RenaissanceRe (NYSE:RNR – Free Report) had its price target raised by Citigroup from $333.00 to $335.00 in a research note released on Friday,Benzinga reports. They currently have a neutral rating on the insurance provider’s stock.
A number of other analysts also recently commented on RNR. Evercore set a $309.00 price objective on RenaissanceRe in a report on Thursday, April 9th. Barclays dropped their price objective on RenaissanceRe from $341.00 to $328.00 and set an “equal weight” rating for the company in a report on Wednesday. Weiss Ratings restated a “buy (b)” rating on shares of RenaissanceRe in a report on Friday, March 27th. JPMorgan Chase & Co. upped their price objective on RenaissanceRe from $303.00 to $329.00 and gave the stock a “neutral” rating in a report on Wednesday, January 7th. Finally, Morgan Stanley downgraded RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 price objective for the company. in a report on Thursday, February 26th. Four analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, RenaissanceRe has an average rating of “Hold” and an average price target of $321.93.
Read Our Latest Analysis on RenaissanceRe
RenaissanceRe Trading Down 2.7%
RenaissanceRe (NYSE:RNR – Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The insurance provider reported $13.75 EPS for the quarter, topping analysts’ consensus estimates of $11.07 by $2.68. The business had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.84 billion. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%.The business’s revenue for the quarter was down 36.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.49) EPS. On average, analysts expect that RenaissanceRe will post 38.28 earnings per share for the current year.
RenaissanceRe Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were issued a $0.41 dividend. The ex-dividend date was Friday, March 13th. This represents a $1.64 annualized dividend and a yield of 0.5%. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.40. RenaissanceRe’s payout ratio is currently 2.73%.
Insider Transactions at RenaissanceRe
In related news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the completion of the sale, the executive vice president directly owned 73,023 shares in the company, valued at approximately $22,326,782.25. This represents a 6.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.30% of the company’s stock.
Institutional Trading of RenaissanceRe
Several large investors have recently added to or reduced their stakes in RNR. Lightrock Netherlands B.V. boosted its position in RenaissanceRe by 4,690.1% in the 4th quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock valued at $286,083,000 after buying an additional 996,266 shares during the last quarter. Orbis Allan Gray Ltd purchased a new position in RenaissanceRe in the 4th quarter valued at about $178,519,000. Norges Bank purchased a new position in RenaissanceRe in the 4th quarter valued at about $168,582,000. Egerton Capital UK LLP purchased a new position in RenaissanceRe in the 4th quarter valued at about $137,944,000. Finally, GQG Partners LLC purchased a new position in RenaissanceRe in the 4th quarter valued at about $108,780,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.
About RenaissanceRe
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.
The company operates through two primary segments: Reinsurance and Insurance.
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