Bank of America Boosts RenaissanceRe (NYSE:RNR) Price Target to $391.00

RenaissanceRe (NYSE:RNR) had its price target increased by Bank of America from $364.00 to $391.00 in a research report report published on Thursday morning, Benzinga reports. Bank of America currently has a buy rating on the insurance provider’s stock.

Several other research firms have also issued reports on RNR. Morgan Stanley decreased their target price on RenaissanceRe from $257.00 to $240.00 and set an equal weight rating for the company in a research report on Wednesday, July 10th. Citigroup increased their target price on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a buy rating in a report on Tuesday, September 10th. StockNews.com lowered shares of RenaissanceRe from a buy rating to a hold rating in a report on Friday, September 6th. Evercore ISI lifted their target price on RenaissanceRe from $218.00 to $229.00 and gave the stock an underperform rating in a report on Wednesday, October 9th. Finally, Barclays assumed coverage on RenaissanceRe in a report on Wednesday, September 4th. They issued an equal weight rating and a $287.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, RenaissanceRe has a consensus rating of Hold and an average price target of $289.00.

RenaissanceRe Trading Down 1.2 %

Shares of NYSE RNR opened at $275.55 on Thursday. RenaissanceRe has a fifty-two week low of $188.24 and a fifty-two week high of $283.86. The firm has a market capitalization of $14.37 billion, a P/E ratio of 5.45, a P/E/G ratio of 1.68 and a beta of 0.38. 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 company’s 50 day simple moving average is $255.54 and its 200 day simple moving average is $235.14.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results 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 return on equity of 27.74% and a net margin of 25.38%. The company had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.93 billion. On average, analysts predict that RenaissanceRe will post 40.68 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, September 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.57%. RenaissanceRe’s dividend payout ratio is currently 3.08%.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the firm’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 completion of the transaction, the executive vice president now owns 85,544 shares of the company’s stock, valued at approximately $19,675,120. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the transaction, the executive vice president now owns 85,544 shares in the company, valued at $19,675,120. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $224.56, for a total value of $561,400.00. Following the sale, the chief financial officer now owns 73,915 shares in the company, valued at $16,598,352.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,500 shares of company stock valued at $1,339,400 over the last 90 days. 1.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its stake in RenaissanceRe by 19.8% in the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock valued at $63,000 after buying an additional 45 shares during the period. CWM LLC lifted its holdings in RenaissanceRe by 8.7% during the 1st quarter. CWM LLC now owns 610 shares of the insurance provider’s stock valued at $143,000 after purchasing an additional 49 shares during the last quarter. State of Alaska Department of Revenue boosted its position in RenaissanceRe by 0.9% during the first quarter. State of Alaska Department of Revenue now owns 5,714 shares of the insurance provider’s stock worth $1,342,000 after purchasing an additional 50 shares during the period. Hilltop National Bank increased its holdings in shares of RenaissanceRe by 14.9% in the second quarter. Hilltop National Bank now owns 400 shares of the insurance provider’s stock valued at $89,000 after purchasing an additional 52 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of RenaissanceRe by 23.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock valued at $76,000 after purchasing an additional 64 shares during the period. 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.