RenaissanceRe (NYSE:RNR) Price Target Raised to $280.00

RenaissanceRe (NYSE:RNR) had its price objective upped by JPMorgan Chase & Co. from $274.00 to $280.00 in a report published on Thursday morning,Benzinga reports. They currently have a neutral rating on the insurance provider’s stock.

A number of other equities analysts have also issued reports on RNR. Bank of America raised their price target on RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. StockNews.com lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Evercore ISI upped their price objective on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a report on Thursday. Jefferies Financial Group raised their target price on RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Morgan Stanley lowered their target price on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $291.30.

RenaissanceRe Stock Performance

NYSE RNR opened at $268.12 on Thursday. The stock has a 50-day moving average of $267.63 and a 200 day moving average of $241.99. RenaissanceRe has a twelve month low of $188.24 and a twelve month high of $300.00. The stock has a market capitalization of $13.99 billion, a price-to-earnings ratio of 3.86, a PEG ratio of 1.75 and a beta of 0.39. The company has a current ratio of 1.43, a quick ratio of 1.38 and a debt-to-equity ratio of 0.18.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, topping the consensus estimate of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the business posted $8.33 earnings per share. The firm’s revenue for the quarter was up 52.1% compared to the same quarter last year. Sell-side analysts anticipate that RenaissanceRe will post 40.75 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date of this dividend is Friday, December 13th. RenaissanceRe’s dividend payout ratio is presently 2.25%.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 82,044 shares in the company, valued at $22,890,276. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Impax Asset Management Group plc increased its stake in 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 acquiring an additional 415,366 shares during the last quarter. Cooke & Bieler LP increased its holdings in 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 in the last quarter. Dimensional Fund Advisors LP increased its holdings in 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 in the last quarter. Earnest Partners LLC lifted its position in shares of RenaissanceRe by 6.1% during the 1st quarter. Earnest Partners LLC now owns 578,139 shares of the insurance provider’s stock valued at $135,880,000 after buying an additional 33,448 shares in the last quarter. Finally, Great Lakes Advisors LLC lifted its position in shares of RenaissanceRe by 3.1% during the 2nd quarter. Great Lakes Advisors LLC now owns 254,965 shares of the insurance provider’s stock valued at $56,987,000 after buying an additional 7,718 shares in the last quarter. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Company Profile

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.