Brokerages Set RenaissanceRe Holdings Ltd. (NYSE:RNR) Target Price at $261.33

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have been assigned a consensus recommendation of “Hold” from the ten research firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $263.40.

Several research firms have commented on RNR. JPMorgan Chase & Co. raised their target price on shares of RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday. Morgan Stanley lowered their price objective on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 10th. Evercore ISI lifted their price objective on shares of RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 1st. Bank of America lifted their price objective on shares of RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Finally, UBS Group decreased their target price on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a report on Tuesday, July 9th.

Insider Activity at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the transaction, the executive vice president now owns 85,544 shares in the company, valued at approximately $19,675,120. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On RenaissanceRe

Several large investors have recently made changes to their positions in RNR. Fiera Capital Corp grew its holdings in RenaissanceRe by 637.3% during the 4th quarter. Fiera Capital Corp now owns 199,166 shares of the insurance provider’s stock worth $39,037,000 after acquiring an additional 172,154 shares during the last quarter. Principal Financial Group Inc. grew its holdings in RenaissanceRe by 2.0% during the 4th quarter. Principal Financial Group Inc. now owns 193,146 shares of the insurance provider’s stock worth $37,857,000 after acquiring an additional 3,797 shares during the last quarter. Retirement Systems of Alabama grew its holdings in RenaissanceRe by 7.2% during the 4th quarter. Retirement Systems of Alabama now owns 125,847 shares of the insurance provider’s stock worth $24,666,000 after acquiring an additional 8,441 shares during the last quarter. Royal London Asset Management Ltd. grew its holdings in RenaissanceRe by 38.3% during the 4th quarter. Royal London Asset Management Ltd. now owns 24,811 shares of the insurance provider’s stock worth $4,863,000 after acquiring an additional 6,874 shares during the last quarter. Finally, American International Group Inc. grew its holdings in RenaissanceRe by 1,829.6% during the 4th quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock worth $273,135,000 after acquiring an additional 1,321,325 shares during the last quarter. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Up 2.2 %

RNR stock opened at $224.50 on Monday. The company has a quick ratio of 1.41, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. RenaissanceRe has a fifty-two week low of $174.22 and a fifty-two week high of $239.42. The firm’s 50-day simple moving average is $223.97 and its 200 day simple moving average is $223.80. The stock has a market cap of $11.87 billion, a PE ratio of 4.96, a price-to-earnings-growth ratio of 1.61 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share for the quarter, topping analysts’ consensus estimates of $9.86 by $2.32. The business had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.05 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The company’s revenue for the quarter was up 41.3% compared to the same quarter last year. During the same quarter last year, the company earned $8.16 EPS. As a group, sell-side analysts predict that RenaissanceRe will post 37.43 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date was Friday, June 14th. RenaissanceRe’s payout ratio is 3.45%.

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.