RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives $336.33 Consensus PT from Analysts

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have earned a consensus recommendation of “Hold” from the seventeen ratings firms that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation and five have issued a buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $336.3333.

RNR has been the topic of a number of recent research reports. Wells Fargo & Company raised their price objective on RenaissanceRe from $306.00 to $329.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Citigroup upgraded RenaissanceRe from a “neutral” rating to a “buy” rating and upped their target price for the company from $335.00 to $345.00 in a research report on Wednesday, June 10th. Evercore set a $330.00 target price on RenaissanceRe in a report on Thursday, July 23rd. UBS Group set a $349.00 price target on RenaissanceRe and gave the stock a “neutral” rating in a research report on Monday, July 27th. Finally, Keefe, Bruyette & Woods boosted their price target on RenaissanceRe from $342.00 to $350.00 and gave the company a “market perform” rating in a research note on Monday, July 27th.

Insider Buying and Selling

In other news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the transaction, the executive vice president directly owned 72,907 shares in the company, valued at approximately $24,280,218.21. The trade was a 6.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of RenaissanceRe

Several large investors have recently made changes to their positions in the company. Kingdom Financial Group LLC. acquired a new position in RenaissanceRe during the fourth quarter valued at approximately $36,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in RenaissanceRe during the second quarter worth $42,000. Quarry LP boosted its holdings in shares of RenaissanceRe by 65.0% in the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC boosted 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 valued at $34,000 after purchasing an additional 94 shares in the last quarter. Finally, Mcguire Capital Advisors Inc. bought a new position in shares of RenaissanceRe in the 4th quarter valued at $38,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Stock Performance

Shares of NYSE:RNR opened at $318.02 on Tuesday. The company’s 50 day moving average price is $315.69 and its two-hundred day moving average price is $304.14. RenaissanceRe has a 12-month low of $231.17 and a 12-month high of $335.97. The firm has a market cap of $13.21 billion, a PE ratio of 5.46, 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 (NYSE:RNR) last released its quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. The company had revenue of $2.77 billion during the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. Equities research analysts predict that RenaissanceRe will post 42.29 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 15th. RenaissanceRe’s dividend payout ratio (DPR) is currently 2.81%.

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.