RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives $323.64 Average PT from Brokerages

RenaissanceRe Holdings Ltd. (NYSE:RNR) has been assigned a consensus recommendation of “Hold” from the seventeen brokerages that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and five have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $323.6429.

Several equities analysts recently commented on the stock. Bank of America cut their price target on shares of RenaissanceRe to $426.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. UBS Group upped their target price on shares of RenaissanceRe from $319.00 to $326.00 and gave the stock a “neutral” rating in a research note on Monday, May 4th. Cantor Fitzgerald upgraded shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $306.00 to $340.00 in a research note on Thursday, April 9th. Weiss Ratings upgraded shares of RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday. Finally, Wall Street Zen downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd.

Hedge Funds Weigh In On RenaissanceRe

A number of hedge funds have recently added to or reduced their stakes in RNR. Quarry LP grew its stake in RenaissanceRe by 65.0% in the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in RenaissanceRe by 235.0% in 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 in the last quarter. Kingdom Financial Group LLC. bought a new position in RenaissanceRe in the 4th quarter worth about $36,000. Mcguire Capital Advisors Inc. bought a new position in RenaissanceRe in the 4th quarter worth about $38,000. Finally, SBI Securities Co. Ltd. lifted its position in shares of RenaissanceRe by 33.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 37 shares during the period. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Stock Performance

Shares of NYSE:RNR opened at $319.30 on Monday. The company has a market capitalization of $13.61 billion, a price-to-earnings ratio of 5.32, a PEG ratio of 1.20 and a beta of 0.19. RenaissanceRe has a 12 month low of $231.17 and a 12 month high of $319.80. The firm’s 50-day moving average is $298.90 and its 200 day moving average is $292.43. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, March 31st. The insurance provider reported $13.75 EPS for the quarter. The company had revenue of $2.19 billion for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. Research analysts predict that RenaissanceRe will post 40.05 EPS for the current year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Monday, June 15th. RenaissanceRe’s dividend payout ratio is currently 2.73%.

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.