RenaissanceRe (NYSE:RNR) Price Target Raised to $218.00 at Evercore ISI

RenaissanceRe (NYSE:RNR) had its price objective upped by Evercore ISI from $216.00 to $218.00 in a report issued on Wednesday morning, Benzinga reports. Evercore ISI currently has an underperform rating on the insurance provider’s stock.

RNR has been the subject of several other reports. JPMorgan Chase & Co. lifted their price target on shares of RenaissanceRe from $204.00 to $237.00 and gave the company a neutral rating in a report on Monday, April 8th. BMO Capital Markets lifted their target price on RenaissanceRe from $216.00 to $295.00 and gave the company an outperform rating in a research note on Monday, February 5th. TD Cowen assumed coverage on RenaissanceRe in a research report on Wednesday, January 10th. They set a market perform rating on the stock. Finally, UBS Group boosted their price objective on RenaissanceRe from $229.00 to $238.00 and gave the company a neutral rating in a research report on Monday, February 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $249.00.

RenaissanceRe Trading Down 0.4 %

Shares of NYSE RNR opened at $218.43 on Wednesday. The stock has a market capitalization of $11.51 billion, a P/E ratio of 4.83, a PEG ratio of 2.91 and a beta of 0.31. The stock’s 50 day moving average price is $226.74 and its two-hundred day moving average price is $216.34. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.23. RenaissanceRe has a 52-week low of $174.22 and a 52-week high of $239.42.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.86 by $2.32. The business had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.05 billion. RenaissanceRe had a return on equity of 28.59% and a net margin of 24.79%. The business’s revenue was up 41.3% compared to the same quarter last year. During the same period in the prior year, the company posted $8.16 EPS. On average, analysts anticipate that RenaissanceRe will post 34.43 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a dividend of $0.39 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.56 annualized dividend and a yield of 0.71%. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.38. RenaissanceRe’s payout ratio is presently 3.45%.

Insider Transactions at RenaissanceRe

In related news, Director Carol P. Sanders sold 880 shares of RenaissanceRe stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $227.59, for a total transaction of $200,279.20. Following the sale, the director now directly owns 5,363 shares in the company, valued at $1,220,565.17. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total transaction of $586,400.00. Following the sale, the chief financial officer now owns 70,424 shares of the company’s stock, valued at $16,518,653.44. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Carol P. Sanders sold 880 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $227.59, for a total value of $200,279.20. Following the completion of the sale, the director now owns 5,363 shares of the company’s stock, valued at $1,220,565.17. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Institutional Trading of RenaissanceRe

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in RenaissanceRe by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock worth $1,090,875,000 after acquiring an additional 148,173 shares during the period. Bank of New York Mellon Corp grew its stake in shares of RenaissanceRe by 4.7% in the 1st quarter. Bank of New York Mellon Corp now owns 2,752,016 shares of the insurance provider’s stock worth $646,806,000 after purchasing an additional 124,039 shares during the last quarter. Capital World Investors grew its stake in shares of RenaissanceRe by 1.0% in the 4th quarter. Capital World Investors now owns 2,539,332 shares of the insurance provider’s stock worth $497,709,000 after purchasing an additional 25,898 shares during the last quarter. Boston Partners raised its holdings in shares of RenaissanceRe by 7.1% in the 3rd quarter. Boston Partners now owns 2,052,716 shares of the insurance provider’s stock worth $406,390,000 after purchasing an additional 135,861 shares in the last quarter. Finally, Capital Research Global Investors lifted its stake in RenaissanceRe by 5.3% during the fourth quarter. Capital Research Global Investors now owns 1,423,281 shares of the insurance provider’s stock valued at $278,963,000 after purchasing an additional 71,377 shares during the last quarter. 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.