RenaissanceRe Holdings Ltd. (NYSE:RNR) Given Average Recommendation of “Hold” by Brokerages

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have been assigned a consensus recommendation of “Hold” from the sixteen research firms that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $284.50.

RNR has been the topic of a number of analyst reports. Barclays set a $278.00 price objective on shares of RenaissanceRe in a research note on Wednesday, October 8th. Evercore ISI set a $244.00 price target on shares of RenaissanceRe and gave the stock an “in-line” rating in a research report on Wednesday, October 1st. Morgan Stanley boosted their price objective on shares of RenaissanceRe from $280.00 to $290.00 and gave the company an “overweight” rating in a research report on Monday, November 17th. UBS Group upped their target price on RenaissanceRe from $265.00 to $272.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 8th. Finally, Citigroup assumed coverage on RenaissanceRe in a research note on Wednesday, August 13th. They issued a “buy” rating and a $288.00 price target on the stock.

RenaissanceRe Trading Up 0.3%

Shares of NYSE:RNR opened at $265.87 on Thursday. The business’s 50 day simple moving average is $257.73 and its 200 day simple moving average is $247.90. RenaissanceRe has a 1 year low of $219.00 and a 1 year high of $290.78. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.40 and a quick ratio of 1.40. The company has a market capitalization of $12.26 billion, a P/E ratio of 7.39, a P/E/G ratio of 1.59 and a beta of 0.26.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.49 by $6.13. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period in the prior year, the firm posted $10.23 EPS. RenaissanceRe’s quarterly revenue was down 4.8% on a year-over-year basis. On average, research analysts anticipate that RenaissanceRe will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $1.60 annualized dividend and a yield of 0.6%. RenaissanceRe’s payout ratio is presently 4.45%.

Hedge Funds Weigh In On RenaissanceRe

Institutional investors have recently added to or reduced their stakes in the stock. Hantz Financial Services Inc. lifted its stake in RenaissanceRe by 707.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock valued at $27,000 after purchasing an additional 99 shares during the last quarter. Financial Consulate Inc. acquired a new position in shares of RenaissanceRe during the third quarter worth $29,000. IFP Advisors Inc lifted its stake in shares of RenaissanceRe by 160.0% in the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 72 shares during the last quarter. Huntington National Bank boosted its holdings in shares of RenaissanceRe by 80.9% during the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 55 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in shares of RenaissanceRe by 151.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock valued at $33,000 after acquiring an additional 79 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Company Profile

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.