RenaissanceRe (NYSE:RNR) Price Target Raised to $329.00 at Wells Fargo & Company

RenaissanceRe (NYSE:RNR) had its price target raised by Wells Fargo & Company from $306.00 to $329.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an equal weight rating on the insurance provider’s stock.

Other equities research analysts also recently issued research reports about the company. Barclays boosted their price objective on RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a report on Tuesday. TD Cowen raised their target price on RenaissanceRe from $300.00 to $315.00 and gave the company a “hold” rating in a report on Tuesday. Mizuho lifted their target price on RenaissanceRe from $325.00 to $329.00 and gave the company a “neutral” rating in a research report on Thursday. Keefe, Bruyette & Woods boosted their price target on shares of RenaissanceRe from $327.00 to $342.00 and gave the stock a “market perform” rating in a research note on Wednesday. Finally, Wolfe Research set a $315.00 price target on shares of RenaissanceRe in a research report on Tuesday. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, RenaissanceRe currently has an average rating of “Hold” and a consensus price target of $331.07.

RenaissanceRe Trading Down 3.5%

Shares of RNR stock opened at $311.06 on Thursday. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. RenaissanceRe has a twelve month low of $231.17 and a twelve month high of $329.57. The company’s 50-day moving average price is $300.54 and its 200-day moving average price is $295.57. The stock has a market cap of $13.26 billion, a price-to-earnings ratio of 5.19, a PEG ratio of 1.20 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. The company had revenue of $2.19 billion during the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%. As a group, equities analysts predict that RenaissanceRe will post 40.42 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a dividend of $0.41 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.73%.

Hedge Funds Weigh In On RenaissanceRe

A number of institutional investors have recently modified their holdings of the business. Quarry LP raised its holdings in shares of RenaissanceRe by 65.0% in the third quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after buying an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of RenaissanceRe by 235.0% during the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after buying an additional 94 shares during the last quarter. Kingdom Financial Group LLC. purchased a new position in shares of RenaissanceRe during the fourth quarter worth about $36,000. Mcguire Capital Advisors Inc. acquired a new position in RenaissanceRe in the 4th quarter valued at about $38,000. Finally, SBI Securities Co. Ltd. increased its position in RenaissanceRe by 33.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock valued at $41,000 after acquiring an additional 37 shares during the period. 99.97% of the stock is owned by institutional investors and hedge funds.

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.