RenaissanceRe (NYSE:RNR) Price Target Raised to $290.00

RenaissanceRe (NYSE:RNR) had its target price hoisted by TD Cowen from $280.00 to $290.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a hold rating on the insurance provider’s stock.

A number of other brokerages have also commented on RNR. UBS Group restated a “neutral” rating and issued a $312.00 target price on shares of RenaissanceRe in a research note on Monday, February 9th. Morgan Stanley lowered shares of RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 target price on the stock. in a research report on Thursday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RenaissanceRe in a report on Monday, December 29th. BMO Capital Markets reissued an “outperform” rating and issued a $303.00 target price on shares of RenaissanceRe in a report on Friday, December 5th. Finally, Cantor Fitzgerald increased their price objective on RenaissanceRe from $252.00 to $282.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Three equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $310.27.

RenaissanceRe Price Performance

NYSE RNR opened at $302.24 on Thursday. The company has a fifty day simple moving average of $285.71 and a 200 day simple moving average of $265.45. RenaissanceRe has a 1 year low of $219.00 and a 1 year high of $315.88. The company has a market cap of $13.14 billion, a P/E ratio of 5.33, a P/E/G ratio of 0.74 and a beta of 0.24. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, beating the consensus estimate of $10.59 by $2.75. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The company had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the prior year, the business earned $8.06 earnings per share. RenaissanceRe’s revenue for the quarter was up 29.6% compared to the same quarter last year. On average, sell-side analysts predict that RenaissanceRe will post 26.04 EPS for the current year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.41 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.64 annualized dividend and a yield of 0.5%. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.40. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.82%.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the completion of the sale, the executive vice president owned 73,023 shares in the company, valued at approximately $22,326,782.25. The trade was a 6.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Institutional Trading of RenaissanceRe

A number of hedge funds have recently modified their holdings of the company. Hantz Financial Services Inc. grew its holdings in shares of RenaissanceRe by 707.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock valued at $27,000 after buying an additional 99 shares during the period. Financial Consulate Inc. bought a new stake in shares of RenaissanceRe in the third quarter worth about $29,000. Huntington National Bank raised its position in shares of RenaissanceRe by 80.9% during the second quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 55 shares during the period. Kingdom Financial Group LLC. acquired a new stake in shares of RenaissanceRe during the fourth quarter worth about $36,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of RenaissanceRe by 151.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 79 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

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.