RenaissanceRe (NYSE:RNR) Price Target Raised to $314.00

RenaissanceRe (NYSE:RNR) had its price objective raised by Keefe, Bruyette & Woods from $270.00 to $314.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a market perform rating on the insurance provider’s stock.

A number of other analysts have also weighed in on the company. Wells Fargo & Company upped their target price on RenaissanceRe from $278.00 to $285.00 and gave the stock an “equal weight” rating in a report on Thursday, October 30th. The Goldman Sachs Group started coverage on RenaissanceRe in a research note on Tuesday, October 14th. They set a “sell” rating and a $256.00 price objective for the company. Barclays set a $278.00 target price on RenaissanceRe in a research note on Wednesday, October 8th. Zacks Research raised shares of RenaissanceRe from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 8th. Finally, UBS Group raised their price target on shares of RenaissanceRe from $265.00 to $272.00 and gave the company a “neutral” rating in a report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $295.67.

RenaissanceRe Stock Performance

RNR stock opened at $279.64 on Tuesday. RenaissanceRe has a 1-year low of $219.00 and a 1-year high of $285.26. The business has a 50-day moving average price of $269.17 and a 200 day moving average price of $253.32. The company has a market capitalization of $12.89 billion, a P/E ratio of 7.77, a PEG ratio of 6.52 and a beta of 0.26. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.40 and a quick ratio of 1.40.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, October 28th. The insurance provider reported $15.62 EPS for the quarter, beating analysts’ consensus estimates of $9.49 by $6.13. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The business had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter last year, the firm posted $10.23 EPS. The company’s revenue for the quarter was down 4.8% on a year-over-year basis. As a group, equities research analysts forecast that RenaissanceRe will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, December 15th. RenaissanceRe’s payout ratio is presently 4.45%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hantz Financial Services Inc. boosted its holdings in RenaissanceRe by 707.1% during the second quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after buying an additional 99 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of RenaissanceRe by 160.0% during the second quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 72 shares during the last quarter. Financial Consulate Inc. purchased a new stake in shares of RenaissanceRe during the third quarter worth about $29,000. Huntington National Bank raised its holdings in RenaissanceRe by 80.9% in the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 55 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its stake in RenaissanceRe by 151.9% in the third quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 79 shares during the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

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.