RenaissanceRe (NYSE:RNR) Price Target Raised to $218.00 at Evercore ISI

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

Other equities research analysts have also recently issued research reports about the company. TD Cowen initiated coverage on RenaissanceRe in a research note on Wednesday, January 10th. They issued a market perform rating for the company. JPMorgan Chase & Co. increased their target price on shares of RenaissanceRe from $204.00 to $237.00 and gave the company a neutral rating in a research report on Monday, April 8th. BMO Capital Markets boosted their price target on shares of RenaissanceRe from $216.00 to $295.00 and gave the stock an outperform rating in a research report on Monday, February 5th. Finally, UBS Group increased their price objective on shares of RenaissanceRe from $229.00 to $238.00 and gave the stock a neutral rating in a research report on Monday, February 5th. One investment 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 data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $249.00.

RenaissanceRe Stock Down 0.1 %

Shares of NYSE RNR opened at $218.32 on Wednesday. The company has a 50 day simple moving average of $226.40 and a 200 day simple moving average of $216.37. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.41 and a quick ratio of 1.40. RenaissanceRe has a 1 year low of $174.22 and a 1 year high of $239.42. The firm has a market cap of $11.54 billion, a PE ratio of 4.82, a price-to-earnings-growth ratio of 1.95 and a beta of 0.31.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.86 by $2.32. RenaissanceRe had a net margin of 24.79% and a return on equity of 27.09%. The firm had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter last year, the firm earned $8.16 earnings per share. The company’s revenue for the quarter was up 41.3% on a year-over-year basis. On average, research analysts forecast that RenaissanceRe will post 35.4 EPS for the current year.

RenaissanceRe Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $0.39 per share. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 14th. This represents a $1.56 annualized dividend and a dividend yield of 0.71%. RenaissanceRe’s payout ratio is presently 3.45%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CWM LLC grew its holdings in RenaissanceRe by 8.7% during the first quarter. CWM LLC now owns 610 shares of the insurance provider’s stock valued at $143,000 after purchasing an additional 49 shares during the period. State of Alaska Department of Revenue raised its stake in RenaissanceRe by 0.9% in the 1st quarter. State of Alaska Department of Revenue now owns 5,714 shares of the insurance provider’s stock valued at $1,342,000 after acquiring an additional 50 shares during the period. Vanguard Personalized Indexing Management LLC lifted its holdings in RenaissanceRe by 1.7% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 3,557 shares of the insurance provider’s stock valued at $704,000 after purchasing an additional 59 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its position in RenaissanceRe by 1.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,926 shares of the insurance provider’s stock worth $965,000 after purchasing an additional 73 shares during the period. Finally, Xponance Inc. raised its position in shares of RenaissanceRe by 1.0% in the third quarter. Xponance Inc. now owns 7,590 shares of the insurance provider’s stock valued at $1,502,000 after purchasing an additional 75 shares during the period. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Company Profile

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.