RenaissanceRe (NYSE:RNR) Price Target Increased to $347.00 by Analysts at Bank of America

RenaissanceRe (NYSE:RNR) had its target price lifted by Bank of America from $334.00 to $347.00 in a research note released on Thursday morning, Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

Several other equities analysts have also recently issued reports on RNR. JPMorgan Chase & Co. upped their price objective on RenaissanceRe from $245.00 to $265.00 and gave the company a neutral rating in a research report on Thursday. Morgan Stanley lowered their price objective on RenaissanceRe from $257.00 to $240.00 and set an equal weight rating on the stock in a research report on Wednesday, July 10th. Evercore ISI boosted their target price on shares of RenaissanceRe from $216.00 to $218.00 and gave the company an underperform rating in a research note on Wednesday, May 1st. Finally, UBS Group decreased their target price on shares of RenaissanceRe from $251.00 to $248.00 and set a neutral rating for the company in a research note on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $261.33.

RenaissanceRe Stock Performance

Shares of RNR opened at $220.00 on Thursday. The stock has a market cap of $11.63 billion, a P/E ratio of 4.86, a P/E/G ratio of 1.57 and a beta of 0.38. RenaissanceRe has a 52 week low of $174.22 and a 52 week high of $239.42. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.21. The business’s 50 day moving average price is $223.82 and its 200-day moving average price is $221.96.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data 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 analysts’ expectations of $3.05 billion. RenaissanceRe had a return on equity of 27.09% and a net margin of 24.79%. The firm’s quarterly revenue was up 41.3% on a year-over-year basis. During the same period in the prior year, the firm posted $8.16 EPS. Equities research analysts anticipate that RenaissanceRe will post 36.88 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a $0.39 dividend. The ex-dividend date was Friday, June 14th. This represents a $1.56 annualized dividend and a dividend yield of 0.71%. RenaissanceRe’s dividend payout ratio (DPR) is 3.45%.

Institutional Investors Weigh In On RenaissanceRe

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Carolina Wealth Advisors LLC increased its stake in shares of RenaissanceRe by 11.8% in the 2nd quarter. Carolina Wealth Advisors LLC now owns 2,978 shares of the insurance provider’s stock worth $666,000 after purchasing an additional 314 shares in the last quarter. CHICAGO TRUST Co NA increased its stake in shares of RenaissanceRe by 20.9% in the 2nd quarter. CHICAGO TRUST Co NA now owns 6,304 shares of the insurance provider’s stock worth $1,409,000 after purchasing an additional 1,090 shares in the last quarter. CWM LLC increased its stake in shares of RenaissanceRe by 28.4% in the 2nd quarter. CWM LLC now owns 783 shares of the insurance provider’s stock worth $175,000 after purchasing an additional 173 shares in the last quarter. Hilltop National Bank increased its stake in shares of RenaissanceRe by 14.9% in the 2nd quarter. Hilltop National Bank now owns 400 shares of the insurance provider’s stock worth $89,000 after purchasing an additional 52 shares in the last quarter. Finally, Park Avenue Securities LLC boosted its holdings in RenaissanceRe by 3.2% in the 2nd quarter. Park Avenue Securities LLC now owns 3,626 shares of the insurance provider’s stock worth $810,000 after buying an additional 112 shares during the period. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Company Profile

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.