Brokerages Set RenaissanceRe Holdings Ltd. (NYSE:RNR) PT at $282.09

Key Points

• RenaissanceRe Holdings Ltd. received an average analyst recommendation of "Hold", with one sell, seven hold, and four buy ratings from a total of twelve analysts covering the stock.
• The company reported an earnings per share (EPS) of $12.29, exceeding the consensus estimate of $10.28, but its revenue declined 2.4% year-over-year to $2.77 billion.
• RenaissanceRe announced a quarterly dividend of $0.40 per share, with a yield of 0.7%, scheduled for distribution on September 30th to shareholders recorded by September 15th.

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report) have been assigned a consensus recommendation of "Hold" from the twelve ratings firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and four have given a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $282.0909.

A number of brokerages have recently issued reports on RNR. Citigroup began coverage on RenaissanceRe in a report on Wednesday, August 13th. They issued a "buy" rating and a $288.00 price target on the stock. Morgan Stanley lowered their target price on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research note on Monday, July 14th. UBS Group increased their price target on RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Barclays raised their target price on RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research report on Thursday, July 24th. Finally, Keefe, Bruyette & Woods increased 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.

RenaissanceRe Trading Up 0.5%

RNR traded up $1.30 during trading on Tuesday, hitting $242.71. 304,929 shares of the stock were exchanged, compared to its average volume of 476,369. The firm has a 50 day simple moving average of $241.41 and a 200 day simple moving average of $240.64. The firm has a market cap of $11.42 billion, a price-to-earnings ratio of 6.20, a P/E/G ratio of 2.39 and a beta of 0.29. RenaissanceRe has a 1 year low of $219.00 and a 1 year high of $300.00. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, topping the consensus estimate of $10.28 by $2.01. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same period last year, the business posted $12.41 EPS. RenaissanceRe's quarterly revenue was down 2.4% on a year-over-year basis. As a group, equities analysts expect that RenaissanceRe will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.7%. RenaissanceRe's payout ratio is presently 4.09%.

Institutional Inflows and Outflows

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