JPMorgan Chase & Co. Increases RenaissanceRe (NYSE:RNR) Price Target to $284.00

RenaissanceRe (NYSE:RNR) had its price target upped by JPMorgan Chase & Co. from $280.00 to $284.00 in a research note published on Friday,Benzinga reports. They currently have a neutral rating on the insurance provider’s stock.

A number of other research analysts have also recently commented on the company. Wells Fargo & Company increased their target price on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. StockNews.com lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Keefe, Bruyette & Woods dropped their target price on RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating for the company in a research report on Tuesday, November 12th. Citigroup increased their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, Evercore ISI boosted their price objective on shares of RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $290.45.

RenaissanceRe Stock Up 1.6 %

RNR stock opened at $252.83 on Friday. The stock has a 50-day simple moving average of $265.23 and a two-hundred day simple moving average of $252.86. RenaissanceRe has a twelve month low of $197.49 and a twelve month high of $300.00. The firm has a market capitalization of $13.13 billion, a PE ratio of 3.64, a PEG ratio of 1.31 and a beta of 0.41. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter last year, the company earned $8.33 earnings per share. The firm’s quarterly revenue was up 52.1% on a year-over-year basis. On average, equities analysts predict that RenaissanceRe will post 41.94 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.62%. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.25%.

Institutional Investors Weigh In On RenaissanceRe

Institutional investors and hedge funds have recently bought and sold shares of the business. V Square Quantitative Management LLC grew its position in shares of RenaissanceRe by 29.5% during the third quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 41 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in RenaissanceRe by 19.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock worth $63,000 after purchasing an additional 45 shares during the period. First Citizens Bank & Trust Co. grew its holdings in RenaissanceRe by 4.6% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 1,073 shares of the insurance provider’s stock valued at $292,000 after buying an additional 47 shares in the last quarter. CIBC Asset Management Inc raised its position in shares of RenaissanceRe by 3.6% during the third quarter. CIBC Asset Management Inc now owns 1,530 shares of the insurance provider’s stock valued at $417,000 after buying an additional 53 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of RenaissanceRe by 23.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock worth $76,000 after buying an additional 64 shares in the last quarter. 99.97% of the stock is owned by institutional investors.

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.