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

RenaissanceRe Holdings Ltd. (NYSE:RNR) has received a consensus rating of “Hold” from the eleven research firms that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, five have given a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $283.40.

A number of equities analysts recently commented on RNR shares. Barclays cut shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $284.00 to $234.00 in a research report on Monday, January 6th. Keefe, Bruyette & Woods lowered their target price on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating for the company in a research note on Tuesday, February 4th. JPMorgan Chase & Co. raised their price target on RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a research report on Friday, January 3rd. Jefferies Financial Group reiterated a “hold” rating and issued a $282.00 price objective (down previously from $304.00) on shares of RenaissanceRe in a research report on Wednesday, December 18th. Finally, Morgan Stanley cut their target price on shares of RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating on the stock in a report on Friday, January 31st.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the transaction, the executive vice president now directly owns 79,392 shares of the company’s stock, valued at $20,178,270.72. This represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 made changes to their positions in RNR. Aster Capital Management DIFC Ltd bought a new stake in shares of RenaissanceRe during the fourth quarter valued at approximately $27,000. SBI Securities Co. Ltd. purchased a new position in RenaissanceRe during the fourth quarter valued at $29,000. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of RenaissanceRe by 51.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock valued at $30,000 after buying an additional 41 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of RenaissanceRe by 1,587.5% in the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock worth $34,000 after buying an additional 127 shares during the period. Finally, Smartleaf Asset Management LLC increased its stake in shares of RenaissanceRe by 71.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider’s stock worth $39,000 after acquiring an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock opened at $242.46 on Friday. The firm has a market capitalization of $11.94 billion, a PE ratio of 6.92, a price-to-earnings-growth ratio of 2.09 and a beta of 0.38. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.19. RenaissanceRe has a 12 month low of $208.98 and a 12 month high of $300.00. The business’s 50-day moving average price is $239.76 and its 200-day moving average price is $256.52.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, beating analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. Sell-side analysts forecast that RenaissanceRe will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.40 per share. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.39. This represents a $1.60 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date is Friday, March 14th. RenaissanceRe’s payout ratio is presently 4.57%.

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.