RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives $249.00 Consensus PT from Brokerages

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have been given an average recommendation of “Hold” by the nine analysts that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $249.00.

A number of equities analysts have recently issued reports on the company. Evercore ISI increased their target price on RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 1st. JPMorgan Chase & Co. lifted their price objective on RenaissanceRe from $237.00 to $245.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $223.51 on Thursday. The company has a market cap of $11.82 billion, a price-to-earnings ratio of 4.94, a price-to-earnings-growth ratio of 1.48 and a beta of 0.38. The stock has a 50 day simple moving average of $224.61 and a 200-day simple moving average of $220.34. RenaissanceRe has a 12-month low of $174.22 and a 12-month high of $239.42. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.86 by $2.32. The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.05 billion. RenaissanceRe had a return on equity of 27.09% and a net margin of 24.79%. The company’s revenue for the quarter was up 41.3% on a year-over-year basis. During the same period in the prior year, the business posted $8.16 EPS. On average, equities analysts forecast that RenaissanceRe will post 37.17 EPS for the current year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.70%. RenaissanceRe’s dividend payout ratio (DPR) is 3.45%.

Institutional Investors Weigh In On RenaissanceRe

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fiera Capital Corp grew its position in shares of RenaissanceRe by 637.3% in the fourth quarter. Fiera Capital Corp now owns 199,166 shares of the insurance provider’s stock valued at $39,037,000 after purchasing an additional 172,154 shares during the period. Principal Financial Group Inc. grew its position in shares of RenaissanceRe by 2.0% in the fourth quarter. Principal Financial Group Inc. now owns 193,146 shares of the insurance provider’s stock valued at $37,857,000 after purchasing an additional 3,797 shares during the period. Retirement Systems of Alabama grew its position in shares of RenaissanceRe by 7.2% in the fourth quarter. Retirement Systems of Alabama now owns 125,847 shares of the insurance provider’s stock valued at $24,666,000 after purchasing an additional 8,441 shares during the period. Royal London Asset Management Ltd. grew its position in shares of RenaissanceRe by 38.3% in the fourth quarter. Royal London Asset Management Ltd. now owns 24,811 shares of the insurance provider’s stock valued at $4,863,000 after purchasing an additional 6,874 shares during the period. Finally, Earnest Partners LLC grew its position in shares of RenaissanceRe by 2.9% in the third quarter. Earnest Partners LLC now owns 548,496 shares of the insurance provider’s stock valued at $108,558,000 after purchasing an additional 15,692 shares during the period. Hedge funds and other institutional investors own 99.97% of the company’s stock.

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.