RenaissanceRe (NYSE:RNR) Given New $318.00 Price Target at Keefe, Bruyette & Woods

RenaissanceRe (NYSE:RNR) had its price target raised by Keefe, Bruyette & Woods from $310.00 to $318.00 in a report issued on Friday,Benzinga reports. The firm currently has an outperform rating on the insurance provider’s stock.

Several other research analysts also recently commented on the stock. Barclays downgraded shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $284.00 to $234.00 in a research note on Monday, January 6th. Jefferies Financial Group restated a “hold” rating and issued a $282.00 target price (down from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. Wells Fargo & Company lifted their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Evercore ISI increased their price objective on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research note on Thursday, November 7th. Finally, StockNews.com lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $286.36.

RenaissanceRe Stock Down 1.3 %

Shares of NYSE:RNR opened at $250.01 on Friday. The firm has a market capitalization of $12.99 billion, a PE ratio of 3.60, a price-to-earnings-growth ratio of 1.31 and a beta of 0.44. The business has a 50 day simple moving average of $264.06 and a two-hundred day simple moving average of $253.61. RenaissanceRe has a 1 year low of $199.73 and a 1 year high of $300.00. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.43.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the previous year, the business earned $8.33 EPS. RenaissanceRe’s revenue was up 52.1% compared to the same quarter last year. On average, equities analysts predict that RenaissanceRe will post 41.94 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.56 dividend on an annualized basis and a yield of 0.62%. RenaissanceRe’s dividend payout ratio is presently 2.25%.

Institutional Trading of RenaissanceRe

Institutional investors have recently modified their holdings of the company. Impax Asset Management Group plc lifted its position in RenaissanceRe by 32.4% during the third quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock valued at $461,679,000 after acquiring an additional 415,366 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of RenaissanceRe by 2.9% during the 3rd quarter. Geode Capital Management LLC now owns 920,814 shares of the insurance provider’s stock valued at $250,892,000 after purchasing an additional 25,773 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of RenaissanceRe by 21.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock worth $139,579,000 after purchasing an additional 109,851 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in RenaissanceRe by 1.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 120,129 shares of the insurance provider’s stock worth $26,850,000 after buying an additional 1,606 shares during the last quarter. Finally, Sei Investments Co. increased its position in RenaissanceRe by 42.4% during the 2nd quarter. Sei Investments Co. now owns 111,369 shares of the insurance provider’s stock valued at $24,892,000 after buying an additional 33,154 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors.

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.