RenaissanceRe (NYSE:RNR) Price Target Raised to $438.00

RenaissanceRe (NYSE:RNR) had its price target raised by Bank of America from $410.00 to $438.00 in a report released on Thursday,Benzinga reports. Bank of America currently has a buy rating on the insurance provider’s stock.

RNR has been the subject of a number of other reports. Barclays upped their price objective on shares of RenaissanceRe from $328.00 to $341.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Cantor Fitzgerald reissued an “overweight” rating on shares of RenaissanceRe in a research note on Thursday. Weiss Ratings upgraded shares of RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, June 25th. UBS Group raised their price target on shares of RenaissanceRe from $326.00 to $342.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Finally, Morgan Stanley lifted their price objective on RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe has an average rating of “Hold” and a consensus price target of $335.33.

RenaissanceRe Stock Up 3.4%

RenaissanceRe stock opened at $328.33 on Thursday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.37. The stock has a market capitalization of $14.00 billion, a PE ratio of 5.63, a price-to-earnings-growth ratio of 1.28 and a beta of 0.17. The business has a 50 day simple moving average of $305.10 and a 200-day simple moving average of $298.42. RenaissanceRe has a 12 month low of $231.17 and a 12 month high of $329.60.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $11.72 by $1.20. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.57 billion. During the same quarter last year, the firm posted $12.29 EPS. On average, analysts anticipate that RenaissanceRe will post 41.08 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $0.41 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio is presently 2.81%.

Institutional Investors Weigh In On RenaissanceRe

Hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in RenaissanceRe by 39.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock valued at $2,325,000 after acquiring an additional 2,737 shares in the last quarter. Millennium Management LLC purchased a new position in RenaissanceRe in the 1st quarter worth approximately $15,289,000. Jones Financial Companies Lllp lifted its stake in RenaissanceRe by 900.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock worth $324,000 after purchasing an additional 1,215 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of RenaissanceRe by 72.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock worth $13,725,000 after purchasing an additional 24,027 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of RenaissanceRe by 18.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider’s stock worth $107,000 after purchasing an additional 69 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

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.