RenaissanceRe Holdings Ltd. (NYSE:RNR) Stock Has Average Price Target of $338.12

RenaissanceRe Holdings Ltd. (NYSE:RNR) has earned an average recommendation of “Hold” from the eighteen ratings firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $338.12.

A number of brokerages have commented on RNR. UBS Group set a $349.00 price target on RenaissanceRe and gave the stock a “neutral” rating in a research report on Monday, July 27th. TD Cowen lifted their price objective on RenaissanceRe from $300.00 to $315.00 and gave the company a “hold” rating in a research report on Tuesday, July 7th. Jefferies Financial Group upgraded RenaissanceRe from a “hold” rating to a “market outperform” rating in a research note on Tuesday, September 22nd. Morgan Stanley increased their target price on shares of RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Finally, Wolfe Research set a $315.00 price target on shares of RenaissanceRe in a report on Tuesday, July 7th.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the firm’s 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 sale, the executive vice president directly owned 72,907 shares of the company’s stock, valued at $24,280,218.21. This trade represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Trading of RenaissanceRe

Several institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in RenaissanceRe in the 2nd quarter worth approximately $1,319,724,000. Boston Partners boosted its stake in RenaissanceRe by 9.9% in the 4th quarter. Boston Partners now owns 1,423,483 shares of the insurance provider’s stock worth $400,150,000 after purchasing an additional 128,245 shares during the period. Lightrock Netherlands B.V. grew its holdings in RenaissanceRe by 15.8% during the 1st quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock valued at $350,263,000 after buying an additional 160,915 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in RenaissanceRe by 5.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider’s stock valued at $322,603,000 after buying an additional 52,371 shares in the last quarter. Finally, GQG Partners LLC bought a new stake in shares of RenaissanceRe during the second quarter valued at approximately $185,351,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Trading Up 0.8%

Shares of RNR stock opened at $325.44 on Wednesday. RenaissanceRe has a 1 year low of $231.17 and a 1 year high of $340.24. The firm has a fifty day moving average price of $325.57 and a 200-day moving average price of $311.17. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market cap of $13.52 billion, a price-to-earnings ratio of 5.59, a PEG ratio of 1.18 and a beta of 0.12.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. The firm had revenue of $2.77 billion during the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%. As a group, equities analysts predict that RenaissanceRe will post 42.4 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were issued a $0.41 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.64 annualized dividend and a yield of 0.5%. RenaissanceRe’s dividend payout ratio is currently 2.81%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a Bermuda-based global provider of reinsurance and insurance solutions. Founded in 1993, the company focuses on managing and underwriting risks that can be difficult to place in traditional insurance markets, with an emphasis on disciplined underwriting and catastrophe risk management.

RenaissanceRe’s business includes property catastrophe reinsurance, which provides coverage for events such as hurricanes, earthquakes and other natural disasters, as well as property, casualty and specialty reinsurance.