RenaissanceRe (NYSE:RNR) Stock Gets Price Target Cut from JPMorgan Chase & Co.

RenaissanceRe (NYSE:RNR) had its target price lowered by JPMorgan Chase & Co. from $360.00 to $355.00 in a report released on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the insurance provider’s stock.

Several other research analysts have also commented on RNR. Bank of America boosted their price target on RenaissanceRe from $410.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Royal Bank Of Canada assumed coverage on RenaissanceRe in a research note on Tuesday, September 22nd. They set a “sector perform” rating and a $365.00 price objective for the company. TD Cowen raised their price objective on RenaissanceRe from $300.00 to $315.00 and gave the company a “hold” rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods raised their price objective on RenaissanceRe from $342.00 to $350.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Finally, Barclays lifted their target price on RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Six investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $337.81.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $331.14 on Friday. The firm has a market cap of $13.76 billion, a price-to-earnings ratio of 5.68, a PEG ratio of 0.95 and a beta of 0.12. The company’s 50 day moving average is $325.54 and its 200 day moving average is $312.46. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. RenaissanceRe has a 52-week low of $231.17 and a 52-week high of $340.24.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. The company had revenue of $2.77 billion during the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. On average, sell-side analysts anticipate that RenaissanceRe will post 44.21 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were paid a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 0.5%. The ex-dividend date was Tuesday, September 15th. RenaissanceRe’s dividend payout ratio (DPR) is 2.81%.

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the transaction, the executive vice president directly owned 72,907 shares of the company’s stock, valued at approximately $24,280,218.21. The trade was a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RenaissanceRe

Large investors have recently made changes to their positions in the business. Elevation Wealth Partners LLC grew its position in RenaissanceRe by 90.0% during the 3rd quarter. Elevation Wealth Partners LLC now owns 95 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 45 shares during the last quarter. Continuum Advisory LLC acquired a new position in RenaissanceRe during the 2nd quarter valued at approximately $38,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in RenaissanceRe during the 2nd quarter valued at approximately $42,000. Versant Capital Management Inc raised its holdings in shares of RenaissanceRe by 155.3% in the third quarter. Versant Capital Management Inc now owns 194 shares of the insurance provider’s stock worth $62,000 after buying an additional 118 shares during the last quarter. Finally, IFP Advisors Inc raised its holdings in shares of RenaissanceRe by 29.4% in the second quarter. IFP Advisors Inc now owns 211 shares of the insurance provider’s stock worth $67,000 after buying an additional 48 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a Bermuda-based global provider of reinsurance and insurance solutions. Founded in 1993, the company focuses on managing and underwriting risks that can be difficult to place in traditional insurance markets, with an emphasis on disciplined underwriting and catastrophe risk management.

RenaissanceRe’s business includes property catastrophe reinsurance, which provides coverage for events such as hurricanes, earthquakes and other natural disasters, as well as property, casualty and specialty reinsurance.