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

RenaissanceRe (NYSE:RNR) had its target price boosted by JPMorgan Chase & Co. from $274.00 to $280.00 in a report published on Thursday,Benzinga reports. They currently have a neutral rating on the insurance provider’s stock.

Other research analysts have also recently issued research reports about the stock. StockNews.com cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Jefferies Financial Group increased their price target on shares of RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Citigroup lifted their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Barclays started coverage on RenaissanceRe in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price objective on the stock. Finally, Morgan Stanley cut their target price on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $291.30.

RenaissanceRe Trading Up 0.9 %

RNR opened at $268.12 on Thursday. The firm has a market capitalization of $13.98 billion, a price-to-earnings ratio of 3.86, a price-to-earnings-growth ratio of 1.82 and a beta of 0.39. The company’s 50 day simple moving average is $267.63 and its two-hundred day simple moving average is $241.84. RenaissanceRe has a 1-year low of $188.24 and a 1-year high of $300.00. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.35 billion. RenaissanceRe had a return on equity of 27.34% and a net margin of 28.84%. The firm’s revenue was up 52.1% compared to the same quarter last year. During the same quarter last year, the business posted $8.33 earnings per share. Analysts expect that RenaissanceRe will post 39.96 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a $0.39 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.58%. RenaissanceRe’s payout ratio is presently 2.25%.

Insider Buying and Selling

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $279.00, for a total transaction of $279,000.00. Following the sale, the executive vice president now directly owns 82,044 shares in the company, valued at $22,890,276. This represents 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 available at the SEC website. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RenaissanceRe

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Impax Asset Management Group plc boosted its stake in shares of RenaissanceRe by 32.4% in the 3rd quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock valued at $461,679,000 after buying an additional 415,366 shares during the period. Cooke & Bieler LP lifted its stake in RenaissanceRe by 9.2% in the second quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock worth $229,679,000 after acquiring an additional 86,562 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in RenaissanceRe by 21.3% in the second quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock worth $139,579,000 after acquiring an additional 109,851 shares during the last quarter. Earnest Partners LLC grew its holdings in RenaissanceRe by 6.1% during the 1st quarter. Earnest Partners LLC now owns 578,139 shares of the insurance provider’s stock worth $135,880,000 after acquiring an additional 33,448 shares in the last quarter. Finally, Great Lakes Advisors LLC increased its position in shares of RenaissanceRe by 3.1% in the 2nd quarter. Great Lakes Advisors LLC now owns 254,965 shares of the insurance provider’s stock valued at $56,987,000 after purchasing an additional 7,718 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

About RenaissanceRe

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.