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

RenaissanceRe Holdings Ltd. (NYSE:RNR) has earned a consensus rating of “Hold” from the ten research firms that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $247.89.

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

RenaissanceRe Trading Up 0.6 %

Shares of RNR stock opened at $216.40 on Friday. RenaissanceRe has a 1 year low of $174.22 and a 1 year high of $239.42. The firm has a fifty day moving average price of $227.65 and a 200-day moving average price of $215.34. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.40 and a quick ratio of 1.40. The company 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.

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

RenaissanceRe Increases Dividend

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

Insider Activity at RenaissanceRe

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RNR. American International Group Inc. lifted its position in shares of RenaissanceRe by 1,829.6% during the fourth quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock worth $273,135,000 after purchasing an additional 1,321,325 shares in the last quarter. Norges Bank acquired a new stake in RenaissanceRe in the fourth quarter valued at $133,196,000. Cooke & Bieler LP raised its holdings in RenaissanceRe by 97.9% in the fourth quarter. Cooke & Bieler LP now owns 1,088,978 shares of the insurance provider’s stock valued at $213,440,000 after acquiring an additional 538,636 shares in the last quarter. Zimmer Partners LP acquired a new stake in RenaissanceRe in the second quarter valued at $75,541,000. Finally, Balyasny Asset Management L.P. raised its holdings in RenaissanceRe by 340.4% in the first quarter. Balyasny Asset Management L.P. now owns 373,468 shares of the insurance provider’s stock valued at $74,821,000 after acquiring an additional 288,657 shares in the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Company Profile

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.