RenaissanceRe (NYSE:RNR) Price Target Raised to $282.00

RenaissanceRe (NYSE:RNR) had its price objective raised by Cantor Fitzgerald from $252.00 to $282.00 in a report issued on Wednesday morning, MarketBeat.com reports. They currently have a neutral rating on the insurance provider’s stock.

Other equities analysts also recently issued reports about the company. Evercore ISI lifted their target price on RenaissanceRe from $250.00 to $283.00 and gave the company an “in-line” rating in a research note on Wednesday, January 7th. JPMorgan Chase & Co. boosted their price objective on RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a research report on Wednesday, January 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RenaissanceRe in a research report on Monday, December 29th. Mizuho started coverage on shares of RenaissanceRe in a report on Monday, December 15th. They set a “neutral” rating and a $281.00 price target for the company. Finally, Keefe, Bruyette & Woods increased their price objective on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “market perform” rating in a report on Tuesday, January 6th. Five investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and a consensus price target of $298.07.

RenaissanceRe Stock Performance

Shares of RNR opened at $269.53 on Wednesday. The stock has a market capitalization of $12.43 billion, a PE ratio of 7.49, a price-to-earnings-growth ratio of 6.37 and a beta of 0.26. The business’s fifty day moving average price is $270.35 and its 200 day moving average price is $254.56. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.40 and a quick ratio of 1.40. RenaissanceRe has a 12-month low of $219.00 and a 12-month high of $285.26.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share for the quarter, topping analysts’ consensus estimates of $9.49 by $6.13. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The company had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same period in the prior year, the company earned $10.23 earnings per share. The firm’s revenue was down 4.8% compared to the same quarter last year. Equities research analysts forecast that RenaissanceRe will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Monday, December 15th. RenaissanceRe’s payout ratio is 4.45%.

Institutional Investors Weigh In On RenaissanceRe

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNR. Hantz Financial Services Inc. raised its stake in shares of RenaissanceRe by 707.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after buying an additional 99 shares in the last quarter. Financial Consulate Inc. bought a new stake in RenaissanceRe in the third quarter worth about $29,000. IFP Advisors Inc lifted its holdings in RenaissanceRe by 160.0% in the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 72 shares during the last quarter. Huntington National Bank boosted its position in shares of RenaissanceRe by 80.9% during the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 55 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its position in shares of RenaissanceRe by 151.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 79 shares in the last quarter. Institutional investors own 99.97% of the company’s stock.

About RenaissanceRe

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.