goldman Sachs Group

The Goldman Sachs Group started coverage on shares of RenaissanceRe (NYSE:RNR) in a research note published on Tuesday, Marketbeat.com reports. The brokerage issued a sell rating and a $256.00 price objective on the insurance provider’s stock.

Several other research analysts also recently issued reports on RNR. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $303.00 target price on shares of RenaissanceRe in a research note on Thursday, October 9th. UBS Group upped their target price on shares of RenaissanceRe from $265.00 to $272.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 8th. Citigroup started coverage on shares of RenaissanceRe in a research note on Wednesday, August 13th. They issued a “buy” rating and a $288.00 target price on the stock. Cowen reiterated a “hold” rating on shares of RenaissanceRe in a research note on Tuesday, October 7th. Finally, Wells Fargo & Company upped their target price on shares of RenaissanceRe from $269.00 to $278.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $283.08.

RenaissanceRe Trading Down 3.5%

NYSE:RNR opened at $251.01 on Tuesday. RenaissanceRe has a one year low of $219.00 and a one year high of $300.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36. The company’s 50-day simple moving average is $247.88 and its 200 day simple moving average is $243.66. The firm has a market capitalization of $11.82 billion, a P/E ratio of 6.41, a PEG ratio of 2.18 and a beta of 0.27.

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

RenaissanceRe Announces Dividend

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

Institutional Trading of RenaissanceRe

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its holdings in RenaissanceRe by 37.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider’s stock valued at $599,049,000 after buying an additional 676,125 shares during the last quarter. Boston Partners increased its holdings in RenaissanceRe by 4.6% during the first quarter. Boston Partners now owns 2,106,207 shares of the insurance provider’s stock valued at $505,509,000 after buying an additional 92,825 shares during the last quarter. Cooke & Bieler LP increased its stake 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 worth $299,458,000 after purchasing an additional 190,139 shares in the last quarter. Impax Asset Management Group plc increased its stake in shares of RenaissanceRe by 11.2% in the second 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 increased its stake in shares of RenaissanceRe by 17.6% in the second 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.