Bank of America Lowers RenaissanceRe (NYSE:RNR) Price Target to $426.00

RenaissanceRe (NYSE:RNR) had its target price cut by Bank of America from $437.00 to $426.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

Other equities analysts have also issued reports about the stock. JPMorgan Chase & Co. raised their target price on shares of RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a report on Friday, January 3rd. JMP Securities restated a “market perform” rating on shares of RenaissanceRe in a research report on Thursday, January 30th. Keefe, Bruyette & Woods reduced their target price on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating on the stock in a report on Tuesday, February 4th. Wells Fargo & Company lowered their price target on RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. Finally, Barclays lowered RenaissanceRe from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $284.00 to $234.00 in a research note on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $283.40.

RenaissanceRe Stock Up 2.1 %

NYSE RNR opened at $244.03 on Wednesday. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.19. The company has a market cap of $12.02 billion, a price-to-earnings ratio of 6.97, a PEG ratio of 2.09 and a beta of 0.38. The company has a 50 day moving average of $240.27 and a 200-day moving average of $256.70. RenaissanceRe has a 1-year low of $208.98 and a 1-year high of $300.00.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share for the quarter, beating analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. On average, equities research analysts expect that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.39. RenaissanceRe’s dividend payout ratio (DPR) is 4.57%.

Insiders Place Their Bets

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the transaction, the executive vice president now directly owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. The trade was a 1.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. MassMutual Private Wealth & Trust FSB increased its position in RenaissanceRe by 51.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 41 shares during the period. UMB Bank n.a. increased its position in shares of RenaissanceRe by 40.0% during the fourth quarter. UMB Bank n.a. now owns 175 shares of the insurance provider’s stock worth $44,000 after buying an additional 50 shares during the period. Lifestyle Asset Management Inc. increased its position in shares of RenaissanceRe by 1.1% during the fourth quarter. Lifestyle Asset Management Inc. now owns 4,645 shares of the insurance provider’s stock worth $1,156,000 after buying an additional 52 shares during the period. AMG National Trust Bank raised its stake in RenaissanceRe by 1.3% during the fourth quarter. AMG National Trust Bank now owns 4,688 shares of the insurance provider’s stock worth $1,166,000 after buying an additional 59 shares during the last quarter. Finally, Principal Securities Inc. lifted its holdings in RenaissanceRe by 11.9% in the fourth quarter. Principal Securities Inc. now owns 565 shares of the insurance provider’s stock valued at $141,000 after buying an additional 60 shares during the period. 99.97% of the stock is owned by institutional investors and hedge funds.

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.