RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives $323.64 Average Target Price from Analysts

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have been given an average recommendation of “Hold” by the seventeen analysts that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $323.6429.

Several research firms have issued reports on RNR. Barclays dropped their price objective on RenaissanceRe from $341.00 to $328.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 29th. Wall Street Zen lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Keefe, Bruyette & Woods increased their target price on RenaissanceRe from $323.00 to $327.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 7th. Cantor Fitzgerald upgraded RenaissanceRe from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $306.00 to $340.00 in a research note on Thursday, April 9th. Finally, Bank of America lowered their target price on RenaissanceRe to $426.00 and set a “buy” rating on the stock in a research note on Tuesday, April 14th.

RenaissanceRe Price Performance

NYSE:RNR opened at $319.30 on Monday. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. The stock’s 50 day moving average price is $298.90 and its two-hundred day moving average price is $292.23. The firm has a market capitalization of $13.61 billion, a price-to-earnings ratio of 5.32, a P/E/G ratio of 1.16 and a beta of 0.18. RenaissanceRe has a 12-month low of $231.17 and a 12-month high of $319.80.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. The firm had revenue of $2.19 billion for the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%. On average, analysts anticipate that RenaissanceRe will post 40.05 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. RenaissanceRe’s dividend payout ratio is currently 2.73%.

Institutional Investors Weigh In On RenaissanceRe

A number of large investors have recently modified their holdings of the business. Capital World Investors lifted its stake in shares of RenaissanceRe by 0.3% in the 3rd quarter. Capital World Investors now owns 2,649,518 shares of the insurance provider’s stock valued at $672,792,000 after acquiring an additional 7,839 shares during the last quarter. Boston Partners raised its position in RenaissanceRe by 9.9% during the 4th quarter. Boston Partners now owns 1,423,483 shares of the insurance provider’s stock worth $400,150,000 after purchasing an additional 128,245 shares during the last quarter. Lightrock Netherlands B.V. raised its position in shares of RenaissanceRe by 15.8% in the 1st quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock worth $350,263,000 after acquiring an additional 160,915 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of RenaissanceRe by 5.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider’s stock worth $322,603,000 after acquiring an additional 52,371 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of RenaissanceRe by 17.6% in the 2nd quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock worth $195,182,000 after acquiring an additional 120,063 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.