JPMorgan Chase & Co. Increases RenaissanceRe (NYSE:RNR) Price Target to $267.00

RenaissanceRe (NYSE:RNR) had its target price boosted by JPMorgan Chase & Co. from $265.00 to $267.00 in a report released on Thursday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the insurance provider’s stock.

A number of other brokerages have also recently commented on RNR. Bank of America lifted their target price on shares of RenaissanceRe from $334.00 to $347.00 and gave the stock a buy rating in a research report on Thursday, July 11th. Morgan Stanley cut their target price on shares of RenaissanceRe from $257.00 to $240.00 and set an equal weight rating on the stock in a research note on Wednesday, July 10th. UBS Group cut their target price on shares of RenaissanceRe from $251.00 to $248.00 and set a neutral rating on the stock in a research note on Tuesday, July 9th. Finally, Evercore ISI boosted their price objective on shares of RenaissanceRe from $216.00 to $218.00 and gave the stock an underperform rating in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $263.40.

RenaissanceRe Stock Performance

RenaissanceRe stock opened at $224.50 on Thursday. The firm’s fifty day moving average price is $223.97 and its 200-day moving average price is $223.80. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market cap of $11.71 billion, a P/E ratio of 4.96, a price-to-earnings-growth ratio of 1.26 and a beta of 0.38. RenaissanceRe has a fifty-two week low of $174.22 and a fifty-two week high of $239.42.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, topping analysts’ consensus estimates of $9.86 by $2.32. The company had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.05 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The firm’s revenue was up 41.3% compared to the same quarter last year. During the same quarter last year, the company earned $8.16 EPS. On average, equities research analysts expect that RenaissanceRe will post 37.43 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $1.56 annualized dividend and a yield of 0.69%. RenaissanceRe’s dividend payout ratio (DPR) is presently 3.45%.

Insiders Place Their Bets

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the transaction, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at $19,675,120. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Riverview Trust Co purchased a new position in shares of RenaissanceRe during the first quarter valued at approximately $26,000. Blue Trust Inc. purchased a new position in shares of RenaissanceRe during the second quarter valued at approximately $27,000. Rise Advisors LLC purchased a new position in shares of RenaissanceRe during the first quarter valued at approximately $31,000. V Square Quantitative Management LLC purchased a new position in shares of RenaissanceRe during the second quarter valued at approximately $31,000. Finally, Mather Group LLC. purchased a new position in shares of RenaissanceRe during the first quarter valued at approximately $34,000. 99.97% of the stock is owned by hedge funds and other institutional investors.

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.