RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives Average Rating of “Hold” from Brokerages

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have been given a consensus rating of “Hold” by the seventeen ratings firms that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $336.3333.

Several equities research analysts recently commented on the company. Evercore set a $330.00 target price on RenaissanceRe in a report on Thursday, July 23rd. Citigroup upgraded RenaissanceRe from a “neutral” rating to a “buy” rating and lifted their price target for the company from $335.00 to $345.00 in a research report on Wednesday, June 10th. UBS Group set a $349.00 price objective on RenaissanceRe and gave the stock a “neutral” rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods boosted their price objective on RenaissanceRe from $342.00 to $350.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Finally, Bank of America upped their price objective on RenaissanceRe from $410.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, July 23rd.

RenaissanceRe Stock Performance

RNR stock opened at $323.53 on Tuesday. The company has a 50-day simple moving average of $314.97 and a 200 day simple moving average of $303.64. The company has a market capitalization of $13.44 billion, a P/E ratio of 5.55, a PEG ratio of 1.18 and a beta of 0.17. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. RenaissanceRe has a fifty-two week low of $231.17 and a fifty-two week high of $335.97.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. The company had revenue of $2.77 billion for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. Sell-side analysts predict that RenaissanceRe will post 42.29 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.41 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.64 annualized dividend and a yield of 0.5%. RenaissanceRe’s payout ratio is 2.81%.

Insiders Place Their Bets

In other news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the completion of the transaction, the executive vice president owned 72,907 shares in the company, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Institutional Trading of RenaissanceRe

A number of hedge funds and other institutional investors have recently made changes to their positions in RNR. Quarry LP increased its holdings in shares of RenaissanceRe by 65.0% in 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 in the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 94 shares during the last quarter. Kingdom Financial Group LLC. acquired a new stake in shares of RenaissanceRe during the fourth quarter worth $36,000. Mcguire Capital Advisors Inc. purchased a new stake in shares of RenaissanceRe during the fourth quarter valued at $38,000. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of RenaissanceRe by 33.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock valued at $41,000 after purchasing an additional 37 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

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.