RenaissanceRe (NYSE:RNR) Rating Increased to Hold at Royal Bank Of Canada

Royal Bank Of Canada upgraded shares of RenaissanceRe (NYSE:RNR) to a hold rating in a research report report published on Tuesday morning,Zacks reports.

Other research analysts also recently issued reports about the stock. TD Cowen raised their price target on shares of RenaissanceRe from $300.00 to $315.00 and gave the company a “hold” rating in a report on Tuesday, July 7th. Evercore set a $330.00 price objective on RenaissanceRe in a research report on Thursday, July 23rd. Citigroup raised RenaissanceRe from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $335.00 to $345.00 in a research note on Wednesday, June 10th. JPMorgan Chase & Co. lifted their price objective on RenaissanceRe from $329.00 to $360.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of RenaissanceRe in a research report on Thursday, July 23rd. Six equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $338.12.

RenaissanceRe Trading Up 0.8%

Shares of RenaissanceRe stock opened at $328.36 on Tuesday. The company’s 50-day moving average price is $325.01 and its 200-day moving average price is $309.81. 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 has a 12-month low of $231.17 and a 12-month high of $340.24. The company has a market cap of $13.64 billion, a price-to-earnings ratio of 5.64, a PEG ratio of 1.19 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. The company had revenue of $2.77 billion during the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. On average, equities analysts expect that RenaissanceRe will post 42.4 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 15th. RenaissanceRe’s payout ratio is currently 2.81%.

Insider Activity at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the sale, the executive vice president owned 72,907 shares in the company, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RNR. BlackRock Inc. bought a new stake in RenaissanceRe during the second quarter worth about $1,319,724,000. Boston Partners increased its position in shares of RenaissanceRe by 9.9% during the 4th quarter. Boston Partners now owns 1,423,483 shares of the insurance provider’s stock valued at $400,150,000 after purchasing an additional 128,245 shares during the last quarter. Lightrock Netherlands B.V. raised its holdings in shares of RenaissanceRe by 15.8% during the 1st quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock valued at $350,263,000 after buying an additional 160,915 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of RenaissanceRe by 5.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider’s stock valued at $322,603,000 after buying an additional 52,371 shares in the last quarter. Finally, GQG Partners LLC bought a new stake in RenaissanceRe in the 2nd quarter worth approximately $185,351,000. Institutional investors own 99.97% of the company’s stock.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a Bermuda-based global reinsurance and specialty insurance company. Founded in 1993, the company initially focused on property catastrophe reinsurance and has expanded its operations to serve insurers, businesses and other risk-bearing organizations worldwide.

RenaissanceRe provides reinsurance and insurance solutions covering property, casualty and specialty risks. Its property business includes protection against hurricanes, earthquakes, severe weather and other catastrophe-related events, while its casualty and specialty operations address risks such as liability, professional lines and other complex commercial exposures.

The company also manages and supports insurance-linked securities and other third-party capital strategies, allowing investors to participate in selected insurance risks.