RenaissanceRe (NYSE:RNR) Price Target Raised to $347.00 at Bank of America

RenaissanceRe (NYSE:RNR) had its price target lifted by Bank of America from $334.00 to $347.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

Several other analysts have also recently weighed in on RNR. Morgan Stanley reduced their price target on RenaissanceRe from $257.00 to $240.00 and set an equal weight rating on the stock in a report on Wednesday. UBS Group decreased their price target on shares of RenaissanceRe from $251.00 to $248.00 and set a neutral rating for the company in a research report on Tuesday. Evercore ISI boosted their price objective on shares of RenaissanceRe from $216.00 to $218.00 and gave the stock an underperform rating in a research note on Wednesday, May 1st. Finally, JPMorgan Chase & Co. raised their target price on RenaissanceRe from $245.00 to $265.00 and gave the stock a neutral rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, RenaissanceRe presently has an average rating of Hold and an average price target of $261.33.

RenaissanceRe Trading Down 0.6 %

Shares of RNR opened at $217.90 on Thursday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.41 and a current ratio of 1.41. RenaissanceRe has a 52-week low of $174.22 and a 52-week high of $239.42. The firm has a market cap of $11.52 billion, a price-to-earnings ratio of 4.81, a PEG ratio of 1.55 and a beta of 0.38. The business’s fifty day moving average is $223.79 and its 200-day moving average is $221.38.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, topping the consensus estimate of $9.86 by $2.32. RenaissanceRe had a return on equity of 27.09% and a net margin of 24.79%. The firm had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the previous year, the firm earned $8.16 earnings per share. The business’s quarterly revenue was up 41.3% on a year-over-year basis. Equities analysts anticipate that RenaissanceRe will post 37.32 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a $0.39 dividend. The ex-dividend date was Friday, June 14th. This represents a $1.56 annualized dividend and a dividend yield of 0.72%. RenaissanceRe’s dividend payout ratio is currently 3.45%.

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors have recently made changes to their positions in RNR. Riverview Trust Co acquired a new position in shares of RenaissanceRe during the first quarter worth approximately $26,000. Rise Advisors LLC bought a new position in shares of RenaissanceRe in the first quarter valued at $31,000. Mather Group LLC. acquired a new position in shares of RenaissanceRe during the first quarter valued at about $34,000. GAMMA Investing LLC bought a new stake in shares of RenaissanceRe during the fourth quarter worth about $37,000. Finally, Bruce G. Allen Investments LLC acquired a new stake in shares of RenaissanceRe in the 4th quarter worth about $38,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

About RenaissanceRe

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.