RenaissanceRe (NYSE:RNR) Price Target Raised to $342.00

RenaissanceRe (NYSE:RNR) had its target price upped by Keefe, Bruyette & Woods from $327.00 to $342.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a market perform rating on the insurance provider’s stock.

A number of other analysts have also recently issued reports on the company. Wall Street Zen cut RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Barclays raised their price objective on shares of RenaissanceRe from $328.00 to $341.00 and gave the stock an “equal weight” rating in a report on Tuesday. Citigroup raised shares of RenaissanceRe from a “neutral” rating to a “buy” rating and upped their target price for the company from $335.00 to $345.00 in a research note on Wednesday, June 10th. Wolfe Research set a $315.00 price target on shares of RenaissanceRe in a research note on Tuesday. Finally, Cantor Fitzgerald upgraded RenaissanceRe from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $306.00 to $340.00 in a research note on Thursday, April 9th. Five equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $331.80.

RenaissanceRe Stock Performance

NYSE:RNR opened at $314.65 on Wednesday. The firm’s 50-day moving average is $300.76 and its 200-day moving average is $295.70. The company has a market cap of $13.41 billion, a price-to-earnings ratio of 5.25, a PEG ratio of 1.16 and a beta of 0.17. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 1.37. RenaissanceRe has a 52-week low of $231.17 and a 52-week high of $329.57.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. The business had revenue of $2.19 billion for the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%. Equities research analysts anticipate that RenaissanceRe will post 40.59 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.41 dividend. 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 is presently 2.73%.

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors have recently added to or reduced their stakes in RNR. Kingdom Financial Group LLC. bought a new stake in RenaissanceRe during the fourth quarter worth about $36,000. Quarry LP raised its stake 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 acquiring an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in shares of RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 94 shares in the last quarter. Mcguire Capital Advisors Inc. acquired a new position in shares of RenaissanceRe in the 4th quarter worth approximately $38,000. Finally, SBI Securities Co. Ltd. grew its position in RenaissanceRe by 33.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock worth $41,000 after acquiring an additional 37 shares during the last quarter. 99.97% of the stock is owned by institutional investors.

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.