RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives Consensus Rating of “Hold” from Brokerages

RenaissanceRe Holdings Ltd. (NYSE:RNR) has earned an average recommendation of “Hold” from the sixteen ratings firms that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $284.50.

A number of analysts recently weighed in on RNR shares. Evercore ISI set a $244.00 price objective on RenaissanceRe and gave the company an “in-line” rating in a report on Wednesday, October 1st. Morgan Stanley upped their price target on RenaissanceRe from $280.00 to $290.00 and gave the company an “overweight” rating in a research report on Monday, November 17th. Wells Fargo & Company raised their price objective on RenaissanceRe from $278.00 to $285.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RenaissanceRe in a research note on Monday. Finally, Cantor Fitzgerald raised shares of RenaissanceRe to a “hold” rating in a research report on Wednesday, August 13th.

RenaissanceRe Stock Up 0.3%

Shares of NYSE RNR opened at $265.87 on Thursday. The company has a 50 day simple moving average of $257.73 and a 200 day simple moving average of $247.90. 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 1 year low of $219.00 and a 1 year high of $290.78. The firm has a market cap of $12.26 billion, a PE ratio of 7.39, a price-to-earnings-growth ratio of 1.59 and a beta of 0.26.

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

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Monday, December 15th. RenaissanceRe’s dividend payout ratio (DPR) is currently 4.45%.

Institutional Trading of RenaissanceRe

Large investors have recently bought and sold shares of the business. Exchange Traded Concepts LLC lifted its stake in shares of RenaissanceRe by 1.2% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,355 shares of the insurance provider’s stock valued at $852,000 after purchasing an additional 40 shares during the period. AMG National Trust Bank grew its stake in RenaissanceRe by 0.7% during the third quarter. AMG National Trust Bank now owns 5,787 shares of the insurance provider’s stock worth $1,469,000 after purchasing an additional 40 shares during the period. Advisors Asset Management Inc. increased its holdings in RenaissanceRe by 10.5% in the first quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider’s stock worth $106,000 after purchasing an additional 42 shares in the last quarter. Benedict Financial Advisors Inc. lifted its stake in RenaissanceRe by 0.3% in the second quarter. Benedict Financial Advisors Inc. now owns 12,577 shares of the insurance provider’s stock valued at $3,055,000 after buying an additional 42 shares during the period. Finally, Miracle Mile Advisors LLC boosted its holdings in shares of RenaissanceRe by 3.8% during the 3rd quarter. Miracle Mile Advisors LLC now owns 1,257 shares of the insurance provider’s stock worth $319,000 after buying an additional 46 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Company Profile

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.