RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives $287.50 Consensus Target Price from Analysts

Key Points

• RenaissanceRe Holdings Ltd. has received a consensus recommendation of "Hold" from eleven brokerages, with a one sell rating, six hold ratings, and four buy ratings.
• The stock's average 1-year target price is $287.50, with recent target adjustments including a raise from JPMorgan to $284.00.
• RenaissanceRe recently reported quarterly earnings of $12.29 per share, exceeding estimates, despite a 2.4% decline in revenue from the previous year.

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report) have been assigned a consensus recommendation of "Hold" from the eleven ratings firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $287.50.

A number of equities analysts recently issued reports on the company. Jefferies Financial Group lowered their price target on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating for the company in a report on Friday, April 11th. Keefe, Bruyette & Woods upped their price target on RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a report on Monday, July 28th. JMP Securities reaffirmed a "market perform" rating on shares of RenaissanceRe in a report on Thursday, April 24th. JPMorgan Chase & Co. raised RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price target for the company in a report on Tuesday, April 8th. Finally, Wells Fargo & Company reissued an "equal weight" rating and issued a $269.00 price objective (up from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th.

RenaissanceRe Price Performance

RNR traded up $0.44 on Friday, hitting $242.27. 67,317 shares of the company's stock were exchanged, compared to its average volume of 495,677. RenaissanceRe has a fifty-two week low of $219.00 and a fifty-two week high of $300.00. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average price of $242.40 and a 200-day moving average price of $240.99. The stock has a market cap of $11.40 billion, a price-to-earnings ratio of 6.19, a P/E/G ratio of 2.48 and a beta of 0.29.

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

RenaissanceRe Dividend Announcement

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

Insider Activity at RenaissanceRe

In other news, CAO James Christopher Fraser sold 332 shares of the business's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total value of $82,847.28. Following the sale, the chief accounting officer owned 27,154 shares of the company's stock, valued at approximately $6,776,009.16. The trade was a 1.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On RenaissanceRe

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE raised its position in shares of 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 purchasing an additional 124,125 shares during the period. Miracle Mile Advisors LLC acquired a new position in RenaissanceRe during the first quarter valued at $271,000. Trexquant Investment LP acquired a new position in RenaissanceRe during the fourth quarter valued at $561,000. Yorktown Management & Research Co Inc acquired a new position in RenaissanceRe during the first quarter valued at $348,000. Finally, Deutsche Bank AG raised its position in RenaissanceRe by 4.2% during the fourth quarter. Deutsche Bank AG now owns 10,715 shares of the insurance provider's stock valued at $2,666,000 after buying an additional 431 shares during the period. 99.97% of the stock is owned by institutional investors and hedge funds.

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.