Analysts Set RenaissanceRe Holdings Ltd. (NYSE:RNR) PT at $263.40

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have been given an average rating of “Hold” by the ten research firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $263.40.

RNR has been the subject of several recent analyst reports. StockNews.com raised shares of RenaissanceRe from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. JPMorgan Chase & Co. raised their target price on shares of RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. Bank of America upped their price target on shares of RenaissanceRe from $334.00 to $347.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Morgan Stanley dropped their price objective on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Finally, Wells Fargo & Company reduced their target price on shares of RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a research note on Friday, July 26th.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the sale, the executive vice president now owns 85,544 shares of the company’s stock, valued at approximately $19,675,120. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the completion of the transaction, the chief financial officer now owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the sale, the executive vice president now owns 85,544 shares in the company, valued at approximately $19,675,120. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RNR. EverSource Wealth Advisors LLC grew its position in shares of RenaissanceRe by 19.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock valued at $63,000 after buying an additional 45 shares during the last quarter. CWM LLC increased its position in RenaissanceRe by 8.7% during the 1st 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 holdings in RenaissanceRe by 0.9% during the 1st quarter. State of Alaska Department of Revenue now owns 5,714 shares of the insurance provider’s stock worth $1,342,000 after purchasing an additional 50 shares during the last quarter. Hilltop National Bank lifted its position in shares of RenaissanceRe by 14.9% in the 2nd quarter. Hilltop National Bank now owns 400 shares of the insurance provider’s stock worth $89,000 after purchasing an additional 52 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of RenaissanceRe by 23.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock valued at $76,000 after purchasing an additional 64 shares during the last quarter. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Up 0.6 %

NYSE RNR opened at $240.58 on Friday. The stock’s 50 day simple moving average is $225.58 and its 200 day simple moving average is $226.16. RenaissanceRe has a one year low of $174.22 and a one year high of $241.53. The firm has a market cap of $12.55 billion, a PE ratio of 5.32, a price-to-earnings-growth ratio of 1.30 and a beta of 0.38. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, topping analysts’ consensus estimates of $10.88 by $1.53. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The firm had revenue of $2.95 billion during the quarter, compared to analyst estimates of $2.93 billion. As a group, sell-side analysts forecast that RenaissanceRe will post 38.92 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, September 13th. This represents a $1.56 annualized dividend and a yield of 0.65%. RenaissanceRe’s dividend payout ratio is 3.45%.

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.