RenaissanceRe (NYSE:RNR) Price Target Raised to $329.00

RenaissanceRe (NYSE:RNR) had its price target hoisted by JPMorgan Chase & Co. from $303.00 to $329.00 in a report issued on Wednesday,Benzinga reports. They currently have a neutral rating on the insurance provider’s stock.

A number of other brokerages have also weighed in on RNR. Evercore ISI increased their target price on shares of RenaissanceRe from $250.00 to $283.00 and gave the stock an “in-line” rating in a research report on Wednesday. Morgan Stanley reiterated an “overweight” rating and issued a $300.00 price objective on shares of RenaissanceRe in a research note on Tuesday, December 16th. Cowen reissued a “hold” rating on shares of RenaissanceRe in a report on Tuesday, October 7th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $303.00 price target on shares of RenaissanceRe in a report on Friday, December 5th. Finally, UBS Group lifted their price target on RenaissanceRe from $265.00 to $272.00 and gave the company a “neutral” rating in a research report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $295.67.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $272.86 on Wednesday. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21. The stock has a fifty day simple moving average of $269.55 and a two-hundred day simple moving average of $253.51. RenaissanceRe has a 1-year low of $219.00 and a 1-year high of $285.26. The firm has a market cap of $12.58 billion, a price-to-earnings ratio of 7.58, a price-to-earnings-growth ratio of 6.64 and a beta of 0.26.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.49 by $6.13. The firm had revenue of $3.20 billion for the quarter, compared to analyst estimates of $1.97 billion. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.The business’s revenue was down 4.8% on a year-over-year basis. During the same period in the previous year, the company posted $10.23 earnings per share. Analysts anticipate that RenaissanceRe will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.60 annualized dividend and a dividend yield of 0.6%. RenaissanceRe’s dividend payout ratio is presently 4.45%.

Hedge Funds Weigh In On RenaissanceRe

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Amundi raised its holdings in shares of RenaissanceRe by 18.0% in the 1st quarter. Amundi now owns 6,924 shares of the insurance provider’s stock valued at $1,699,000 after acquiring an additional 1,054 shares in the last quarter. Advisors Asset Management Inc. increased its position in shares of RenaissanceRe by 10.5% in the first quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider’s stock worth $106,000 after purchasing an additional 42 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of RenaissanceRe by 39.4% in 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 purchasing an additional 2,737 shares during the last quarter. Millennium Management LLC purchased a new stake in RenaissanceRe in the first quarter valued at approximately $15,289,000. Finally, Jones Financial Companies Lllp lifted its position in RenaissanceRe by 900.0% during the first 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. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

About RenaissanceRe

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.