RenaissanceRe Holdings Ltd. (NYSE:RNR) Given Consensus Recommendation of “Hold” by Brokerages

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have been assigned a consensus rating of “Hold” from the eleven brokerages that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $284.00.

Several equities analysts recently weighed in on the company. Keefe, Bruyette & Woods raised their price objective on RenaissanceRe from $310.00 to $318.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Bank of America boosted their price objective on shares of RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Wells Fargo & Company lowered their price objective on shares of RenaissanceRe from $301.00 to $288.00 and set an “overweight” rating on the stock in a research note on Tuesday. Barclays cut shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $284.00 to $234.00 in a research report on Monday, January 6th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $282.00 price target (down from $304.00) on shares of RenaissanceRe in a research report on Wednesday, December 18th.

Insider Activity

In related news, EVP David E. Marra sold 1,000 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the transaction, the executive vice president now directly owns 79,392 shares in the company, valued at approximately $20,178,270.72. This represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of RNR. Victory Capital Management Inc. increased its position in RenaissanceRe by 3.4% during the second quarter. Victory Capital Management Inc. now owns 22,187 shares of the insurance provider’s stock worth $4,959,000 after purchasing an additional 735 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of RenaissanceRe by 88.1% during the 2nd 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 period. American Century Companies Inc. increased its holdings in shares of RenaissanceRe by 19.2% during the 2nd quarter. American Century Companies Inc. now owns 50,291 shares of the insurance provider’s stock worth $11,241,000 after buying an additional 8,083 shares during the last quarter. Oppenheimer Asset Management Inc. raised its position in shares of RenaissanceRe by 32.5% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 12,528 shares of the insurance provider’s stock worth $2,800,000 after buying an additional 3,074 shares during the period. Finally, Envestnet Asset Management Inc. boosted its holdings in RenaissanceRe by 1.4% in the second quarter. Envestnet Asset Management Inc. now owns 120,129 shares of the insurance provider’s stock valued at $26,850,000 after acquiring an additional 1,606 shares during the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Stock Performance

NYSE:RNR opened at $257.38 on Monday. The firm’s fifty day simple moving average is $262.33 and its 200-day simple moving average is $254.82. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18. The stock has a market cap of $13.37 billion, a PE ratio of 3.71, a price-to-earnings-growth ratio of 1.79 and a beta of 0.44. RenaissanceRe has a fifty-two week low of $203.35 and a fifty-two week high of $300.00.

RenaissanceRe (NYSE:RNR) last issued its earnings results 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 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 analysts’ expectations of $2.35 billion. During the same period last year, the company posted $8.33 earnings per share. The firm’s quarterly revenue was up 52.1% compared to the same quarter last year. Analysts expect that RenaissanceRe will post 42.29 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date of this dividend was Friday, December 13th. RenaissanceRe’s dividend payout ratio is presently 2.25%.

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.