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

RenaissanceRe Holdings Ltd. (NYSE:RNR) has earned an average rating of “Hold” from the nineteen ratings firms that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and four have given a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $309.2667.

A number of brokerages have recently issued reports on RNR. UBS Group reiterated a “neutral” rating and set a $312.00 price objective on shares of RenaissanceRe in a report on Monday, February 9th. BMO Capital Markets reiterated an “outperform” rating and set a $303.00 price target on shares of RenaissanceRe in a research note on Friday, December 5th. The Goldman Sachs Group reissued a “sell” rating and set a $267.00 price objective on shares of RenaissanceRe in a report on Wednesday, January 7th. JPMorgan Chase & Co. raised their target price on RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a report on Wednesday, January 7th. Finally, Mizuho lifted their target price on RenaissanceRe from $277.00 to $313.00 and gave the company a “neutral” rating in a research report on Friday, February 6th.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $305.75, for a total value of $1,528,750.00. Following the completion of the sale, the executive vice president directly owned 73,023 shares of the company’s stock, valued at approximately $22,326,782.25. This represents a 6.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RenaissanceRe

Hedge funds and other institutional investors have recently modified their holdings of the business. Hantz Financial Services Inc. lifted its holdings in RenaissanceRe by 707.1% during the second quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after acquiring an additional 99 shares during the period. Financial Consulate Inc. bought a new position in RenaissanceRe in the 3rd quarter valued at $29,000. IFP Advisors Inc increased its position in shares of RenaissanceRe by 160.0% during the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 72 shares during the last quarter. Huntington National Bank raised its stake in shares of RenaissanceRe by 80.9% during the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 55 shares during the period. Finally, Kingdom Financial Group LLC. bought a new stake in shares of RenaissanceRe during the 4th quarter worth $36,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Performance

Shares of RenaissanceRe stock opened at $301.21 on Tuesday. The business has a 50-day simple moving average of $280.30 and a 200 day simple moving average of $261.74. The firm has a market capitalization of $13.10 billion, a price-to-earnings ratio of 5.31, a PEG ratio of 0.74 and a beta of 0.24. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 1.43. RenaissanceRe has a one year low of $219.00 and a one year high of $315.88.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 EPS for the quarter, beating the consensus estimate of $10.59 by $2.75. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The firm had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the previous year, the company posted $8.06 earnings per share. The company’s quarterly revenue was up 29.6% on a year-over-year basis. On average, research analysts anticipate that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Friday, March 13th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. RenaissanceRe’s dividend payout ratio (DPR) is currently 2.82%.

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.