RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives Consensus Recommendation of "Hold" from Brokerages

Key Points

• RenaissanceRe has a consensus analyst rating of Hold from 17 brokerages, with 11 hold ratings, 5 buy ratings, and 1 sell rating. The average 12-month price target is $331.80.
• The stock was up 2.3% in Friday trading, opening at $314.74, and it has moved within a 52-week range of $231.17 to $329.57. Shares currently trade near their recent highs, with a market cap of $13.42 billion.
• RenaissanceRe recently reported $13.75 EPS for the quarter on revenue of $2.19 billion, and it paid a quarterly dividend of $0.41 per share. Hedge funds also remain heavily invested, with 99.97% of the stock held by institutional investors.

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report) have been assigned an average recommendation of "Hold" from the seventeen brokerages that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation and five have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $331.80.

RNR has been the subject of a number of recent analyst reports. Citigroup raised shares of RenaissanceRe from a "neutral" rating to a "buy" rating and raised their price target for the company from $335.00 to $345.00 in a report on Wednesday, June 10th. Mizuho boosted their price objective on shares of RenaissanceRe from $325.00 to $329.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. Wall Street Zen cut shares of RenaissanceRe from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Weiss Ratings upgraded RenaissanceRe from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, June 25th. Finally, Bank of America dropped their target price on RenaissanceRe to $426.00 and set a "buy" rating on the stock in a research report on Tuesday, April 14th.

RenaissanceRe Stock Up 2.3%

NYSE RNR opened at $314.74 on Friday. The stock has a market cap of $13.42 billion, a PE ratio of 5.25, a P/E/G ratio of 1.14 and a beta of 0.17. RenaissanceRe has a fifty-two week low of $231.17 and a fifty-two week high of $329.57. The business has a 50 day moving average price of $301.77 and a two-hundred day moving average price of $296.81. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.22.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The company had revenue of $2.19 billion for the quarter. As a group, sell-side analysts predict that RenaissanceRe will post 40.57 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Monday, June 15th. RenaissanceRe's dividend payout ratio (DPR) is 2.73%.

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors and hedge funds have recently made changes to their positions in RNR. Lightrock Netherlands B.V. grew its position in shares of RenaissanceRe by 4,690.1% during the fourth quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider's stock worth $286,083,000 after buying an additional 996,266 shares in the last quarter. Orbis Allan Gray Ltd acquired a new stake in RenaissanceRe in the fourth quarter valued at $178,519,000. Norges Bank bought a new position in RenaissanceRe during the 4th quarter valued at $168,582,000. Egerton Capital UK LLP bought a new position in RenaissanceRe during the 4th quarter valued at $137,944,000. Finally, GQG Partners LLC acquired a new position in RenaissanceRe during the 4th quarter worth $108,780,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.

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