RenaissanceRe (NYSE:RNR) Given New $327.00 Price Target at Keefe, Bruyette & Woods

RenaissanceRe (NYSE:RNR) had its price target increased by Keefe, Bruyette & Woods from $323.00 to $327.00 in a research report sent to investors on Tuesday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the insurance provider’s stock.

RNR has been the subject of several other research reports. JPMorgan Chase & Co. raised their price target on RenaissanceRe from $303.00 to $329.00 and gave the stock a “neutral” rating in a report on Wednesday, January 7th. UBS Group reissued a “neutral” rating and issued a $312.00 price target on shares of RenaissanceRe in a report on Monday, February 9th. Wall Street Zen upgraded shares of RenaissanceRe from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. TD Cowen lifted their price objective on shares of RenaissanceRe from $280.00 to $290.00 and gave the stock a “hold” rating in a research note on Thursday, February 26th. Finally, Evercore lifted their price objective on shares of RenaissanceRe from $283.00 to $291.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 4th. Two analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $302.29.

RenaissanceRe Price Performance

Shares of RNR opened at $302.26 on Tuesday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The company has a market cap of $13.04 billion, a price-to-earnings ratio of 5.33, a price-to-earnings-growth ratio of 0.70 and a beta of 0.24. The company has a 50 day moving average of $296.74 and a two-hundred day moving average of $275.75. RenaissanceRe has a twelve month low of $222.75 and a twelve month high of $315.88.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, topping the consensus estimate of $10.59 by $2.75. The business had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $1.73 billion. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The company’s quarterly revenue was up 29.6% on a year-over-year basis. During the same quarter last year, the company earned $8.06 earnings per share. As a group, analysts predict that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, March 13th. RenaissanceRe’s dividend payout ratio is presently 2.89%.

Insider Activity at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the completion of the sale, the executive vice president owned 73,023 shares of the company’s stock, valued at $22,326,782.25. The trade was a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On RenaissanceRe

A number of institutional investors and hedge funds have recently modified their holdings of the company. Y Intercept Hong Kong Ltd lifted its position in RenaissanceRe by 812.8% during the third quarter. Y Intercept Hong Kong Ltd now owns 17,078 shares of the insurance provider’s stock valued at $4,337,000 after purchasing an additional 15,207 shares during the period. Asset Management One Co. Ltd. acquired a new position in RenaissanceRe during the third quarter valued at $1,564,000. Nordea Investment Management AB lifted its holdings in RenaissanceRe by 207.2% in the third quarter. Nordea Investment Management AB now owns 41,871 shares of the insurance provider’s stock valued at $10,539,000 after acquiring an additional 28,241 shares during the period. Diamond Hill Capital Management Inc. lifted its holdings in RenaissanceRe by 16.0% in the third quarter. Diamond Hill Capital Management Inc. now owns 119,240 shares of the insurance provider’s stock valued at $30,279,000 after acquiring an additional 16,448 shares during the period. Finally, Daiwa Securities Group Inc. acquired a new position in RenaissanceRe in the second quarter valued at approximately $4,980,000. Institutional investors and hedge funds 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.