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

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have earned an average recommendation of “Hold” from the eleven ratings firms that are presently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $282.60.

RNR has been the topic of a number of recent research reports. Barclays lowered their price target on shares of RenaissanceRe from $234.00 to $231.00 and set an “underweight” rating on the stock in a research report on Friday, April 11th. JPMorgan Chase & Co. upgraded RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 target price on the stock in a report on Tuesday, April 8th. Morgan Stanley raised RenaissanceRe from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $235.00 to $275.00 in a report on Friday, April 25th. JMP Securities reissued a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, April 24th. Finally, Wells Fargo & Company cut their target price on RenaissanceRe from $277.00 to $271.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock opened at $241.82 on Wednesday. The stock has a market capitalization of $11.85 billion, a P/E ratio of 6.91, a PEG ratio of 2.09 and a beta of 0.29. The business has a 50 day simple moving average of $238.07 and a two-hundred day simple moving average of $251.67. RenaissanceRe has a 12 month low of $208.98 and a 12 month high of $300.00. 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 posted its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported ($1.49) EPS for the quarter, missing the consensus estimate of ($0.32) by ($1.17). RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. The firm had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.36 billion. During the same period in the prior year, the company posted $12.18 earnings per share. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, analysts predict that RenaissanceRe will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.66%. The ex-dividend date was Friday, March 14th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.39. RenaissanceRe’s dividend payout ratio (DPR) is 5.10%.

Hedge Funds Weigh In On RenaissanceRe

Several large investors have recently made changes to their positions in RNR. Barclays PLC raised its position in RenaissanceRe by 57.1% in the third quarter. Barclays PLC now owns 22,923 shares of the insurance provider’s stock valued at $6,244,000 after purchasing an additional 8,333 shares during the period. World Investment Advisors LLC purchased a new stake in shares of RenaissanceRe in the 3rd quarter valued at $16,176,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of RenaissanceRe in the 3rd quarter valued at $405,000. Tidal Investments LLC lifted its stake in RenaissanceRe by 2.6% during the 3rd quarter. Tidal Investments LLC now owns 9,236 shares of the insurance provider’s stock worth $2,516,000 after acquiring an additional 232 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in RenaissanceRe by 22.9% during the 4th quarter. GAMMA Investing LLC now owns 1,179 shares of the insurance provider’s stock valued at $293,000 after acquiring an additional 220 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

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.