JPMorgan Chase & Co. Issues Positive Forecast for RenaissanceRe (NYSE:RNR) Stock Price

RenaissanceRe (NYSE:RNR) had its price objective boosted by JPMorgan Chase & Co. from $329.00 to $360.00 in a research note released on Monday,Benzinga reports. The brokerage currently has a neutral rating on the insurance provider’s stock.

Other equities research analysts also recently issued reports about the stock. Citigroup raised shares of RenaissanceRe from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $335.00 to $345.00 in a research report on Wednesday, June 10th. Wells Fargo & Company boosted their target price on RenaissanceRe from $306.00 to $329.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Keefe, Bruyette & Woods upped their target price on RenaissanceRe from $327.00 to $342.00 and gave the company a “market perform” rating in a report on Wednesday, July 8th. Cantor Fitzgerald upped their target price on RenaissanceRe from $340.00 to $354.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Finally, Mizuho increased their price target on RenaissanceRe from $325.00 to $329.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $333.87.

RenaissanceRe Price Performance

RNR opened at $321.75 on Monday. RenaissanceRe has a 1 year low of $231.17 and a 1 year high of $329.57. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.37. The company has a market capitalization of $13.72 billion, a price-to-earnings ratio of 5.36, a P/E/G ratio of 1.26 and a beta of 0.17. The firm’s fifty day moving average price is $302.75 and its two-hundred day moving average price is $297.35.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 EPS for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The company had revenue of $2.19 billion during the quarter. As a group, analysts anticipate that RenaissanceRe will post 40.57 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Monday, June 15th. RenaissanceRe’s payout ratio is presently 2.73%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Kingdom Financial Group LLC. bought a new stake in shares of RenaissanceRe in the 4th quarter worth approximately $36,000. Quarry LP increased its position in RenaissanceRe by 65.0% in the third quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after buying an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in RenaissanceRe by 235.0% in the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after buying an additional 94 shares during the last quarter. Mcguire Capital Advisors Inc. bought a new stake in shares of RenaissanceRe in the fourth quarter valued at $38,000. Finally, SBI Securities Co. Ltd. lifted its position in shares of RenaissanceRe by 33.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock valued at $41,000 after buying an additional 37 shares during the last quarter. 99.97% of the stock is owned by institutional investors.

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.