RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives $336.33 Consensus Target Price from Analysts

RenaissanceRe Holdings Ltd. (NYSE:RNR) has been given an average rating of “Hold” by the seventeen research firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, eleven have issued a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $336.3333.

A number of research firms have issued reports on RNR. Cantor Fitzgerald restated an “overweight” rating on shares of RenaissanceRe in a report on Thursday, July 23rd. Wolfe Research set a $315.00 price objective on shares of RenaissanceRe in a research note on Tuesday, July 7th. Barclays raised their target price on shares of RenaissanceRe from $328.00 to $341.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Mizuho lifted their target price on shares of RenaissanceRe from $325.00 to $329.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Finally, Citigroup upgraded RenaissanceRe from a “neutral” rating to a “buy” rating and boosted their price target for the company from $335.00 to $345.00 in a report on Wednesday, June 10th.

RenaissanceRe Price Performance

RNR stock opened at $325.26 on Friday. RenaissanceRe has a 1 year low of $231.17 and a 1 year high of $340.24. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The stock’s 50 day moving average price is $323.42 and its 200 day moving average price is $308.26. The firm has a market cap of $13.51 billion, a P/E ratio of 5.58, a PEG ratio of 1.19 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The company had revenue of $2.77 billion during the quarter. On average, sell-side analysts expect that RenaissanceRe will post 42.4 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.41 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe’s payout ratio is currently 2.81%.

Insider Buying and Selling

In related news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the transaction, the executive vice president directly owned 72,907 shares in the company, valued at approximately $24,280,218.21. This represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RNR. Quarry LP grew its holdings in RenaissanceRe by 65.0% in the third quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 52 shares during the period. CIBC Private Wealth Group LLC raised its stake in RenaissanceRe by 235.0% during the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 94 shares during the period. Kingdom Financial Group LLC. acquired a new position in shares of RenaissanceRe in the 4th quarter valued at $36,000. Continuum Advisory LLC acquired a new position in shares of RenaissanceRe in the 2nd quarter valued at $38,000. Finally, Mcguire Capital Advisors Inc. purchased a new stake in shares of RenaissanceRe during the 4th quarter valued at $38,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a Bermuda-based global reinsurance and specialty insurance company. Founded in 1993, the company initially focused on property catastrophe reinsurance and has expanded its operations to serve insurers, businesses and other risk-bearing organizations worldwide.

RenaissanceRe provides reinsurance and insurance solutions covering property, casualty and specialty risks. Its property business includes protection against hurricanes, earthquakes, severe weather and other catastrophe-related events, while its casualty and specialty operations address risks such as liability, professional lines and other complex commercial exposures.

The company also manages and supports insurance-linked securities and other third-party capital strategies, allowing investors to participate in selected insurance risks.