RenaissanceRe (NYSE:RNR) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of RenaissanceRe (NYSE:RNR) from a hold rating to a buy rating in a research note released on Monday.

RNR has been the subject of several other reports. Barclays assumed coverage on RenaissanceRe in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price objective for the company. Wells Fargo & Company increased their price target on RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Evercore ISI increased their price target on RenaissanceRe from $218.00 to $229.00 and gave the stock an “underperform” rating in a report on Wednesday, October 9th. Citigroup increased their price target on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. increased their price target on RenaissanceRe from $267.00 to $274.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $289.00.

RenaissanceRe Price Performance

RNR stock opened at $283.44 on Monday. The company has a market capitalization of $14.78 billion, a P/E ratio of 5.60, a PEG ratio of 1.83 and a beta of 0.38. RenaissanceRe has a twelve month low of $188.24 and a twelve month high of $283.86. The business has a 50 day simple moving average of $259.43 and a 200-day simple moving average of $236.33. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, beating the consensus estimate of $10.88 by $1.53. The business had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. As a group, equities analysts anticipate that RenaissanceRe will post 39.84 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date was Friday, September 13th. RenaissanceRe’s dividend payout ratio is currently 3.08%.

Insider Activity

In other news, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $224.56, for a total value of $561,400.00. Following the completion of the transaction, the chief financial officer now owns 73,915 shares in the company, valued at $16,598,352.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the sale, the chief financial officer now directly owns 73,915 shares in the company, valued at approximately $16,598,352.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $279.00, for a total value of $279,000.00. Following the sale, the executive vice president now owns 82,044 shares in the company, valued at approximately $22,890,276. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,500 shares of company stock worth $1,109,400 over the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RenaissanceRe

Hedge funds have recently modified their holdings of the stock. Riverview Trust Co purchased a new stake in RenaissanceRe during the 1st quarter worth approximately $26,000. Blue Trust Inc. purchased a new stake in RenaissanceRe during the 2nd quarter worth approximately $27,000. ORG Wealth Partners LLC purchased a new stake in RenaissanceRe during the 3rd quarter worth approximately $30,000. Rise Advisors LLC purchased a new stake in RenaissanceRe during the 1st quarter worth approximately $31,000. Finally, V Square Quantitative Management LLC purchased a new stake in RenaissanceRe during the 2nd quarter worth approximately $31,000. 99.97% of the stock is currently 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.