Brokerages Set RenaissanceRe Holdings Ltd. (NYSE:RNR) Target Price at $322.93

RenaissanceRe Holdings Ltd. (NYSE:RNR) has received an average rating of “Hold” from the seventeen ratings firms that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $322.9286.

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company raised their price target on shares of RenaissanceRe from $305.00 to $306.00 and gave the company an “equal weight” rating in a research note on Thursday, April 30th. Barclays cut their price target on shares of RenaissanceRe from $341.00 to $328.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 29th. Morgan Stanley lowered shares of RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 price target on the stock. in a report on Thursday, February 26th. TD Cowen lifted their price target on shares of RenaissanceRe from $280.00 to $290.00 and gave the stock a “hold” rating in a report on Thursday, February 26th. Finally, Mizuho set a $325.00 price target on shares of RenaissanceRe in a report on Monday, May 4th.

Hedge Funds Weigh In On RenaissanceRe

A number of hedge funds have recently modified their holdings of the business. Quarry LP raised its stake in RenaissanceRe by 65.0% during the third quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after buying an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC raised its stake 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 during the last quarter. Kingdom Financial Group LLC. bought a new position in RenaissanceRe during the fourth quarter worth $36,000. Mcguire Capital Advisors Inc. bought a new position in RenaissanceRe during the fourth quarter worth $38,000. Finally, SBI Securities Co. Ltd. raised its stake in RenaissanceRe by 33.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock worth $41,000 after buying an additional 37 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Stock Performance

Shares of RenaissanceRe stock opened at $278.27 on Thursday. RenaissanceRe has a fifty-two week low of $231.17 and a fifty-two week high of $318.20. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.37. The firm has a market capitalization of $11.86 billion, a P/E ratio of 4.64, a P/E/G ratio of 0.77 and a beta of 0.22. The company’s 50 day moving average price is $300.23 and its two-hundred day moving average price is $287.97.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. The business had revenue of $2.19 billion during the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. On average, equities analysts forecast that RenaissanceRe will post 40.02 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Monday, June 15th. RenaissanceRe’s payout ratio is 2.73%.

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.