RenaissanceRe (NYSE:RNR) Price Target Raised to $323.00

RenaissanceRe (NYSE:RNR) had its price objective upped by Keefe, Bruyette & Woods from $314.00 to $323.00 in a research note released on Monday,Benzinga reports. The brokerage currently has a market perform rating on the insurance provider’s stock.

A number of other research firms have also recently commented on RNR. Weiss Ratings restated a “buy (b)” rating on shares of RenaissanceRe in a research report on Monday, December 29th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $267.00 price target on shares of RenaissanceRe in a research report on Wednesday, January 7th. Cantor Fitzgerald boosted their price objective on RenaissanceRe from $252.00 to $282.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. BMO Capital Markets restated an “outperform” rating and set a $303.00 target price on shares of RenaissanceRe in a report on Friday, December 5th. Finally, JPMorgan Chase & Co. upped their price target on shares of RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a report on Wednesday, January 7th. Four equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $309.27.

RenaissanceRe Stock Performance

RNR stock opened at $304.37 on Monday. The stock has a market capitalization of $14.03 billion, a PE ratio of 5.37, a price-to-earnings-growth ratio of 0.72 and a beta of 0.24. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 1.40. The company has a 50 day moving average price of $278.00 and a 200 day moving average price of $260.36. RenaissanceRe has a fifty-two week low of $219.00 and a fifty-two week high of $310.80.

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

RenaissanceRe Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a dividend of $0.41 per share. The ex-dividend date is Friday, March 13th. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a yield of 0.5%. RenaissanceRe’s dividend payout ratio is currently 2.82%.

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the completion of the transaction, the executive vice president directly owned 73,023 shares in the company, valued at $22,326,782.25. This trade represents a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RenaissanceRe

Several large investors have recently made changes to their positions in RNR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in RenaissanceRe by 39.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock worth $2,325,000 after buying an additional 2,737 shares during the last quarter. Millennium Management LLC bought a new stake in shares of RenaissanceRe in the 1st quarter valued at about $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 valued at $324,000 after purchasing an additional 1,215 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in RenaissanceRe by 72.5% during the first 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 period. Finally, IFP Advisors Inc increased its position in RenaissanceRe by 160.0% during the second quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock worth $28,000 after buying an additional 72 shares during the last quarter. Institutional investors and hedge funds 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.