RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives $298.07 Average Target Price from Analysts

RenaissanceRe Holdings Ltd. (NYSE:RNR) has received an average rating of “Hold” from the nineteen research firms that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, thirteen have issued a hold recommendation and five have given a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $298.0667.

Several research analysts recently commented on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $300.00 target price on shares of RenaissanceRe in a report on Tuesday, December 16th. Wells Fargo & Company decreased their price target on shares of RenaissanceRe from $285.00 to $281.00 and set an “equal weight” rating for the company in a report on Tuesday, January 13th. The Goldman Sachs Group reiterated a “sell” rating and issued a $267.00 price objective on shares of RenaissanceRe in a research note on Wednesday, January 7th. Weiss Ratings reissued a “buy (b)” rating on shares of RenaissanceRe in a research report on Monday, December 29th. Finally, BMO Capital Markets restated an “outperform” rating and set a $303.00 target price on shares of RenaissanceRe in a research note on Friday, December 5th.

Hedge Funds Weigh In On RenaissanceRe

A number of institutional investors and hedge funds have recently bought and sold shares of RNR. Hantz Financial Services Inc. boosted 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 valued at $27,000 after purchasing an additional 99 shares during the period. Financial Consulate Inc. bought a new position in shares of RenaissanceRe during the 3rd quarter worth about $29,000. IFP Advisors Inc raised its position in shares of RenaissanceRe by 160.0% during the second quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock valued at $28,000 after buying an additional 72 shares during the last quarter. Huntington National Bank raised its position in shares of RenaissanceRe by 80.9% during the second quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock valued at $30,000 after buying an additional 55 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in shares of RenaissanceRe by 151.9% in 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 period. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Up 0.7%

RNR opened at $273.54 on Friday. The firm has a market cap of $12.61 billion, a P/E ratio of 7.60, a price-to-earnings-growth ratio of 2.86 and a beta of 0.26. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.40 and a current ratio of 1.40. The business has a 50 day moving average price of $270.97 and a 200 day moving average price of $255.89. RenaissanceRe has a twelve month low of $219.00 and a twelve month high of $285.26.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, October 28th. The insurance provider reported $15.62 EPS for the quarter, beating analysts’ consensus estimates of $9.49 by $6.13. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same quarter last year, the firm posted $10.23 earnings per share. The company’s quarterly revenue was down 4.8% compared to the same quarter last year. Research analysts forecast that RenaissanceRe will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, December 15th. RenaissanceRe’s dividend payout ratio is currently 4.45%.

About RenaissanceRe

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.