RenaissanceRe (NYSE:RNR) Price Target Raised to $314.00

by · The Markets Daily

RenaissanceRe (NYSE:RNR – Free Report) had its target price raised by Jefferies Financial Group from $270.00 to $314.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Jefferies Financial Group currently has a buy rating on the insurance provider’s stock.

Several other research firms have also recently weighed in on RNR. Bank of America upped their price target on shares of RenaissanceRe from $334.00 to $347.00 and gave the company a buy rating in a report on Thursday, July 11th. Morgan Stanley dropped their price target on RenaissanceRe from $257.00 to $240.00 and set an equal weight rating on the stock in a research note on Wednesday, July 10th. Wells Fargo & Company reduced their price objective on RenaissanceRe from $288.00 to $280.00 and set an overweight rating for the company in a research report on Friday, July 26th. UBS Group dropped their target price on RenaissanceRe from $251.00 to $248.00 and set a neutral rating on the stock in a research report on Tuesday, July 9th. Finally, Citigroup upped their price target on RenaissanceRe from $262.00 to $298.00 and gave the stock a buy rating in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $289.00.

View Our Latest Report on RNR

RenaissanceRe Stock Performance

Shares of NYSE:RNR opened at $275.55 on Wednesday. The firm’s 50 day simple moving average is $255.54 and its 200 day simple moving average is $235.14. RenaissanceRe has a fifty-two week low of $188.24 and a fifty-two week high of $283.86. The company has a market capitalization of $14.37 billion, a price-to-earnings ratio of 5.45, a P/E/G ratio of 1.70 and a beta of 0.38. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

RenaissanceRe (NYSE:RNR – Get Free Report) last posted its earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, topping the consensus estimate of $10.88 by $1.53. The company had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.93 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. As a group, sell-side analysts forecast that RenaissanceRe will post 39.55 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.57%. RenaissanceRe’s dividend payout ratio is presently 3.08%.

Insiders Place Their Bets

In other news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the completion of the transaction, the chief financial officer now owns 73,915 shares of the company’s stock, valued at $16,598,352.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the sale, the executive vice president now owns 85,544 shares of the company’s stock, valued at $19,675,120. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the completion of the transaction, the chief financial officer now owns 73,915 shares in the company, valued at approximately $16,598,352.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,500 shares of company stock valued at $1,339,400. 1.30% of the stock is currently owned by corporate insiders.

Institutional Trading of RenaissanceRe

Hedge funds and other institutional investors have recently modified their holdings of the stock. EntryPoint Capital LLC bought a new stake in shares of RenaissanceRe during the first quarter worth approximately $46,000. Royal London Asset Management Ltd. grew its holdings in RenaissanceRe by 38.3% in the 4th quarter. Royal London Asset Management Ltd. now owns 24,811 shares of the insurance provider’s stock valued at $4,863,000 after buying an additional 6,874 shares in the last quarter. American International Group Inc. increased its position 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 buying an additional 1,321,325 shares during the period. Wedge Capital Management L L P NC bought a new position in RenaissanceRe during the 2nd quarter worth $2,887,000. Finally, Russell Investments Group Ltd. lifted its holdings in shares of RenaissanceRe by 16.9% during the first quarter. Russell Investments Group Ltd. now owns 27,448 shares of the insurance provider’s stock worth $6,451,000 after buying an additional 3,962 shares in the last quarter. Institutional investors own 99.97% of the company’s stock.

About RenaissanceRe

(Get Free Report)

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.

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