RenaissanceRe (NYSE:RNR) PT Raised to $218.00

RenaissanceRe (NYSE:RNR) had its price target upped by Evercore ISI from $216.00 to $218.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Evercore ISI currently has an underperform rating on the insurance provider’s stock.

Several other analysts also recently commented on the stock. JPMorgan Chase & Co. raised their target price on shares of RenaissanceRe from $204.00 to $237.00 and gave the stock a neutral rating in a report on Monday, April 8th. UBS Group raised their price objective on shares of RenaissanceRe from $229.00 to $238.00 and gave the stock a neutral rating in a report on Monday, February 5th. TD Cowen began coverage on shares of RenaissanceRe in a research note on Wednesday, January 10th. They issued a market perform rating for the company. Finally, BMO Capital Markets lifted their price target on RenaissanceRe from $216.00 to $295.00 and gave the company an outperform rating in a research note on Monday, February 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of Hold and a consensus price target of $249.00.

RenaissanceRe Stock Performance

RNR stock opened at $218.43 on Wednesday. The company has a market cap of $11.51 billion, a P/E ratio of 4.83, a price-to-earnings-growth ratio of 2.91 and a beta of 0.31. RenaissanceRe has a twelve month low of $174.22 and a twelve month high of $239.42. The business’s fifty day moving average is $226.74 and its 200-day moving average is $216.34. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.23.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, beating the consensus estimate of $9.86 by $2.32. The firm had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.05 billion. RenaissanceRe had a net margin of 24.79% and a return on equity of 28.59%. The business’s quarterly revenue was up 41.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $8.16 earnings per share. Equities research analysts forecast that RenaissanceRe will post 34.43 EPS for the current year.

RenaissanceRe Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.39 dividend. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 0.71%. The ex-dividend date was Thursday, March 14th. RenaissanceRe’s payout ratio is presently 3.45%.

Insider Transactions at RenaissanceRe

In related news, Director Carol P. Sanders sold 880 shares of RenaissanceRe stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $227.59, for a total value of $200,279.20. Following the sale, the director now owns 5,363 shares of the company’s stock, valued at $1,220,565.17. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Carol P. Sanders sold 880 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $227.59, for a total transaction of $200,279.20. Following the completion of the transaction, the director now directly owns 5,363 shares of the company’s stock, valued at $1,220,565.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total value of $586,400.00. Following the transaction, the chief financial officer now directly owns 70,424 shares in the company, valued at approximately $16,518,653.44. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Institutional investors have recently added to or reduced their stakes in the company. Retirement Systems of Alabama increased its stake in shares of RenaissanceRe by 7.2% during the 4th quarter. Retirement Systems of Alabama now owns 125,847 shares of the insurance provider’s stock worth $24,666,000 after purchasing an additional 8,441 shares during the last quarter. Earnest Partners LLC increased its position in RenaissanceRe by 2.9% during the third quarter. Earnest Partners LLC now owns 548,496 shares of the insurance provider’s stock worth $108,558,000 after buying an additional 15,692 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its stake in RenaissanceRe by 95.9% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 16,915 shares of the insurance provider’s stock valued at $3,348,000 after buying an additional 8,281 shares during the period. UBS Group AG raised its stake in RenaissanceRe by 44.7% in the third quarter. UBS Group AG now owns 20,913 shares of the insurance provider’s stock valued at $4,139,000 after buying an additional 6,456 shares during the period. Finally, Royal London Asset Management Ltd. boosted its stake in shares of RenaissanceRe by 3.6% during the 3rd quarter. Royal London Asset Management Ltd. now owns 17,937 shares of the insurance provider’s stock worth $3,553,000 after acquiring an additional 619 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

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.