Brokerages Set RenaissanceRe Holdings Ltd. (NYSE:RNR) Price Target at $310.27

RenaissanceRe Holdings Ltd. (NYSE:RNR) has been assigned an average recommendation of “Hold” from the nineteen research firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, fifteen have given a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $310.2667.

Several equities research analysts have issued reports on the stock. Morgan Stanley cut shares of RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 price objective for the company. in a research report on Thursday, February 26th. Cantor Fitzgerald lifted their price target on shares of RenaissanceRe from $252.00 to $282.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Keefe, Bruyette & Woods increased their price objective on RenaissanceRe from $314.00 to $323.00 and gave the stock a “market perform” rating in a research note on Monday, February 9th. Citigroup raised their price objective on RenaissanceRe from $328.00 to $333.00 and gave the stock a “neutral” rating in a report on Wednesday, February 18th. Finally, JPMorgan Chase & Co. lifted their target price on RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a research report on Wednesday, January 7th.

RenaissanceRe Stock Up 0.1%

NYSE:RNR opened at $294.09 on Friday. RenaissanceRe has a twelve month low of $219.00 and a twelve month high of $315.88. The company has a market cap of $12.79 billion, a price-to-earnings ratio of 5.19, a price-to-earnings-growth ratio of 0.68 and a beta of 0.21. The stock has a fifty day simple moving average of $289.45 and a 200-day simple moving average of $269.71. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 EPS for the quarter, topping analysts’ consensus estimates of $10.59 by $2.75. The firm had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $1.73 billion. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The business’s revenue for the quarter was up 29.6% on a year-over-year basis. During the same period in the prior year, the business posted $8.06 earnings per share. Analysts anticipate that RenaissanceRe will post 26.04 EPS for the current year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a $0.41 dividend. The ex-dividend date is Friday, March 13th. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a dividend yield of 0.6%. RenaissanceRe’s dividend payout ratio is presently 2.89%.

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the transaction, the executive vice president directly owned 73,023 shares in the company, valued at $22,326,782.25. This represents a 6.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RenaissanceRe

Several large investors have recently modified their holdings of RNR. SBI Securities Co. Ltd. boosted its stake in shares of RenaissanceRe by 33.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock valued at $41,000 after purchasing an additional 37 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in RenaissanceRe by 20.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 230 shares of the insurance provider’s stock worth $65,000 after buying an additional 39 shares during the period. Exchange Traded Concepts LLC lifted its holdings in RenaissanceRe by 1.2% during the third quarter. Exchange Traded Concepts LLC now owns 3,355 shares of the insurance provider’s stock worth $852,000 after buying an additional 40 shares during the period. AMG National Trust Bank boosted its position in RenaissanceRe by 0.7% during the 3rd quarter. AMG National Trust Bank now owns 5,787 shares of the insurance provider’s stock valued at $1,469,000 after acquiring an additional 40 shares in the last quarter. Finally, Beacon Pointe Advisors LLC increased its holdings in shares of RenaissanceRe by 2.2% in the 4th quarter. Beacon Pointe Advisors LLC now owns 1,857 shares of the insurance provider’s stock valued at $522,000 after acquiring an additional 40 shares during the period. Institutional investors own 99.97% of the company’s stock.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.