RenaissanceRe (NYSE:RNR) Given New $269.00 Price Target at Keefe, Bruyette & Woods

RenaissanceRe (NYSE:RNR) had its price objective raised by Keefe, Bruyette & Woods from $268.00 to $269.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a market perform rating on the insurance provider’s stock.

A number of other research firms also recently weighed in on RNR. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Morgan Stanley cut their price objective on shares of RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating on the stock in a research report on Monday, July 14th. Jefferies Financial Group cut their price objective on shares of RenaissanceRe from $266.00 to $265.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Barclays increased their price objective on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an “equal weight” rating in a research report on Thursday, July 24th. Finally, JPMorgan Chase & Co. raised shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 price objective on the stock in a research report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $287.50.

RenaissanceRe Stock Up 0.0%

Shares of NYSE RNR opened at $244.38 on Monday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23. RenaissanceRe has a 12 month low of $219.00 and a 12 month high of $300.00. The firm has a market capitalization of $11.50 billion, a PE ratio of 6.24, a price-to-earnings-growth ratio of 2.57 and a beta of 0.30. The firm has a fifty day simple moving average of $242.25 and a two-hundred day simple moving average of $241.34.

RenaissanceRe (NYSE:RNR) last released its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, topping analysts’ consensus estimates of $10.28 by $2.01. The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.96 billion. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The company’s revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $12.41 EPS. Equities analysts expect that RenaissanceRe will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.65%. The ex-dividend date was Friday, June 13th. RenaissanceRe’s payout ratio is presently 4.09%.

Insider Activity

In other news, CAO James Christopher Fraser sold 332 shares of the firm’s stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total transaction of $82,847.28. Following the sale, the chief accounting officer owned 27,154 shares of the company’s stock, valued at $6,776,009.16. This trade represents a 1.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.30% of the stock is currently owned by insiders.

Institutional Trading of RenaissanceRe

A number of institutional investors have recently made changes to their positions in the stock. Aster Capital Management DIFC Ltd purchased a new position in shares of RenaissanceRe in the fourth quarter worth approximately $27,000. IFP Advisors Inc boosted its holdings in shares of RenaissanceRe by 160.0% in the second quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock worth $28,000 after buying an additional 72 shares during the last quarter. Brooklyn Investment Group boosted its holdings in shares of RenaissanceRe by 151.7% in the first quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider’s stock worth $35,000 after buying an additional 88 shares during the last quarter. Tsfg LLC purchased a new position in shares of RenaissanceRe in the first quarter worth approximately $40,000. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in shares of RenaissanceRe by 43.1% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 186 shares of the insurance provider’s stock worth $45,000 after buying an additional 56 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

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.