RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives $309.27 Average PT from Analysts

RenaissanceRe Holdings Ltd. (NYSE:RNR) has earned an average recommendation of “Hold” from the nineteen research firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and four have issued a buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $309.60.

A number of research analysts have recently weighed in on the company. Cantor Fitzgerald lifted their price target on RenaissanceRe from $252.00 to $282.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RenaissanceRe in a research report on Monday, December 29th. Wall Street Zen upgraded shares of RenaissanceRe from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. UBS Group restated a “neutral” rating and set a $312.00 price target on shares of RenaissanceRe in a report on Monday, February 9th. Finally, Citigroup increased their price objective on RenaissanceRe from $328.00 to $333.00 and gave the stock a “neutral” rating in a report on Wednesday.

Insider Activity at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the transaction, the executive vice president owned 73,023 shares of the company’s stock, valued at approximately $22,326,782.25. This trade represents a 6.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.30% of the company’s stock.

Institutional Trading of RenaissanceRe

Institutional investors and hedge funds have recently modified their holdings of the company. Hantz Financial Services Inc. raised its holdings in RenaissanceRe by 707.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after acquiring an additional 99 shares during the period. Financial Consulate Inc. bought a new position in shares of RenaissanceRe in the third quarter worth about $29,000. IFP Advisors Inc lifted its position in shares of RenaissanceRe by 160.0% during the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 72 shares during the last quarter. Huntington National Bank boosted its stake in RenaissanceRe by 80.9% during the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 55 shares during the period. Finally, Kingdom Financial Group LLC. acquired a new stake in RenaissanceRe in the 4th quarter valued at approximately $36,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $299.79 on Tuesday. The stock’s fifty day simple moving average is $282.54 and its 200 day simple moving average is $262.75. The stock has a market capitalization of $13.04 billion, a price-to-earnings ratio of 5.29, a PEG ratio of 0.74 and a beta of 0.24. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. RenaissanceRe has a 52-week low of $219.00 and a 52-week high of $315.88.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, topping analysts’ consensus estimates of $10.59 by $2.75. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The firm had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter last year, the business posted $8.06 EPS. RenaissanceRe’s revenue was up 29.6% on a year-over-year basis. As a group, sell-side analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.41 per share. The ex-dividend date is Friday, March 13th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. RenaissanceRe’s dividend payout ratio is presently 2.82%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.