Citigroup Boosts RenaissanceRe (NYSE:RNR) Price Target to $298.00

RenaissanceRe (NYSE:RNR) had its price target boosted by Citigroup from $262.00 to $298.00 in a report released on Tuesday, Benzinga reports. Citigroup currently has a buy rating on the insurance provider’s stock.

RNR has been the topic of a number of other reports. JPMorgan Chase & Co. raised their price target on RenaissanceRe from $265.00 to $267.00 and gave the stock a neutral rating in a research note on Thursday, July 25th. Morgan Stanley cut their price target on RenaissanceRe from $257.00 to $240.00 and set an equal weight rating for the company in a research note on Wednesday, July 10th. Barclays started coverage on shares of RenaissanceRe in a research note on Wednesday, September 4th. They issued an equal weight rating and a $287.00 price objective on the stock. UBS Group cut their target price on shares of RenaissanceRe from $251.00 to $248.00 and set a neutral rating for the company in a research report on Tuesday, July 9th. Finally, Wells Fargo & Company decreased their price target on shares of RenaissanceRe from $288.00 to $280.00 and set an overweight rating on the stock in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $272.60.

RenaissanceRe Price Performance

RNR opened at $254.13 on Tuesday. The company’s 50-day simple moving average is $237.44 and its two-hundred day simple moving average is $229.72. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market capitalization of $13.26 billion, a P/E ratio of 5.61, a P/E/G ratio of 1.41 and a beta of 0.38. RenaissanceRe has a 52-week low of $188.24 and a 52-week high of $261.62.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, beating analysts’ consensus estimates of $10.88 by $1.53. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The company had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.93 billion. As a group, analysts predict that RenaissanceRe will post 39.01 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, September 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.61%. RenaissanceRe’s payout ratio is 3.45%.

Insider Buying and Selling

In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the sale, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction 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 transaction, the executive vice president now owns 85,544 shares of the company’s stock, valued at $19,675,120. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the transaction, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.

Institutional Trading of RenaissanceRe

Several hedge funds have recently bought and sold shares of the stock. Riverview Trust Co bought a new stake in shares of RenaissanceRe in the first quarter worth about $26,000. Blue Trust Inc. purchased a new position in RenaissanceRe during the 2nd quarter valued at approximately $27,000. Rise Advisors LLC bought a new stake in RenaissanceRe in the 1st quarter worth approximately $31,000. V Square Quantitative Management LLC purchased a new stake in shares of RenaissanceRe during the 2nd quarter worth approximately $31,000. Finally, Mather Group LLC. bought a new position in shares of RenaissanceRe during the 1st quarter valued at approximately $34,000. Hedge funds and other 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.