RenaissanceRe Holdings Ltd. (NYSE:RNR) Given Consensus Recommendation of "Hold" by Brokerages

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report) have been given a consensus recommendation of "Hold" by the eleven ratings firms that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $283.60.

Several equities analysts recently weighed in on RNR shares. JMP Securities reiterated a "market perform" rating on shares of RenaissanceRe in a research report on Thursday, April 24th. Bank of America reduced their target price on RenaissanceRe from $437.00 to $426.00 and set a "buy" rating on the stock in a research report on Wednesday, March 26th. Jefferies Financial Group reduced their target price on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Morgan Stanley set a $285.00 target price on RenaissanceRe and gave the stock an "overweight" rating in a research report on Monday, May 19th. Finally, JPMorgan Chase & Co. upgraded RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 target price on the stock in a research report on Tuesday, April 8th.

Insider Activity at RenaissanceRe

In related news, CAO James Christopher Fraser sold 332 shares of the firm's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total transaction of $82,847.28. Following the sale, the chief accounting officer directly owned 27,154 shares in the company, valued at approximately $6,776,009.16. This trade represents a 1.21% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.00% of the company's stock.

Institutional Investors Weigh In On RenaissanceRe

Several hedge funds have recently modified their holdings of RNR. First Trust Advisors LP boosted its position in RenaissanceRe by 462.8% in the 4th quarter. First Trust Advisors LP now owns 864,252 shares of the insurance provider's stock valued at $215,035,000 after buying an additional 710,698 shares during the last quarter. Norges Bank purchased a new stake in RenaissanceRe during the 4th quarter worth approximately $173,530,000. Price T Rowe Associates Inc. MD increased its holdings in RenaissanceRe by 37.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider's stock worth $599,049,000 after purchasing an additional 676,125 shares during the last quarter. Boston Partners increased its holdings in RenaissanceRe by 28.5% during the 4th quarter. Boston Partners now owns 2,013,382 shares of the insurance provider's stock worth $500,991,000 after purchasing an additional 446,781 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in RenaissanceRe by 33,487.8% during the 1st quarter. GAMMA Investing LLC now owns 396,000 shares of the insurance provider's stock worth $95,040,000 after purchasing an additional 394,821 shares during the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Stock Up 2.1%

RNR opened at $240.90 on Monday. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. The firm has a market cap of $11.72 billion, a P/E ratio of 7.68, a PEG ratio of 2.89 and a beta of 0.30. RenaissanceRe has a 52 week low of $210.51 and a 52 week high of $300.00. The business's fifty day simple moving average is $244.14 and its 200 day simple moving average is $242.58.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($1.17). RenaissanceRe had a return on equity of 15.90% and a net margin of 13.26%. The business had revenue of $3.44 billion for the quarter, compared to analysts' expectations of $3.36 billion. During the same quarter last year, the company posted $12.18 earnings per share. The business's quarterly revenue was up 7.6% compared to the same quarter last year. As a group, equities research analysts anticipate that RenaissanceRe will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were issued a dividend of $0.40 per share. The ex-dividend date was Friday, June 13th. This represents a $1.60 annualized dividend and a dividend yield of 0.66%. RenaissanceRe's payout ratio is currently 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.

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