JPMorgan Chase & Co. Increases RenaissanceRe (NYSE:RNR) Price Target to $267.00

RenaissanceRe (NYSE:RNR) had its target price raised by JPMorgan Chase & Co. from $265.00 to $267.00 in a research note published on Thursday, Benzinga reports. The brokerage currently has a neutral rating on the insurance provider’s stock.

A number of other research analysts have also recently commented on RNR. UBS Group decreased their target price on shares of RenaissanceRe from $251.00 to $248.00 and set a neutral rating on the stock in a research report on Tuesday, July 9th. Bank of America upped their target price on shares of RenaissanceRe from $334.00 to $347.00 and gave the company a buy rating in a research report on Thursday, July 11th. Morgan Stanley reduced their price target on shares of RenaissanceRe from $257.00 to $240.00 and set an equal weight rating on the stock in a research report on Wednesday, July 10th. Finally, Evercore ISI increased their price target on shares of RenaissanceRe from $216.00 to $218.00 and gave the stock an underperform rating in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $263.40.

RenaissanceRe Trading Up 2.2 %

NYSE RNR opened at $224.50 on Thursday. The firm’s 50-day moving average is $223.97 and its two-hundred day moving average is $223.80. RenaissanceRe has a 12 month low of $174.22 and a 12 month high of $239.42. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market capitalization of $11.71 billion, a P/E ratio of 4.96, a PEG ratio of 1.26 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, beating analysts’ consensus estimates of $9.86 by $2.32. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The company had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.05 billion. During the same quarter in the prior year, the company posted $8.16 earnings per share. RenaissanceRe’s revenue for the quarter was up 41.3% compared to the same quarter last year. On average, sell-side analysts anticipate that RenaissanceRe will post 37.43 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $1.56 annualized dividend and a yield of 0.69%. RenaissanceRe’s dividend payout ratio (DPR) is 3.45%.

Insider Activity at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total value of $230,000.00. Following the sale, the executive vice president now owns 85,544 shares of the company’s stock, valued at $19,675,120. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RenaissanceRe

Several hedge funds have recently added to or reduced their stakes in the stock. CWM LLC grew its position in shares of RenaissanceRe by 8.7% during the first quarter. CWM LLC now owns 610 shares of the insurance provider’s stock worth $143,000 after acquiring an additional 49 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of RenaissanceRe by 0.9% during the 1st quarter. State of Alaska Department of Revenue now owns 5,714 shares of the insurance provider’s stock worth $1,342,000 after buying an additional 50 shares during the last quarter. Hilltop National Bank raised its stake in shares of RenaissanceRe by 14.9% during the 2nd quarter. Hilltop National Bank now owns 400 shares of the insurance provider’s stock worth $89,000 after buying an additional 52 shares during the last quarter. Steward Partners Investment Advisory LLC raised its stake in shares of RenaissanceRe by 1.5% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,926 shares of the insurance provider’s stock worth $965,000 after buying an additional 73 shares during the last quarter. Finally, Benedict Financial Advisors Inc. raised its stake in shares of RenaissanceRe by 0.6% during the 1st quarter. Benedict Financial Advisors Inc. now owns 12,196 shares of the insurance provider’s stock worth $2,866,000 after buying an additional 77 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., 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.