RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives $283.08 Consensus PT from Analysts

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have been given an average rating of “Hold” by the sixteen brokerages that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and four have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $283.0833.

A number of research analysts recently issued reports on the stock. Morgan Stanley decreased their price target on shares of RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating for the company in a research note on Monday, July 14th. Cowen reiterated a “hold” rating on shares of RenaissanceRe in a research note on Tuesday, October 7th. UBS Group lifted their price target 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. Weiss Ratings reiterated a “buy (b)” rating on shares of RenaissanceRe in a research note on Wednesday, October 8th. Finally, The Goldman Sachs Group initiated coverage on shares of RenaissanceRe in a research note on Tuesday. They issued a “sell” rating and a $256.00 price target for the company.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of RNR. Price T Rowe Associates Inc. MD increased its position in shares of 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 worth $599,049,000 after purchasing an additional 676,125 shares in the last quarter. Norges Bank acquired a new stake in shares of RenaissanceRe during the second quarter worth about $139,543,000. Nuveen LLC acquired a new stake in shares of RenaissanceRe during the first quarter worth about $54,087,000. Cooke & Bieler LP increased its position in shares of RenaissanceRe by 18.0% during 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. Finally, JPMorgan Chase & Co. increased its position in shares of RenaissanceRe by 152.5% during the second quarter. JPMorgan Chase & Co. now owns 239,330 shares of the insurance provider’s stock worth $58,136,000 after purchasing an additional 144,547 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Stock Down 0.3%

Shares of RenaissanceRe stock opened at $251.18 on Wednesday. RenaissanceRe has a 52-week low of $219.00 and a 52-week high of $300.00. The company has a 50 day moving average of $248.09 and a 200 day moving average of $243.70. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $11.82 billion, a P/E ratio of 6.42, a P/E/G ratio of 2.11 and a beta of 0.27.

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

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were issued a $0.40 dividend. The ex-dividend date was Monday, September 15th. This represents a $1.60 annualized dividend and a dividend yield of 0.6%. RenaissanceRe’s dividend payout ratio 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.