RenaissanceRe Holdings Ltd. (NYSE:RNR) Stock Has Average Target Price of $338.12 According to Analysts

Key Points

• Analysts rate RenaissanceRe “Hold” overall: Of 18 analysts, 11 recommend holding, six recommend buying and one recommends selling. The average 12-month price target is $338.12, modestly above the $324.70 share price.
• RenaissanceRe reported $12.92 in quarterly EPS on $2.77 billion in revenue, with a 23.65% net margin and 23.10% return on equity. Analysts expect approximately $42.40 in full-year EPS.
• The company declared a quarterly dividend of $0.41 per share, equivalent to a 0.5% yield, while an executive sold 5,000 shares; institutional investors and hedge funds own 99.97% of the stock.

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report) have received a consensus recommendation of "Hold" from the eighteen analysts that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $338.12.

A number of equities research analysts have weighed in on the company. UBS Group set a $349.00 target price on RenaissanceRe and gave the stock a "neutral" rating in a report on Monday, July 27th. Weiss Ratings cut RenaissanceRe from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday, August 17th. Bank of America raised their price objective on shares of RenaissanceRe from $410.00 to $438.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Wells Fargo & Company lifted their price objective on shares of RenaissanceRe from $306.00 to $329.00 and gave the company an "equal weight" rating in a research note on Thursday, July 9th. Finally, JPMorgan Chase & Co. boosted their target price on shares of RenaissanceRe from $329.00 to $360.00 and gave the company a "neutral" rating in a research report on Monday, July 20th.

Insider Buying and Selling at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the completion of the transaction, the executive vice president directly owned 72,907 shares in the company, valued at $24,280,218.21. This trade represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On RenaissanceRe

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Continuum Advisory LLC acquired a new position in RenaissanceRe during the 2nd quarter valued at about $38,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of RenaissanceRe in the second quarter worth approximately $42,000. Clearstead Advisors LLC lifted its holdings in shares of RenaissanceRe by 134.7% in the fourth quarter. Clearstead Advisors LLC now owns 176 shares of the insurance provider's stock valued at $49,000 after purchasing an additional 101 shares in the last quarter. IFP Advisors Inc lifted its holdings in shares of RenaissanceRe by 29.4% in the second quarter. IFP Advisors Inc now owns 211 shares of the insurance provider's stock valued at $67,000 after purchasing an additional 48 shares in the last quarter. Finally, Allworth Financial LP purchased a new position in shares of RenaissanceRe during the second quarter valued at approximately $115,000. Institutional investors and hedge funds own 99.97% of the company's stock.

RenaissanceRe Stock Down 0.1%

Shares of NYSE RNR opened at $324.70 on Wednesday. The company's 50 day moving average price is $325.52 and its 200-day moving average price is $310.67. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. RenaissanceRe has a 52-week low of $231.17 and a 52-week high of $340.24. The company has a market capitalization of $13.49 billion, a P/E ratio of 5.57, a price-to-earnings-growth ratio of 1.18 and a beta of 0.17.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The company had revenue of $2.77 billion during the quarter. Equities analysts forecast that RenaissanceRe will post 42.4 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 15th. RenaissanceRe's dividend payout ratio (DPR) is currently 2.81%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a Bermuda-based global provider of reinsurance and insurance solutions. Founded in 1993, the company focuses on managing and underwriting risks that can be difficult to place in traditional insurance markets, with an emphasis on disciplined underwriting and catastrophe risk management.

RenaissanceRe's business includes property catastrophe reinsurance, which provides coverage for events such as hurricanes, earthquakes and other natural disasters, as well as property, casualty and specialty reinsurance.

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