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

RenaissanceRe (NYSE:RNR - Free Report) had its price objective increased by Keefe, Bruyette & Woods from $310.00 to $318.00 in a research report sent to investors on Friday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the insurance provider's stock.

Other analysts have also recently issued research reports about the company. Barclays cut RenaissanceRe from an "equal weight" rating to an "underweight" rating and lowered their price target for the company from $284.00 to $234.00 in a report on Monday. Jefferies Financial Group reaffirmed a "hold" rating and issued a $282.00 price target (down previously from $304.00) on shares of RenaissanceRe in a report on Wednesday, December 18th. JPMorgan Chase & Co. raised their price target on RenaissanceRe from $280.00 to $284.00 and gave the company a "neutral" rating in a report on Friday, January 3rd. StockNews.com cut RenaissanceRe from a "buy" rating to a "hold" rating in a report on Tuesday, October 22nd. Finally, Wells Fargo & Company raised their price target on RenaissanceRe from $280.00 to $314.00 and gave the company an "overweight" rating in a report on Thursday, October 10th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $286.36.

RenaissanceRe Price Performance

NYSE RNR traded down $3.32 during trading hours on Friday, hitting $250.01. The company had a trading volume of 585,243 shares, compared to its average volume of 432,224. RenaissanceRe has a 52 week low of $199.73 and a 52 week high of $300.00. The firm has a 50 day simple moving average of $264.06 and a 200 day simple moving average of $253.61. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.43 and a current ratio of 1.43. The firm has a market capitalization of $12.99 billion, a price-to-earnings ratio of 3.60, a PEG ratio of 1.31 and a beta of 0.44.

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

RenaissanceRe Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid 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 (DPR) is currently 2.25%.

Hedge Funds Weigh In On RenaissanceRe

A number of large investors have recently bought and sold shares of RNR. National Bank of Canada FI boosted its position in shares of RenaissanceRe by 1,381.3% during the second quarter. National Bank of Canada FI now owns 5,377 shares of the insurance provider's stock valued at $1,189,000 after purchasing an additional 5,014 shares in the last quarter. Victory Capital Management Inc. raised its stake in RenaissanceRe by 3.4% during the second quarter. Victory Capital Management Inc. now owns 22,187 shares of the insurance provider's stock valued at $4,959,000 after buying an additional 735 shares during the last quarter. Acadian Asset Management LLC raised its stake in RenaissanceRe by 88.1% during the second quarter. Acadian Asset Management LLC now owns 2,090 shares of the insurance provider's stock valued at $465,000 after buying an additional 979 shares during the last quarter. Caprock Group LLC purchased a new position in RenaissanceRe during the second quarter valued at $229,000. Finally, Wedbush Securities Inc. raised its stake in RenaissanceRe by 31.1% during the second quarter. Wedbush Securities Inc. now owns 2,655 shares of the insurance provider's stock valued at $593,000 after buying an additional 630 shares during the last quarter. 99.97% of the stock is owned by hedge funds and other 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.