RenaissanceRe (NYSE:RNR) Given New $426.00 Price Target at Bank of America

RenaissanceRe (NYSE:RNR) had its price objective decreased by Bank of America from $437.00 to $426.00 in a research report report published on Wednesday morning,Benzinga reports. Bank of America currently has a buy rating on the insurance provider’s stock.

A number of other analysts have also recently weighed in on the company. JPMorgan Chase & Co. increased their price objective on RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a research report on Friday, January 3rd. Morgan Stanley decreased their price target on RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. Jefferies Financial Group reissued a “hold” rating and issued a $282.00 price objective (down from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. JMP Securities restated a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, January 30th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating on the stock in a report on Tuesday, February 4th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $283.40.

RenaissanceRe Stock Down 1.7 %

Shares of NYSE:RNR opened at $242.46 on Wednesday. RenaissanceRe has a 1-year low of $208.98 and a 1-year high of $300.00. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.42. The stock has a market cap of $11.94 billion, a P/E ratio of 6.92, a P/E/G ratio of 2.09 and a beta of 0.38. The firm has a fifty day moving average price of $239.76 and a 200 day moving average price of $256.52.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, beating analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. Sell-side analysts predict 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 Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.40 per share. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a yield of 0.66%. The ex-dividend date is Friday, March 14th. RenaissanceRe’s dividend payout ratio is presently 4.57%.

Insider Buying and Selling at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the transaction, the executive vice president now owns 79,392 shares in the company, valued at $20,178,270.72. This trade represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RenaissanceRe

A number of large investors have recently added to or reduced their stakes in RNR. Aster Capital Management DIFC Ltd acquired a new position in RenaissanceRe during the fourth quarter worth about $27,000. SBI Securities Co. Ltd. purchased a new position in shares of RenaissanceRe during the 4th quarter worth approximately $29,000. MassMutual Private Wealth & Trust FSB raised its position in shares of RenaissanceRe by 51.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 41 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in RenaissanceRe by 1,587.5% in the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock valued at $34,000 after buying an additional 127 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in RenaissanceRe by 71.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider’s stock valued at $39,000 after buying an additional 65 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

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.