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

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

A number of other research analysts also recently weighed in on 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. BMO Capital Markets lifted their price objective on shares of RenaissanceRe from $216.00 to $295.00 and gave the company an outperform rating in a research report on Monday, February 5th. UBS Group upped their target price on shares of RenaissanceRe from $229.00 to $238.00 and gave the company a neutral rating in a report on Monday, February 5th. Finally, JPMorgan Chase & Co. raised their target price on shares of RenaissanceRe from $204.00 to $237.00 and gave the company a neutral rating in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, RenaissanceRe presently has an average rating of Hold and an average target price of $249.00.

RenaissanceRe Stock Down 0.1 %

Shares of RenaissanceRe stock opened at $218.32 on Wednesday. RenaissanceRe has a 52-week low of $174.22 and a 52-week high of $239.42. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.40 and a current ratio of 1.41. The business’s 50 day simple moving average is $226.56 and its 200 day simple moving average is $216.37. The firm has a market cap of $11.51 billion, a PE ratio of 4.82, a P/E/G ratio of 2.90 and a beta of 0.31.

RenaissanceRe (NYSE:RNR) last announced 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 net margin of 24.79% and a return on equity of 27.09%. The business had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.05 billion. During the same quarter in the prior year, the company posted $8.16 earnings per share. The firm’s revenue was up 41.3% on a year-over-year basis. On average, analysts predict that RenaissanceRe will post 34.43 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders 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 yield of 0.71%. RenaissanceRe’s dividend payout ratio (DPR) is presently 3.45%.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, Director Carol P. Sanders sold 880 shares of the stock in a transaction that occurred 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 owns 5,363 shares in the company, valued at approximately $1,220,565.17. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Robert Qutub sold 2,500 shares of the company’s 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 $16,518,653.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carol P. Sanders sold 880 shares of the firm’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 completion of the transaction, the director now directly owns 5,363 shares in the company, valued at $1,220,565.17. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.

Institutional Trading of RenaissanceRe

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Riverview Trust Co acquired a new position in shares of RenaissanceRe during the 1st quarter worth $26,000. Rise Advisors LLC bought a new position in shares of RenaissanceRe in the first quarter worth about $31,000. Mather Group LLC. bought a new position in shares of RenaissanceRe in the first quarter worth about $34,000. GAMMA Investing LLC acquired a new stake in shares of RenaissanceRe in the 4th quarter valued at approximately $37,000. Finally, Bruce G. Allen Investments LLC bought a new stake in shares of RenaissanceRe during the 4th quarter valued at approximately $38,000. Institutional investors 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.