RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives Average Rating of "Hold" from Brokerages

RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report) has received an average rating of "Hold" from the eleven ratings firms that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and six have given a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $283.60.

Several research analysts recently issued reports on RNR shares. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price target for the company in a research note on Tuesday, April 8th. Morgan Stanley upped their price objective on shares of RenaissanceRe from $275.00 to $285.00 and gave the stock an "overweight" rating in a report on Monday. Barclays lowered their target price on shares of RenaissanceRe from $234.00 to $231.00 and set an "underweight" rating for the company in a report on Friday, April 11th. Jefferies Financial Group cut their price target on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Finally, Keefe, Bruyette & Woods raised their price objective on RenaissanceRe from $279.00 to $282.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th.

RenaissanceRe Stock Down 0.9%

Shares of NYSE:RNR traded down $2.13 during trading on Friday, hitting $244.27. The stock had a trading volume of 326,382 shares, compared to its average volume of 429,185. The company has a market capitalization of $11.88 billion, a PE ratio of 6.98, a PEG ratio of 2.09 and a beta of 0.34. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19. The firm's fifty day moving average is $240.51 and its 200 day moving average is $248.79. RenaissanceRe has a 12 month low of $208.98 and a 12 month high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly 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). The firm had revenue of $3.44 billion during the quarter, compared to analysts' expectations of $3.36 billion. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. RenaissanceRe's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the previous year, the company earned $12.18 earnings per share. Analysts anticipate 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 Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, June 13th. This represents a $1.60 annualized dividend and a yield of 0.66%. RenaissanceRe's dividend payout ratio is 5.10%.

Insiders Place Their Bets

In other news, CAO James Christopher Fraser sold 332 shares of RenaissanceRe stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total value of $82,847.28. Following the completion of the sale, the chief accounting officer now directly owns 27,154 shares in the company, valued at $6,776,009.16. The trade was a 1.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNR. Capital World Investors raised its stake in RenaissanceRe by 8.8% during the 4th quarter. Capital World Investors now owns 2,882,835 shares of the insurance provider's stock valued at $717,278,000 after buying an additional 233,708 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of RenaissanceRe by 37.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider's stock worth $599,049,000 after acquiring an additional 676,125 shares during the period. Boston Partners increased its position in RenaissanceRe by 4.6% during the first quarter. Boston Partners now owns 2,106,207 shares of the insurance provider's stock valued at $505,509,000 after acquiring an additional 92,825 shares during the last quarter. Impax Asset Management Group plc increased its position in RenaissanceRe by 10.8% during the fourth quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider's stock valued at $466,969,000 after acquiring an additional 182,530 shares during the last quarter. Finally, Polar Capital Holdings Plc lifted its holdings in RenaissanceRe by 5.7% in the fourth quarter. Polar Capital Holdings Plc now owns 1,298,190 shares of the insurance provider's stock valued at $323,003,000 after acquiring an additional 69,884 shares during the period. Institutional investors own 99.97% of the company's stock.

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.