Keefe, Bruyette & Woods Cuts RenaissanceRe (NYSE:RNR) Price Target to $310.00

RenaissanceRe (NYSE:RNR) had its target price cut by Keefe, Bruyette & Woods from $316.00 to $310.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an outperform rating on the insurance provider’s stock.

Several other brokerages have also recently issued reports on RNR. Bank of America raised their target price on shares of RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Evercore ISI raised their price objective on shares of RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research note on Thursday, November 7th. Wells Fargo & Company boosted their price objective on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Citigroup raised their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, Jefferies Financial Group boosted their target price on shares of RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, RenaissanceRe has an average rating of “Hold” and an average price target of $293.00.

RenaissanceRe Stock Performance

Shares of RNR opened at $256.96 on Tuesday. The stock’s 50-day simple moving average is $267.93 and its 200 day simple moving average is $242.85. The stock has a market capitalization of $13.35 billion, a price-to-earnings ratio of 3.70, a price-to-earnings-growth ratio of 1.32 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 released its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The business’s quarterly revenue was up 52.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $8.33 EPS. Research analysts forecast that RenaissanceRe will post 40.31 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.61%. The ex-dividend date is Friday, December 13th. RenaissanceRe’s dividend payout ratio is currently 2.25%.

Insiders Place Their Bets

In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the transaction, the executive vice president now owns 82,044 shares of the company’s stock, valued at $22,890,276. This represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. purchased a new position in shares of RenaissanceRe in the second quarter worth $27,000. ORG Wealth Partners LLC purchased a new stake in RenaissanceRe in the 3rd quarter worth $30,000. V Square Quantitative Management LLC bought a new position in shares of RenaissanceRe during the 2nd quarter valued at about $31,000. UMB Bank n.a. grew its position in shares of RenaissanceRe by 316.7% during the third quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 95 shares in the last quarter. Finally, Advisors Asset Management Inc. bought a new stake in shares of RenaissanceRe in the third quarter worth about $45,000. 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.