RenaissanceRe Holdings Ltd. (NYSE:RNR) Given Average Rating of “Hold” by Analysts

RenaissanceRe Holdings Ltd. (NYSE:RNR) has received an average rating of “Hold” from the twelve research firms that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $293.00.

Several equities research analysts have commented on the stock. Wells Fargo & Company increased their price objective on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. StockNews.com lowered RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Keefe, Bruyette & Woods reduced their price objective on RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating for the company in a research note on Tuesday, November 12th. Evercore ISI raised their target price on RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research report on Thursday, November 7th. Finally, JPMorgan Chase & Co. increased their price target on shares of RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th.

RenaissanceRe Stock Up 2.7 %

RNR stock opened at $271.90 on Friday. The stock’s 50 day moving average is $268.86 and its 200-day moving average is $244.84. RenaissanceRe has a twelve month low of $188.24 and a twelve month high of $300.00. The firm has a market capitalization of $14.12 billion, a PE ratio of 3.92, a P/E/G ratio of 1.29 and a beta of 0.39. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the firm earned $8.33 EPS. The business’s revenue for the quarter was up 52.1% compared to the same quarter last year. Sell-side analysts expect that RenaissanceRe will post 42.01 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.56 dividend on an annualized basis and a yield of 0.57%. RenaissanceRe’s dividend payout ratio is 2.25%.

Insiders Place Their Bets

In related news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $279.00, for a total transaction of $279,000.00. Following the sale, the executive vice president now owns 82,044 shares of the company’s stock, valued at approximately $22,890,276. This represents a 1.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

A number of institutional investors have recently added to or reduced their stakes in RNR. Impax Asset Management Group plc lifted its stake in RenaissanceRe by 32.4% during the third quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock worth $461,679,000 after purchasing an additional 415,366 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in RenaissanceRe by 21.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock worth $139,579,000 after buying an additional 109,851 shares during the last quarter. Cooke & Bieler LP boosted its stake in RenaissanceRe by 9.2% in the second quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock worth $229,679,000 after buying an additional 86,562 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new position in RenaissanceRe during the third quarter valued at approximately $18,969,000. Finally, Northwest & Ethical Investments L.P. purchased a new position in shares of RenaissanceRe during the third quarter worth approximately $17,086,000. 99.97% of the stock is currently owned by 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.