RenaissanceRe (NYSE:RNR) Price Target Raised to $216.00 at Evercore ISI

RenaissanceRe (NYSE:RNR - Free Report) had its price objective raised by Evercore ISI from $213.00 to $216.00 in a research report released on Thursday, Benzinga reports. The brokerage currently has an underperform rating on the insurance provider's stock.

RNR has been the subject of several other research reports. TD Cowen assumed coverage on RenaissanceRe in a research note on Wednesday, January 10th. They set a market perform rating for the company. UBS Group raised their price objective on RenaissanceRe from $229.00 to $238.00 and gave the stock a neutral rating in a research report on Monday, February 5th. JPMorgan Chase & Co. raised their price objective on RenaissanceRe from $204.00 to $237.00 and gave the stock a neutral rating in a research report on Monday. Finally, BMO Capital Markets raised their price objective on RenaissanceRe from $216.00 to $295.00 and gave the stock an outperform rating in a research report on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $247.89.

RenaissanceRe Stock Performance

NYSE:RNR traded down $4.86 during mid-day trading on Thursday, hitting $217.51. 360,672 shares of the company's stock traded hands, compared to its average volume of 367,645. The firm has a 50 day moving average of $228.87 and a two-hundred day moving average of $214.82. RenaissanceRe has a 12 month low of $174.22 and a 12 month high of $239.42. The firm has a market capitalization of $11.46 billion, a price-to-earnings ratio of 4.29, a price-to-earnings-growth ratio of 2.48 and a beta of 0.30. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.23.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its earnings results on Tuesday, January 30th. The insurance provider reported $11.77 earnings per share for the quarter, beating the consensus estimate of $8.13 by $3.64. RenaissanceRe had a return on equity of 26.93% and a net margin of 28.04%. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.83 billion. During the same quarter in the prior year, the company earned $7.33 EPS. The firm's revenue for the quarter was up 17.9% compared to the same quarter last year. On average, equities analysts forecast that RenaissanceRe will post 34.46 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 0.72%. The ex-dividend date was Thursday, March 14th. This is an increase from RenaissanceRe's previous quarterly dividend of $0.38. RenaissanceRe's dividend payout ratio (DPR) is 3.05%.

Insider Activity at RenaissanceRe

In related news, CFO Robert Qutub sold 2,500 shares of the firm's stock in a transaction on Wednesday, February 7th. The stock was 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 directly owns 70,424 shares of the company's stock, valued at approximately $16,518,653.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Robert Qutub sold 2,500 shares of the firm's stock in a transaction on Wednesday, February 7th. The stock was 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 directly owns 70,424 shares of the company's stock, valued at approximately $16,518,653.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David E. Marra sold 750 shares of the firm's stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $229.00, for a total value of $171,750.00. Following the sale, the executive vice president now directly owns 79,699 shares of the company's stock, valued at $18,251,071. The disclosure for this sale can be found here. Insiders sold 5,130 shares of company stock valued at $1,167,479 in the last three months. Corporate insiders own 1.80% of the company's stock.

Institutional Investors Weigh In On RenaissanceRe

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. American Century Companies Inc. lifted its holdings in RenaissanceRe by 8.1% during the first quarter. American Century Companies Inc. now owns 14,404 shares of the insurance provider's stock worth $2,283,000 after acquiring an additional 1,083 shares in the last quarter. Bank of Montreal Can lifted its holdings in RenaissanceRe by 7.1% during the first quarter. Bank of Montreal Can now owns 15,536 shares of the insurance provider's stock worth $2,461,000 after acquiring an additional 1,025 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in RenaissanceRe by 5.6% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,119 shares of the insurance provider's stock worth $2,555,000 after acquiring an additional 861 shares in the last quarter. Great West Life Assurance Co. Can lifted its holdings in RenaissanceRe by 5.1% during the first quarter. Great West Life Assurance Co. Can now owns 24,034 shares of the insurance provider's stock worth $3,914,000 after acquiring an additional 1,163 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in RenaissanceRe by 2.3% during the first quarter. Dimensional Fund Advisors LP now owns 679,383 shares of the insurance provider's stock worth $107,689,000 after acquiring an additional 15,215 shares in the last quarter. 99.97% of the stock is 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.