RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives $247.89 Consensus Target Price from Brokerages

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have received an average rating of “Hold” from the ten ratings firms that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and five have given a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $247.89.

A number of research firms have recently issued reports on RNR. TD Cowen began coverage on shares of RenaissanceRe in a report on Wednesday, January 10th. They set a “market perform” rating for the company. Evercore ISI lifted their price objective on shares of RenaissanceRe from $213.00 to $216.00 and gave the stock an “underperform” rating in a report on Thursday, April 11th. JPMorgan Chase & Co. lifted their price objective on shares of RenaissanceRe from $204.00 to $237.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. BMO Capital Markets lifted their price objective on shares of RenaissanceRe from $216.00 to $295.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. Finally, UBS Group lifted their price objective on shares of RenaissanceRe from $229.00 to $238.00 and gave the stock a “neutral” rating in a report on Monday, February 5th.

Insiders Place Their Bets

In other news, Director Carol P. Sanders sold 880 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $227.59, for a total transaction of $200,279.20. Following the sale, the director now owns 5,363 shares of the company’s stock, valued at $1,220,565.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total transaction of $586,400.00. Following the sale, the chief financial officer now directly owns 70,424 shares in the company, valued at approximately $16,518,653.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carol P. Sanders sold 880 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $227.59, for a total transaction of $200,279.20. Following the completion of the sale, the director now owns 5,363 shares in the company, valued at $1,220,565.17. The disclosure for this sale can be found here. Insiders sold a total of 4,130 shares of company stock valued at $958,429 over the last 90 days. 1.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Riverview Trust Co purchased a new position in shares of RenaissanceRe during the 1st quarter valued at approximately $26,000. Financial Management Professionals Inc. increased its holdings in shares of RenaissanceRe by 4,833.3% during the third quarter. Financial Management Professionals Inc. now owns 148 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 145 shares during the period. Rise Advisors LLC acquired a new position in RenaissanceRe during the first quarter worth about $31,000. Quarry LP acquired a new position in RenaissanceRe during the first quarter worth about $32,000. Finally, Mather Group LLC. acquired a new position in shares of RenaissanceRe in the 1st quarter valued at $34,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $216.40 on Friday. RenaissanceRe has a fifty-two week low of $174.22 and a fifty-two week high of $239.42. The stock has a market cap of $11.41 billion, a price-to-earnings ratio of 4.22, a PEG ratio of 2.83 and a beta of 0.30. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.40 and a current ratio of 1.40. The firm’s 50-day simple moving average is $227.65 and its 200 day simple moving average is $215.34.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, January 30th. The insurance provider reported $11.77 EPS for the quarter, topping the consensus estimate of $8.13 by $3.64. RenaissanceRe had a net margin of 28.04% and a return on equity of 26.93%. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter last year, the firm earned $7.33 EPS. The company’s quarterly revenue was up 17.9% compared to the same quarter last year. As a group, research analysts anticipate that RenaissanceRe will post 34.41 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.39 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.72%. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.38. RenaissanceRe’s dividend payout ratio is currently 3.05%.

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.