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

RenaissanceRe Holdings Ltd. (NYSE:RNR) has received an average recommendation of “Hold” from the sixteen analysts that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $283.6667.

Several equities analysts recently commented on the company. The Goldman Sachs Group initiated coverage on RenaissanceRe in a research note on Tuesday, October 14th. They issued a “sell” rating and a $256.00 price objective on the stock. Cantor Fitzgerald upgraded RenaissanceRe to a “hold” rating in a research note on Wednesday, August 13th. Citigroup initiated coverage on RenaissanceRe in a research report on Wednesday, August 13th. They set a “buy” rating and a $288.00 target price on the stock. Cowen reaffirmed a “hold” rating on shares of RenaissanceRe in a research note on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods boosted their target price on RenaissanceRe from $268.00 to $269.00 and gave the stock a “market perform” rating in a research report on Monday, July 28th.

RenaissanceRe Trading Up 1.0%

Shares of RenaissanceRe stock opened at $269.04 on Friday. The firm has a market cap of $12.41 billion, a PE ratio of 7.48, a P/E/G ratio of 2.08 and a beta of 0.25. RenaissanceRe has a 1 year low of $219.00 and a 1 year high of $290.78. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.40 and a quick ratio of 1.36. The stock has a fifty day moving average price of $250.51 and a 200-day moving average price of $245.36.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share for the quarter, beating the consensus estimate 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 $2.06 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the prior year, the business earned $10.23 earnings per share. The firm’s revenue for the quarter was down 4.8% on a year-over-year basis. Equities research analysts anticipate that RenaissanceRe will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be given a dividend of $0.40 per share. The ex-dividend date is Monday, December 15th. This represents a $1.60 annualized dividend and a yield of 0.6%. RenaissanceRe’s payout ratio is presently 4.45%.

Institutional Trading of RenaissanceRe

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hantz Financial Services Inc. grew its position in RenaissanceRe by 707.1% in the second quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after acquiring an additional 99 shares in the last quarter. IFP Advisors Inc raised its position in 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 purchasing an additional 72 shares in the last quarter. Financial Consulate Inc. bought a new stake in RenaissanceRe during the third quarter worth about $29,000. Huntington National Bank boosted its holdings in shares of RenaissanceRe by 80.9% in the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 55 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its position in shares of RenaissanceRe by 151.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 79 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

About RenaissanceRe

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.