RenaissanceRe (NYSE:RNR) Price Target Raised to $290.00

RenaissanceRe (NYSE:RNR) had its price target raised by Morgan Stanley from $280.00 to $290.00 in a research report report published on Monday morning, Marketbeat reports. Morgan Stanley currently has an overweight rating on the insurance provider’s stock.

A number of other research analysts also recently weighed in on RNR. Citigroup initiated coverage on RenaissanceRe in a report on Wednesday, August 13th. They set a “buy” rating and a $288.00 price target on the stock. Evercore ISI set a $244.00 target price on RenaissanceRe and gave the company an “in-line” rating in a research note on Wednesday, October 1st. Wolfe Research began coverage on shares of RenaissanceRe in a research report on Monday, September 15th. They issued a “peer perform” rating for the company. Keefe, Bruyette & Woods raised their price target on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a “market perform” rating in a report on Monday, July 28th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $303.00 price objective on shares of RenaissanceRe in a research report on Thursday, October 9th. Four research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $284.50.

RenaissanceRe Stock Down 1.3%

RNR stock opened at $262.25 on Monday. The company’s 50 day simple moving average is $254.22 and its 200-day simple moving average is $246.87. RenaissanceRe has a 52-week low of $219.00 and a 52-week high of $290.78. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.40 and a quick ratio of 1.36. The firm has a market capitalization of $12.09 billion, a P/E ratio of 7.29, a P/E/G ratio of 2.08 and a beta of 0.25.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share for the quarter, topping the consensus estimate of $9.49 by $6.13. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The firm had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same period in the previous year, the company posted $10.23 EPS. The company’s quarterly revenue was down 4.8% compared to the same quarter last year. As a group, equities research analysts anticipate that RenaissanceRe will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a $0.40 dividend. The ex-dividend date is Monday, December 15th. This represents a $1.60 dividend on an annualized basis and a yield of 0.6%. RenaissanceRe’s payout ratio is 4.45%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Hantz Financial Services Inc. boosted its holdings in RenaissanceRe by 707.1% in the second quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 99 shares in the last quarter. Financial Consulate Inc. acquired a new stake in shares of RenaissanceRe in the third quarter worth about $29,000. IFP Advisors Inc boosted its stake in shares of RenaissanceRe by 160.0% during the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 72 shares in the last quarter. Huntington National Bank boosted its stake in shares of RenaissanceRe by 80.9% during the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 55 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in shares of RenaissanceRe by 151.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock valued at $33,000 after acquiring an additional 79 shares during 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.