RenaissanceRe (NYSE:RNR) Given New $164.00 Price Target at Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell

RenaissanceRe (NYSE:RNR) had its target price lowered by Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell from $186.00 to $164.00 in a research note published on Monday morning, Analyst Ratings Network reports. The firm currently has a neutral rating on the insurance provider’s stock.

Several other brokerages also recently issued reports on RNR. Morgan Stanley lowered their price target on shares of RenaissanceRe from $195.00 to $191.00 and set an equal weight rating for the company in a report on Friday, April 16th. Zacks Investment Research upgraded shares of RenaissanceRe from a sell rating to a hold rating and set a $180.00 price target for the company in a report on Wednesday, March 17th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The company currently has an average rating of Hold and an average target price of $186.00.

Shares of RenaissanceRe stock opened at $144.52 on Monday. The firm has a market capitalization of $7.17 billion, a P/E ratio of 12.63 and a beta of 0.47. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.52 and a quick ratio of 1.52. RenaissanceRe has a 12-month low of $142.61 and a 12-month high of $191.24. The business’s 50-day moving average price is $159.25.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Wednesday, April 28th. The insurance provider reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.65). The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.67 billion. RenaissanceRe had a net margin of 10.74% and a return on equity of 0.22%. The company’s revenue for the quarter was up 43.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.76 earnings per share. On average, research analysts forecast that RenaissanceRe will post 10.32 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 30th. Shareholders of record on Tuesday, June 15th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Monday, June 14th. This represents a $1.44 dividend on an annualized basis and a yield of 1.00%. RenaissanceRe’s payout ratio is currently 1,200.00%.

Institutional investors have recently modified their holdings of the business. Veriti Management LLC acquired a new stake in RenaissanceRe during the 4th quarter worth about $27,000. Ameritas Investment Company LLC acquired a new stake in RenaissanceRe during the 1st quarter worth about $28,000. Eaton Vance Management acquired a new stake in RenaissanceRe during the 1st quarter worth about $37,000. Harbor Investment Advisory LLC grew its holdings in RenaissanceRe by 63.1% during the 1st quarter. Harbor Investment Advisory LLC now owns 729 shares of the insurance provider’s stock worth $117,000 after acquiring an additional 282 shares during the period. Finally, Baird Financial Group Inc. bought a new position in shares of RenaissanceRe during the 1st quarter worth about $210,000. Hedge funds and other institutional investors own 94.27% of the company’s stock.

About RenaissanceRe

RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, and other windstorms, as well as claims arising from other natural and man-made catastrophes comprising tsunamis, winter storms, freezes, floods, fires, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, and binding facilities and regional U.S.

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