Brokerages Set RenaissanceRe Holdings Ltd. (NYSE:RNR) Target Price at $290.09

RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report) has been assigned an average recommendation of "Hold" from the twelve research firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $290.09.

Several equities analysts have recently issued reports on RNR shares. StockNews.com cut RenaissanceRe from a "buy" rating to a "hold" rating in a research report on Tuesday, October 22nd. Barclays initiated coverage on RenaissanceRe in a report on Wednesday, September 4th. They set an "equal weight" rating and a $287.00 target price on the stock. Evercore ISI upped their price target on shares of RenaissanceRe from $229.00 to $246.00 and gave the company an "underperform" rating in a report on Thursday, November 7th. Wells Fargo & Company boosted their target price on shares of RenaissanceRe from $280.00 to $314.00 and gave the stock an "overweight" rating in a report on Thursday, October 10th. Finally, Bank of America raised their target price on shares of RenaissanceRe from $364.00 to $391.00 and gave the stock a "buy" rating in a report on Thursday, October 10th.

RenaissanceRe Stock Performance

Shares of NYSE RNR traded up $6.40 during midday trading on Thursday, reaching $248.37. 722,087 shares of the company traded hands, compared to its average volume of 366,670. The stock has a 50-day moving average price of $271.69 and a 200 day moving average price of $250.90. The company has a market cap of $12.90 billion, a price-to-earnings ratio of 3.58, a PEG ratio of 1.31 and a beta of 0.41. 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 has a 52 week low of $190.89 and a 52 week high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, topping analysts' consensus estimates of $7.89 by $2.34. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the business posted $8.33 EPS. The business's revenue for the quarter was up 52.1% compared to the same quarter last year. Sell-side analysts anticipate that RenaissanceRe will post 41.94 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.63%. RenaissanceRe's payout ratio is currently 2.25%.

Insider Activity

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business's stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $269.00, for a total value of $269,000.00. Following the transaction, the executive vice president now owns 83,044 shares in the company, valued at $22,338,836. The trade was a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RenaissanceRe

A number of hedge funds have recently added to or reduced their stakes in RNR. Intech Investment Management LLC boosted its holdings in RenaissanceRe by 52.9% in the second quarter. Intech Investment Management LLC now owns 7,193 shares of the insurance provider's stock worth $1,608,000 after purchasing an additional 2,490 shares in the last quarter. Algert Global LLC bought a new stake in shares of RenaissanceRe during the 2nd quarter worth about $1,186,000. National Bank of Canada FI increased its holdings in shares of RenaissanceRe by 1,381.3% during the 2nd quarter. National Bank of Canada FI now owns 5,377 shares of the insurance provider's stock valued at $1,189,000 after acquiring an additional 5,014 shares during the last quarter. Rockefeller Capital Management L.P. bought a new position in shares of RenaissanceRe in the 3rd quarter valued at approximately $3,684,000. Finally, Fisher Asset Management LLC lifted its holdings in RenaissanceRe by 12.3% in the 3rd quarter. Fisher Asset Management LLC now owns 80,773 shares of the insurance provider's stock worth $22,003,000 after purchasing an additional 8,844 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company's stock.

RenaissanceRe Company Profile

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.