RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives $293.00 Consensus Target Price from Analysts

RenaissanceRe Holdings Ltd. (NYSE:RNR) has been given a consensus recommendation of “Hold” by the twelve ratings firms that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $293.00.

A number of analysts recently issued reports on RNR shares. StockNews.com cut RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Wells Fargo & Company raised their price target on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods lowered their price target on RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating on the stock in a report on Tuesday, November 12th. Citigroup raised their price target on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Finally, Jefferies Financial Group raised their price target on RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a report on Wednesday, October 9th.

RenaissanceRe Stock Performance

Shares of RNR opened at $285.44 on Friday. The stock’s 50-day simple moving average is $269.96 and its 200 day simple moving average is $246.02. The stock has a market capitalization of $14.83 billion, a price-to-earnings ratio of 4.11, a price-to-earnings-growth ratio of 1.36 and a beta of 0.39. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.43 and a current ratio of 1.43. RenaissanceRe has a 52-week low of $188.24 and a 52-week high of $300.00.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.35 billion. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The firm’s quarterly revenue was up 52.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $8.33 EPS. Research analysts forecast that RenaissanceRe will post 41.94 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, December 13th. This represents a $1.56 annualized dividend and a yield of 0.55%. RenaissanceRe’s payout ratio is 2.25%.

Insider Buying and Selling

In related news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the transaction, the executive vice president now directly owns 82,044 shares in the company, valued at $22,890,276. This trade represents a 1.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RenaissanceRe

A number of large investors have recently made changes to their positions in the business. Impax Asset Management Group plc grew its position in shares of RenaissanceRe by 32.4% in the 3rd quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock worth $461,679,000 after buying an additional 415,366 shares during the last quarter. Cooke & Bieler LP grew its position in shares of RenaissanceRe by 9.2% in the 2nd quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock worth $229,679,000 after buying an additional 86,562 shares during the last quarter. Geode Capital Management LLC grew its position in shares of RenaissanceRe by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 920,814 shares of the insurance provider’s stock worth $250,892,000 after buying an additional 25,773 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of RenaissanceRe by 21.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock worth $139,579,000 after buying an additional 109,851 shares during the last quarter. Finally, Great Lakes Advisors LLC grew its position in shares of RenaissanceRe by 3.1% in the 2nd quarter. Great Lakes Advisors LLC now owns 254,965 shares of the insurance provider’s stock worth $56,987,000 after buying an additional 7,718 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

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.