RenaissanceRe (NYSE:RNR) Given New $245.00 Price Target at JPMorgan Chase & Co.

RenaissanceRe (NYSE:RNR) had its price target lifted by JPMorgan Chase & Co. from $237.00 to $245.00 in a research note released on Wednesday, Benzinga reports. They currently have a neutral rating on the insurance provider’s stock.

RNR has been the subject of a number of other reports. BMO Capital Markets boosted their target price on shares of RenaissanceRe from $216.00 to $295.00 and gave the company an outperform rating in a research report on Monday, February 5th. TD Cowen initiated coverage on RenaissanceRe in a report on Wednesday, January 10th. They issued a market perform rating for the company. UBS Group raised their target price on RenaissanceRe from $229.00 to $238.00 and gave the stock a neutral rating in a report on Monday, February 5th. Finally, Evercore ISI upped their price objective on RenaissanceRe from $216.00 to $218.00 and gave the stock an underperform rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average target price of $249.00.

RenaissanceRe Trading Down 0.4 %

Shares of NYSE:RNR opened at $218.43 on Wednesday. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.23. RenaissanceRe has a 52-week low of $174.22 and a 52-week high of $239.42. The stock has a market cap of $11.51 billion, a price-to-earnings ratio of 4.83, a PEG ratio of 2.91 and a beta of 0.31. The business has a 50-day moving average price of $226.74 and a 200-day moving average price of $216.34.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share for the quarter, topping the consensus estimate of $9.86 by $2.32. RenaissanceRe had a net margin of 24.79% and a return on equity of 28.59%. The company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the prior year, the company earned $8.16 EPS. RenaissanceRe’s quarterly revenue was up 41.3% on a year-over-year basis. Equities analysts predict that RenaissanceRe will post 34.43 EPS for the current year.

RenaissanceRe Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a $0.39 dividend. The ex-dividend date was Thursday, March 14th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 0.71%. RenaissanceRe’s dividend payout ratio (DPR) is currently 3.45%.

Insiders Place Their Bets

In other news, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total value of $586,400.00. Following the transaction, the chief financial officer now owns 70,424 shares in the company, valued at $16,518,653.44. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total value of $586,400.00. Following the completion of the sale, the chief financial officer now directly owns 70,424 shares in the company, valued at $16,518,653.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Carol P. Sanders sold 880 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $227.59, for a total transaction of $200,279.20. Following the transaction, the director now owns 5,363 shares in the company, valued at $1,220,565.17. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On RenaissanceRe

Several hedge funds and other institutional investors have recently made changes to their positions in RNR. Riverview Trust Co purchased a new stake in RenaissanceRe in the 1st quarter valued at $26,000. Rise Advisors LLC acquired a new position in shares of RenaissanceRe during the 1st quarter valued at about $31,000. Mather Group LLC. purchased a new stake in shares of RenaissanceRe in the first quarter valued at about $34,000. GAMMA Investing LLC acquired a new stake in RenaissanceRe during the fourth quarter worth about $37,000. Finally, Bruce G. Allen Investments LLC acquired a new stake in RenaissanceRe during the fourth quarter worth about $38,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

About RenaissanceRe

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.