RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives Average Recommendation of “Hold” from Analysts

RenaissanceRe Holdings Ltd. (NYSE:RNR) has been given an average rating of “Hold” by the eleven brokerages that are covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and six have given a buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $283.60.

A number of brokerages recently weighed in on RNR. Keefe, Bruyette & Woods raised their price objective on RenaissanceRe from $279.00 to $282.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. Barclays dropped their price target on shares of RenaissanceRe from $234.00 to $231.00 and set an “underweight” rating on the stock in a research report on Friday, April 11th. Morgan Stanley set a $285.00 price objective on shares of RenaissanceRe and gave the stock an “overweight” rating in a report on Monday, May 19th. Wells Fargo & Company dropped their target price on shares of RenaissanceRe from $277.00 to $271.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Finally, Jefferies Financial Group decreased their price target on shares of RenaissanceRe from $266.00 to $265.00 and set a “hold” rating for the company in a report on Friday, April 11th.

Insider Buying and Selling

In other RenaissanceRe news, CAO James Christopher Fraser sold 332 shares of the company’s stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total transaction of $82,847.28. Following the sale, the chief accounting officer now directly owns 27,154 shares of the company’s stock, valued at approximately $6,776,009.16. This represents a 1.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Anderson Financial Strategies LLC lifted its stake in shares of RenaissanceRe by 6.9% during the first quarter. Anderson Financial Strategies LLC now owns 5,611 shares of the insurance provider’s stock valued at $1,347,000 after acquiring an additional 360 shares during the period. Strs Ohio acquired a new stake in RenaissanceRe during the 1st quarter worth $6,528,000. Geneos Wealth Management Inc. increased its holdings in shares of RenaissanceRe by 40.5% in the first quarter. Geneos Wealth Management Inc. now owns 541 shares of the insurance provider’s stock worth $130,000 after acquiring an additional 156 shares in the last quarter. Jane Street Group LLC raised its position in shares of RenaissanceRe by 1,180.7% during the first quarter. Jane Street Group LLC now owns 74,217 shares of the insurance provider’s stock worth $17,812,000 after purchasing an additional 68,422 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of RenaissanceRe by 5.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 209,820 shares of the insurance provider’s stock worth $50,357,000 after purchasing an additional 10,344 shares during the period. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Stock Performance

Shares of RNR opened at $241.16 on Thursday. The firm has a market cap of $11.73 billion, a price-to-earnings ratio of 6.89, a price-to-earnings-growth ratio of 2.09 and a beta of 0.31. The company’s fifty day moving average is $241.44 and its 200-day moving average is $246.60. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19. RenaissanceRe has a 12 month low of $208.98 and a 12 month high of $300.00.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) EPS for the quarter, missing the consensus estimate of ($0.32) by ($1.17). RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.36 billion. During the same period in the previous year, the company earned $12.18 earnings per share. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. Equities analysts expect that RenaissanceRe will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.66%. The ex-dividend date is Friday, June 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently 5.10%.

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.