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

RenaissanceRe Holdings Ltd. (NYSE:RNR) has been assigned an average rating of “Hold” from the eighteen brokerages that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, thirteen have issued a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $322.6429.

Several research firms have commented on RNR. JPMorgan Chase & Co. upped their price target on RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a report on Wednesday, January 7th. Bank of America cut their price target on RenaissanceRe to $426.00 and set a “buy” rating for the company in a report on Tuesday. Barclays upped their price target on RenaissanceRe from $310.00 to $341.00 and gave the company an “equal weight” rating in a report on Wednesday, April 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of RenaissanceRe in a research note on Friday, March 27th. Finally, Morgan Stanley lowered RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 price objective on the stock. in a research note on Thursday, February 26th.

RenaissanceRe Trading Down 0.0%

RenaissanceRe stock opened at $307.79 on Wednesday. The business has a 50 day moving average price of $299.25 and a two-hundred day moving average price of $277.85. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The stock has a market cap of $13.28 billion, a price-to-earnings ratio of 5.43, a price-to-earnings-growth ratio of 0.70 and a beta of 0.24. RenaissanceRe has a 12 month low of $222.75 and a 12 month high of $315.88.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 EPS for the quarter, beating the consensus estimate of $10.59 by $2.75. The firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $1.73 billion. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The company’s revenue for the quarter was up 29.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $8.06 EPS. As a group, equities analysts forecast that RenaissanceRe will post 26.04 EPS for the current year.

RenaissanceRe Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were paid a $0.41 dividend. The ex-dividend date was Friday, March 13th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.40. RenaissanceRe’s dividend payout ratio is currently 2.89%.

Insider Buying and Selling at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the sale, the executive vice president directly owned 73,023 shares in the company, valued at approximately $22,326,782.25. This represents a 6.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On RenaissanceRe

Large investors have recently modified their holdings of the stock. Financial Consulate Inc. bought a new stake in RenaissanceRe during the 3rd quarter worth approximately $29,000. Farther Finance Advisors LLC grew its position in RenaissanceRe by 151.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock worth $33,000 after acquiring an additional 79 shares during the last quarter. Quarry LP grew its position in RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC grew its position in RenaissanceRe by 235.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 94 shares during the last quarter. Finally, Root Financial Partners LLC bought a new stake in RenaissanceRe during the 3rd quarter worth approximately $36,000. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Company Profile

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.