RenaissanceRe (NYSE:RNR) Earns Buy Rating from Analysts at Citigroup

Citigroup started coverage on shares of RenaissanceRe (NYSE:RNR) in a report released on Wednesday morning, Marketbeat reports. The firm issued a buy rating and a $288.00 price objective on the insurance provider’s stock.

Other equities research analysts have also issued reports about the stock. UBS Group increased their target price on shares of RenaissanceRe from $250.00 to $265.00 and gave the stock a “neutral” rating in a research note on Monday, July 28th. Morgan Stanley lowered their price target on RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating on the stock in a research report on Monday, July 14th. Cantor Fitzgerald started coverage on RenaissanceRe in a research report on Tuesday. They issued a “neutral” rating and a $238.00 price objective for the company. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Finally, JMP Securities reissued a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and an average target price of $282.09.

RenaissanceRe Stock Down 1.3%

RenaissanceRe stock opened at $239.09 on Wednesday. The firm has a market cap of $11.25 billion, a price-to-earnings ratio of 6.11, a price-to-earnings-growth ratio of 2.37 and a beta of 0.29. RenaissanceRe has a 52 week low of $219.00 and a 52 week high of $300.00. The business’s 50-day moving average price is $241.35 and its 200 day moving average price is $240.07. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.28 by $2.01. The firm had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.96 billion. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The business’s revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the business posted $12.41 EPS. As a group, sell-side analysts anticipate that RenaissanceRe will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Monday, September 15th. RenaissanceRe’s dividend payout ratio (DPR) is 4.09%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE lifted its position in RenaissanceRe by 17.9% during the fourth quarter. Bank of America Corp DE now owns 817,247 shares of the insurance provider’s stock worth $203,339,000 after buying an additional 124,125 shares in the last quarter. Miracle Mile Advisors LLC purchased a new position in shares of RenaissanceRe during the 1st quarter worth $271,000. Yorktown Management & Research Co Inc acquired a new position in shares of RenaissanceRe during the 1st quarter valued at about $348,000. Deutsche Bank AG boosted its position in shares of RenaissanceRe by 4.2% during the 4th quarter. Deutsche Bank AG now owns 10,715 shares of the insurance provider’s stock valued at $2,666,000 after acquiring an additional 431 shares during the last quarter. Finally, Bridges Investment Management Inc. grew its holdings in shares of RenaissanceRe by 21.9% in the first quarter. Bridges Investment Management Inc. now owns 6,020 shares of the insurance provider’s stock valued at $1,445,000 after purchasing an additional 1,080 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

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.