Brokerages Set RenaissanceRe Holdings Ltd. (NYSE:RNR) Price Target at $322.93

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have been given a consensus recommendation of “Hold” by the seventeen research firms that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $322.9286.

RNR has been the subject of several research analyst reports. Weiss Ratings raised RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, May 26th. Cantor Fitzgerald raised RenaissanceRe from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $306.00 to $340.00 in a research report on Thursday, April 9th. Evercore set a $309.00 target price on RenaissanceRe in a research report on Thursday, April 9th. Wall Street Zen lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Keefe, Bruyette & Woods boosted their target price on RenaissanceRe from $323.00 to $327.00 and gave the company a “market perform” rating in a research report on Tuesday, April 7th.

RenaissanceRe Stock Performance

RNR stock opened at $280.64 on Thursday. The stock has a 50-day moving average price of $299.72 and a 200-day moving average price of $288.15. RenaissanceRe has a 1-year low of $231.17 and a 1-year high of $318.20. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. The firm has a market cap of $11.96 billion, a PE ratio of 4.68, a price-to-earnings-growth ratio of 0.76 and a beta of 0.18.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%.The firm had revenue of $2.19 billion during the quarter. As a group, equities research analysts expect that RenaissanceRe will post 40.02 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Monday, June 15th. RenaissanceRe’s payout ratio is presently 2.73%.

Institutional Trading of RenaissanceRe

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Diamond Hill Capital Management Inc. increased its position in RenaissanceRe by 16.0% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 119,240 shares of the insurance provider’s stock valued at $30,279,000 after buying an additional 16,448 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in RenaissanceRe by 4.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,001,410 shares of the insurance provider’s stock worth $254,273,000 after purchasing an additional 45,936 shares in the last quarter. New Age Alpha Advisors LLC increased its holdings in RenaissanceRe by 97.2% during the 3rd quarter. New Age Alpha Advisors LLC now owns 20,800 shares of the insurance provider’s stock worth $5,165,000 after purchasing an additional 10,250 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in RenaissanceRe by 135.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 195,975 shares of the insurance provider’s stock worth $55,100,000 after purchasing an additional 112,910 shares in the last quarter. Finally, Prana Capital Management LP increased its holdings in RenaissanceRe by 608.9% during the 3rd quarter. Prana Capital Management LP now owns 29,971 shares of the insurance provider’s stock worth $7,611,000 after purchasing an additional 25,743 shares in the last quarter. 99.97% of the stock is owned by 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.