Analysts Set RenaissanceRe Holdings Ltd. (NYSE:RNR) Price Target at $310.27

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have received a consensus recommendation of “Hold” from the nineteen research firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, fifteen have given a hold recommendation and three have given a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $310.2667.

RNR has been the topic of a number of research reports. UBS Group reaffirmed a “neutral” rating and set a $312.00 price target on shares of RenaissanceRe in a research note on Monday, February 9th. Zacks Research cut RenaissanceRe from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Barclays boosted their price objective on RenaissanceRe from $278.00 to $304.00 and gave the company an “equal weight” rating in a report on Thursday, January 8th. BMO Capital Markets reaffirmed an “outperform” rating and set a $303.00 target price on shares of RenaissanceRe in a research report on Friday, December 5th. Finally, Evercore increased their target price on RenaissanceRe from $283.00 to $291.00 and gave the stock an “in-line” rating in a report on Wednesday, February 4th.

RenaissanceRe Trading Down 0.3%

RNR opened at $290.94 on Friday. RenaissanceRe has a 1-year low of $219.00 and a 1-year high of $315.88. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.21. The company has a market cap of $12.65 billion, a P/E ratio of 5.13, a price-to-earnings-growth ratio of 0.68 and a beta of 0.21. The company has a fifty day moving average price of $290.95 and a two-hundred day moving average price of $270.74.

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

RenaissanceRe Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders 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 is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a yield of 0.6%. RenaissanceRe’s dividend payout ratio is currently 2.89%.

Insider Buying and Selling at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction dated 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 completion of the transaction, the executive vice president directly owned 73,023 shares in the company, valued at $22,326,782.25. This trade represents a 6.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Hedge funds have recently added to or reduced their stakes in the stock. Financial Consulate Inc. bought a new stake in RenaissanceRe during the 3rd quarter worth approximately $29,000. Kingdom Financial Group LLC. bought a new position in shares of RenaissanceRe in the fourth quarter valued at approximately $36,000. Farther Finance Advisors LLC boosted its position in shares of RenaissanceRe by 151.9% during the third quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock valued at $33,000 after buying an additional 79 shares during the last quarter. Quarry LP boosted its position in shares of RenaissanceRe by 65.0% during the third quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after buying an additional 52 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its holdings in RenaissanceRe by 235.0% during the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after buying an additional 94 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

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.