Keefe, Bruyette & Woods Boosts RenaissanceRe (NYSE:RNR) Price Target to $318.00

RenaissanceRe (NYSE:RNR) had its price objective increased by Keefe, Bruyette & Woods from $310.00 to $318.00 in a report issued on Friday,Benzinga reports. The firm currently has an outperform rating on the insurance provider’s stock.

A number of other research firms have also issued reports on RNR. Barclays cut shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $284.00 to $234.00 in a research note on Monday, January 6th. StockNews.com lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Wells Fargo & Company increased their price target on RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Evercore ISI boosted their price objective on RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. raised their target price on RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a report on Friday, January 3rd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $286.36.

RenaissanceRe Trading Down 1.3 %

NYSE:RNR opened at $250.01 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18. The firm has a fifty day simple moving average of $264.06 and a 200-day simple moving average of $253.61. RenaissanceRe has a 12 month low of $199.73 and a 12 month high of $300.00. The company has a market capitalization of $12.99 billion, a P/E ratio of 3.60, a PEG ratio of 1.31 and a beta of 0.44.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, beating the consensus estimate of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the business earned $8.33 EPS. The company’s quarterly revenue was up 52.1% compared to the same quarter last year. On average, equities research analysts anticipate that RenaissanceRe will post 41.94 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.62%. RenaissanceRe’s dividend payout ratio (DPR) is 2.25%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RNR. National Bank of Canada FI lifted its position in shares of RenaissanceRe by 1,381.3% in the second quarter. National Bank of Canada FI now owns 5,377 shares of the insurance provider’s stock valued at $1,189,000 after acquiring an additional 5,014 shares in the last quarter. Victory Capital Management Inc. boosted its stake in RenaissanceRe by 3.4% during the 2nd quarter. Victory Capital Management Inc. now owns 22,187 shares of the insurance provider’s stock worth $4,959,000 after purchasing an additional 735 shares during the last quarter. Acadian Asset Management LLC grew its holdings in shares of RenaissanceRe by 88.1% during the second quarter. Acadian Asset Management LLC now owns 2,090 shares of the insurance provider’s stock worth $465,000 after buying an additional 979 shares in the last quarter. Caprock Group LLC acquired a new stake in shares of RenaissanceRe in the second quarter valued at about $229,000. Finally, Wedbush Securities Inc. lifted its stake in shares of RenaissanceRe by 31.1% in the second quarter. Wedbush Securities Inc. now owns 2,655 shares of the insurance provider’s stock worth $593,000 after buying an additional 630 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

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.