RenaissanceRe (NYSE:RNR) Upgraded by Morgan Stanley to “Overweight” Rating

Morgan Stanley upgraded shares of RenaissanceRe (NYSE:RNR) from an equal weight rating to an overweight rating in a research note published on Friday morning, MarketBeat reports. The brokerage currently has $275.00 target price on the insurance provider’s stock, up from their previous target price of $235.00.

A number of other research analysts also recently issued reports on the stock. Bank of America cut their price objective on shares of RenaissanceRe from $437.00 to $426.00 and set a “buy” rating on the stock in a research report on Wednesday, March 26th. Jefferies Financial Group reduced their price objective on RenaissanceRe from $266.00 to $265.00 and set a “hold” rating for the company in a research note on Friday, April 11th. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 target price for the company in a research note on Tuesday, April 8th. Barclays dropped their price objective on RenaissanceRe from $234.00 to $231.00 and set an “underweight” rating on the stock in a report on Friday, April 11th. Finally, Wells Fargo & Company lowered their price objective on RenaissanceRe from $277.00 to $271.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $283.80.

RenaissanceRe Stock Up 3.1 %

Shares of RNR opened at $235.02 on Friday. RenaissanceRe has a 1 year low of $208.98 and a 1 year high of $300.00. The stock has a market capitalization of $11.52 billion, a price-to-earnings ratio of 6.71, a price-to-earnings-growth ratio of 2.09 and a beta of 0.29. The business’s 50 day simple moving average is $237.66 and its 200-day simple moving average is $252.34. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.42.

RenaissanceRe (NYSE:RNR) last released its earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($1.17). The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.36 billion. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. As a group, equities analysts expect that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.40 dividend. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a yield of 0.68%. The ex-dividend date of this dividend was Friday, March 14th. RenaissanceRe’s payout ratio is 5.10%.

Institutional Trading of RenaissanceRe

Institutional investors have recently added to or reduced their stakes in the stock. MassMutual Private Wealth & Trust FSB lifted its holdings in RenaissanceRe by 51.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock worth $30,000 after buying an additional 41 shares in the last quarter. UMB Bank n.a. increased its holdings in RenaissanceRe by 40.0% during the 4th quarter. UMB Bank n.a. now owns 175 shares of the insurance provider’s stock worth $44,000 after purchasing an additional 50 shares during the period. Lifestyle Asset Management Inc. raised its position in RenaissanceRe by 1.1% in the 4th quarter. Lifestyle Asset Management Inc. now owns 4,645 shares of the insurance provider’s stock valued at $1,156,000 after purchasing an additional 52 shares in the last quarter. AMG National Trust Bank boosted its stake in shares of RenaissanceRe by 1.3% in the 4th quarter. AMG National Trust Bank now owns 4,688 shares of the insurance provider’s stock valued at $1,166,000 after buying an additional 59 shares during the period. Finally, Principal Securities Inc. grew its position in shares of RenaissanceRe by 11.9% during the fourth quarter. Principal Securities Inc. now owns 565 shares of the insurance provider’s stock worth $141,000 after buying an additional 60 shares in the last quarter. Institutional investors and hedge funds 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.