RenaissanceRe Holdings Ltd. (NYSE:RNR) Stock Has Average Price Target of $338.12

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Free Report) have been assigned a consensus recommendation of “Hold” from the eighteen analysts that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation and six have given a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $338.12.

A number of brokerages have recently commented on RNR. Keefe, Bruyette & Woods upped their target price on RenaissanceRe from $342.00 to $350.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Jefferies Financial Group upgraded RenaissanceRe from a “hold” rating to a “market outperform” rating in a research report on Tuesday, September 22nd. JPMorgan Chase & Co. boosted their price target on RenaissanceRe from $329.00 to $360.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Barclays upped their price objective on RenaissanceRe from $328.00 to $341.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Finally, Bank of America raised their price objective on shares of RenaissanceRe from $410.00 to $438.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd.

Check Out Our Latest Analysis on RNR

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the transaction, the executive vice president owned 72,907 shares in the company, valued at approximately $24,280,218.21. This represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On RenaissanceRe

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new position in RenaissanceRe in the 2nd quarter worth about $1,319,724,000. Boston Partners grew its holdings in RenaissanceRe by 9.9% in the fourth quarter. Boston Partners now owns 1,423,483 shares of the insurance provider’s stock valued at $400,150,000 after purchasing an additional 128,245 shares during the period. Lightrock Netherlands B.V. increased its position in shares of RenaissanceRe by 15.8% in the first quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock valued at $350,263,000 after buying an additional 160,915 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of RenaissanceRe by 5.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider’s stock valued at $322,603,000 after buying an additional 52,371 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of RenaissanceRe during the 4th quarter worth approximately $168,582,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Trading Down 0.0%

NYSE RNR opened at $325.44 on Wednesday. The company has a market capitalization of $13.52 billion, a PE ratio of 5.59, a P/E/G ratio of 0.96 and a beta of 0.12. The company has a fifty day moving average of $325.57 and a 200 day moving average of $311.29. RenaissanceRe has a 1 year low of $231.17 and a 1 year high of $340.24. 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 quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. The company had revenue of $2.77 billion for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. Research analysts forecast that RenaissanceRe will post 42.81 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 0.5%. The ex-dividend date was Tuesday, September 15th. RenaissanceRe’s dividend payout ratio (DPR) is currently 2.81%.

About RenaissanceRe

(Get Free Report)

RenaissanceRe Holdings Ltd. is a Bermuda-based global provider of reinsurance and insurance solutions. Founded in 1993, the company focuses on managing and underwriting risks that can be difficult to place in traditional insurance markets, with an emphasis on disciplined underwriting and catastrophe risk management.

RenaissanceRe’s business includes property catastrophe reinsurance, which provides coverage for events such as hurricanes, earthquakes and other natural disasters, as well as property, casualty and specialty reinsurance.

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Analyst Recommendations for RenaissanceRe (NYSE:RNR)

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