RenaissanceRe (NYSE:RNR) Price Target Raised to $280.00

RenaissanceRe (NYSE:RNR) had its price objective upped by TD Cowen from $278.00 to $280.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a hold rating on the insurance provider’s stock.

RNR has been the subject of a number of other research reports. Wolfe Research started coverage on shares of RenaissanceRe in a research note on Monday, September 15th. They issued a “peer perform” rating for the company. Evercore ISI upped their price target on shares of RenaissanceRe from $250.00 to $283.00 and gave the company an “in-line” rating in a research report on Wednesday. Mizuho began coverage on RenaissanceRe in a research note on Monday, December 15th. They set a “neutral” rating and a $281.00 price objective on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of RenaissanceRe in a research note on Monday, December 29th. Finally, UBS Group increased their target price on RenaissanceRe from $265.00 to $272.00 and gave the company a “neutral” rating in a report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $295.67.

RenaissanceRe Price Performance

RNR opened at $272.86 on Thursday. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $12.58 billion, a P/E ratio of 7.58, a PEG ratio of 6.49 and a beta of 0.26. The stock has a 50-day moving average price of $269.55 and a 200-day moving average price of $253.58. RenaissanceRe has a 12-month low of $219.00 and a 12-month high of $285.26.

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

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Monday, December 15th. RenaissanceRe’s dividend payout ratio is currently 4.45%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Hantz Financial Services Inc. lifted its holdings in RenaissanceRe by 707.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after buying an additional 99 shares during the period. IFP Advisors Inc raised its holdings in shares of RenaissanceRe by 160.0% during the second quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 72 shares in the last quarter. Financial Consulate Inc. purchased a new stake in RenaissanceRe in the third quarter worth $29,000. Huntington National Bank boosted its holdings in RenaissanceRe by 80.9% in the second 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 RenaissanceRe by 151.9% in the third 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. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Company Profile

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.