Evercore ISI Forecasts Strong Price Appreciation for RenaissanceRe (NYSE:RNR) Stock

RenaissanceRe (NYSE:RNR) had its price objective lifted by Evercore ISI from $229.00 to $246.00 in a research report released on Thursday,Benzinga reports. The firm currently has an underperform rating on the insurance provider’s stock.

Several other brokerages have also commented on RNR. Barclays initiated coverage on RenaissanceRe in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective on the stock. StockNews.com cut RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Citigroup increased their target price on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. JPMorgan Chase & Co. increased their target price on RenaissanceRe from $267.00 to $274.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Finally, Bank of America increased their price objective on RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $291.30.

RenaissanceRe Trading Up 0.1 %

Shares of RNR stock traded up $0.24 on Thursday, hitting $266.05. The company had a trading volume of 522,098 shares, compared to its average volume of 349,345. The stock’s 50-day moving average is $267.36 and its two-hundred day moving average is $241.40. RenaissanceRe has a twelve month low of $188.24 and a twelve month high of $300.00. The firm has a market cap of $13.88 billion, a P/E ratio of 3.84, a P/E/G ratio of 1.82 and a beta of 0.39. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, beating analysts’ consensus estimates of $7.89 by $2.34. RenaissanceRe had a return on equity of 27.34% and a net margin of 28.84%. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter last year, the company earned $8.33 earnings per share. The company’s revenue for the quarter was up 52.1% on a year-over-year basis. On average, equities research analysts anticipate that RenaissanceRe will post 39.96 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a $0.39 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.59%. RenaissanceRe’s payout ratio is 2.25%.

Insiders Place Their Bets

In related news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the sale, the executive vice president now owns 82,044 shares in the company, valued at approximately $22,890,276. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RenaissanceRe

Several hedge funds have recently made changes to their positions in RNR. Impax Asset Management Group plc grew its position in RenaissanceRe by 32.4% during the 3rd quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock worth $461,679,000 after purchasing an additional 415,366 shares during the period. Dimensional Fund Advisors LP raised its holdings in RenaissanceRe by 21.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock valued at $139,579,000 after acquiring an additional 109,851 shares during the last quarter. Cooke & Bieler LP raised its holdings in RenaissanceRe by 9.2% in the 2nd quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock valued at $229,679,000 after acquiring an additional 86,562 shares during the last quarter. Assetmark Inc. raised its holdings in RenaissanceRe by 115.3% in the 3rd quarter. Assetmark Inc. now owns 81,006 shares of the insurance provider’s stock valued at $22,066,000 after acquiring an additional 43,384 shares during the last quarter. Finally, Jupiter Asset Management Ltd. raised its holdings in RenaissanceRe by 480.2% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 41,726 shares of the insurance provider’s stock valued at $9,326,000 after acquiring an additional 34,534 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.