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

Key Points

• RenaissanceRe Holdings Ltd. has received an average analyst recommendation of "Hold", with one sell rating, eight hold ratings, and four buy ratings from thirteen research firms.
• The company recently announced a quarterly dividend of $0.40 per share, payable on September 30th, resulting in an annualized dividend yield of 0.7%.
• Despite beating earnings expectations with $12.29 EPS, RenaissanceRe's quarterly revenue of $2.77 billion was below the consensus estimate of $2.96 billion.

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report) have been given a consensus recommendation of "Hold" by the thirteen ratings firms that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $282.0909.

RNR has been the topic of a number of recent analyst reports. Barclays boosted their price objective on RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 24th. Wolfe Research initiated coverage on shares of RenaissanceRe in a research report on Monday, September 15th. They set a "peer perform" rating on the stock. Citigroup initiated coverage on RenaissanceRe in a research note on Wednesday, August 13th. They set a "buy" rating and a $288.00 target price for the company. Morgan Stanley reduced their target price on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a research note on Monday, July 14th. Finally, Cantor Fitzgerald raised RenaissanceRe to a "hold" rating in a report on Wednesday, August 13th.

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors and hedge funds have recently bought and sold shares of RNR. Hantz Financial Services Inc. grew its position in shares of RenaissanceRe by 707.1% during the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider's stock valued at $27,000 after acquiring an additional 99 shares during the period. IFP Advisors Inc boosted its holdings in shares of RenaissanceRe by 160.0% during the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider's stock valued at $28,000 after purchasing an additional 72 shares during the last quarter. Huntington National Bank raised its position in shares of RenaissanceRe by 80.9% during the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider's stock valued at $30,000 after buying an additional 55 shares in the last quarter. Brooklyn Investment Group raised its position in shares of RenaissanceRe by 151.7% during the 1st quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock valued at $35,000 after buying an additional 88 shares in the last quarter. Finally, Tsfg LLC purchased a new stake in RenaissanceRe in the 1st quarter worth about $40,000. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Price Performance

RNR stock traded up $1.33 during trading on Friday, hitting $243.82. The stock had a trading volume of 30,390 shares, compared to its average volume of 474,797. RenaissanceRe has a 1-year low of $219.00 and a 1-year high of $300.00. The company's 50 day moving average price is $241.88 and its two-hundred day moving average price is $241.62. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36. The stock has a market cap of $11.48 billion, a price-to-earnings ratio of 6.24, a price-to-earnings-growth ratio of 2.38 and a beta of 0.29.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, beating the consensus estimate of $10.28 by $2.01. The company had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.96 billion. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The business's revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the business posted $12.41 EPS. On average, sell-side analysts forecast that RenaissanceRe will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

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

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.