Analysts Set RenaissanceRe Holdings Ltd. (NYSE:RNR) PT at $206.80

RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Rating) has received an average rating of “Hold” from the seven brokerages that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $210.20.

Several research firms have commented on RNR. StockNews.com started coverage on RenaissanceRe in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. TheStreet raised RenaissanceRe from a “c+” rating to a “b” rating in a research report on Tuesday, January 31st. Wells Fargo & Company boosted their price target on RenaissanceRe from $245.00 to $256.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 5th. JPMorgan Chase & Co. boosted their price target on RenaissanceRe from $170.00 to $175.00 and gave the stock an “underweight” rating in a research report on Friday, March 31st. Finally, Jefferies Financial Group raised RenaissanceRe from a “hold” rating to a “buy” rating and boosted their price target for the stock from $234.00 to $238.00 in a research report on Thursday.

Insider Buying and Selling

In other RenaissanceRe news, CEO Kevin Odonnell acquired 13,020 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The stock was acquired at an average cost of $192.00 per share, for a total transaction of $2,499,840.00. Following the transaction, the chief executive officer now directly owns 296,025 shares in the company, valued at $56,836,800. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RenaissanceRe

A number of institutional investors and hedge funds have recently bought and sold shares of RNR. Boston Partners increased its stake in shares of RenaissanceRe by 130.7% in the third quarter. Boston Partners now owns 1,662,406 shares of the insurance provider’s stock valued at $234,054,000 after buying an additional 941,897 shares during the period. Lord Abbett & CO. LLC acquired a new stake in RenaissanceRe during the fourth quarter worth approximately $140,549,000. Egerton Capital UK LLP acquired a new stake in RenaissanceRe during the first quarter worth approximately $124,842,000. Price T Rowe Associates Inc. MD grew its stake in RenaissanceRe by 10.6% during the third quarter. Price T Rowe Associates Inc. MD now owns 3,687,321 shares of the insurance provider’s stock worth $517,664,000 after purchasing an additional 352,164 shares during the period. Finally, Balyasny Asset Management L.P. grew its stake in RenaissanceRe by 340.4% during the first quarter. Balyasny Asset Management L.P. now owns 373,468 shares of the insurance provider’s stock worth $74,821,000 after purchasing an additional 288,657 shares during the period. Institutional investors and hedge funds own 95.52% of the company’s stock.

RenaissanceRe Trading Down 2.9 %

NYSE:RNR opened at $189.08 on Wednesday. RenaissanceRe has a fifty-two week low of $124.18 and a fifty-two week high of $223.80. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.31 and a quick ratio of 1.31. The stock has a market capitalization of $8.31 billion, a PE ratio of -52.23 and a beta of 0.43. The business’s 50-day simple moving average is $202.88 and its 200-day simple moving average is $197.48.

RenaissanceRe (NYSE:RNR – Get Rating) last released its quarterly earnings data on Tuesday, May 2nd. The insurance provider reported $8.16 earnings per share for the quarter, beating the consensus estimate of $7.34 by $0.82. RenaissanceRe had a positive return on equity of 11.89% and a negative net margin of 1.61%. The business had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the previous year, the business posted $3.50 EPS. RenaissanceRe’s revenue for the quarter was up 4.5% on a year-over-year basis. Sell-side analysts expect that RenaissanceRe will post 23.39 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be given a dividend of $0.38 per share. The ex-dividend date is Wednesday, June 14th. This represents a $1.52 annualized dividend and a dividend yield of 0.80%. RenaissanceRe’s dividend payout ratio is currently -41.99%.

RenaissanceRe Company Profile

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RenaissanceRe Holdings Ltd. engages in the provision of reinsurance and insurance services. It operates through the following business segments: Property, Casualty and Specialty, and Other. The Property segment focuses on catastrophe, and other property reinsurance and insurance. The Casualty and Specialty segment deals with casualty and specialty reinsurance, and insurance.