RenaissanceRe Holdings Ltd. (NYSE:RNR) Given Average Recommendation of “Hold” by Brokerages

RenaissanceRe Holdings Ltd. (NYSE:RNR) has earned an average rating of “Hold” from the eleven analysts that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $283.60.

Several research analysts recently commented on RNR shares. JMP Securities restated a “market perform” rating on shares of RenaissanceRe in a report on Thursday, April 24th. Barclays reduced their price objective on shares of RenaissanceRe from $234.00 to $231.00 and set an “underweight” rating for the company in a research note on Friday, April 11th. Jefferies Financial Group reduced their price target on RenaissanceRe from $266.00 to $265.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Keefe, Bruyette & Woods increased their price target on RenaissanceRe from $279.00 to $282.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Finally, Bank of America cut their price objective on RenaissanceRe from $437.00 to $426.00 and set a “buy” rating for the company in a report on Wednesday, March 26th.

RenaissanceRe Trading Up 1.3%

NYSE RNR opened at $247.48 on Thursday. RenaissanceRe has a 52 week low of $208.98 and a 52 week high of $300.00. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42. The stock’s 50 day moving average price is $242.81 and its two-hundred day moving average price is $245.29. The stock has a market capitalization of $12.04 billion, a price-to-earnings ratio of 7.07, a PEG ratio of 2.09 and a beta of 0.31.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($1.17). RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.36 billion. During the same quarter last year, the business earned $12.18 earnings per share. RenaissanceRe’s revenue for the quarter was up 7.6% on a year-over-year basis. As a group, analysts anticipate that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.65%. RenaissanceRe’s payout ratio is 5.10%.

Insider Activity

In other news, CAO James Christopher Fraser sold 332 shares of the firm’s stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total transaction of $82,847.28. Following the completion of the sale, the chief accounting officer now owns 27,154 shares in the company, valued at approximately $6,776,009.16. This trade represents a 1.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.30% of the company’s stock.

Institutional Trading of RenaissanceRe

A number of hedge funds have recently modified their holdings of the stock. Aster Capital Management DIFC Ltd acquired a new stake in RenaissanceRe during the fourth quarter worth approximately $27,000. SBI Securities Co. Ltd. acquired a new stake in RenaissanceRe during the fourth quarter worth approximately $29,000. Jones Financial Companies Lllp lifted its holdings in RenaissanceRe by 1,587.5% during the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 127 shares during the last quarter. Brooklyn Investment Group lifted its holdings in RenaissanceRe by 151.7% during the 1st quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 88 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its holdings in RenaissanceRe by 71.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 65 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

About RenaissanceRe

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.