RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives Consensus Rating of “Hold” from Brokerages

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have earned an average rating of “Hold” from the eighteen ratings firms that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $338.12.

RNR has been the topic of several research analyst reports. Mizuho increased their target price on RenaissanceRe from $325.00 to $329.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Cantor Fitzgerald reiterated an “overweight” rating on shares of RenaissanceRe in a research report on Thursday, July 23rd. Wells Fargo & Company increased their price objective on shares of RenaissanceRe from $306.00 to $329.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. JPMorgan Chase & Co. raised their price objective on shares of RenaissanceRe from $329.00 to $360.00 and gave the company a “neutral” rating in a research report on Monday, July 20th. Finally, Morgan Stanley boosted their target price on shares of RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th.

Insider Buying and Selling at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the transaction, the executive vice president owned 72,907 shares in the company, valued at $24,280,218.21. The trade was a 6.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RenaissanceRe

A number of institutional investors and hedge funds have recently made changes to their positions in RNR. Candriam S.C.A. bought a new position in RenaissanceRe during the 1st quarter worth approximately $6,202,000. Sone Capital Management LLC bought a new stake in RenaissanceRe in the second quarter valued at approximately $4,092,000. Allianz Asset Management GmbH raised its holdings in RenaissanceRe by 38.6% in the second quarter. Allianz Asset Management GmbH now owns 136,192 shares of the insurance provider’s stock worth $43,159,000 after purchasing an additional 37,903 shares during the period. Delta Global Management LP acquired a new stake in RenaissanceRe in the first quarter worth $1,754,000. Finally, Meiji Yasuda Asset Management Co Ltd. bought a new position in shares of RenaissanceRe during the second quarter worth $1,878,000. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock opened at $324.30 on Wednesday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $13.47 billion, a price-to-earnings ratio of 5.57, a P/E/G ratio of 0.96 and a beta of 0.12. RenaissanceRe has a 1-year low of $231.17 and a 1-year high of $340.24. The firm’s 50-day moving average price is $325.26 and its two-hundred day moving average price is $311.69.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. The company had revenue of $2.77 billion during the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. On average, equities analysts predict that RenaissanceRe will post 42.85 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were issued a $0.41 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio (DPR) is currently 2.81%.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a Bermuda-based global provider of reinsurance and insurance solutions. Founded in 1993, the company focuses on managing and underwriting risks that can be difficult to place in traditional insurance markets, with an emphasis on disciplined underwriting and catastrophe risk management.

RenaissanceRe’s business includes property catastrophe reinsurance, which provides coverage for events such as hurricanes, earthquakes and other natural disasters, as well as property, casualty and specialty reinsurance.