Evercore ISI Boosts RenaissanceRe (NYSE:RNR) Price Target to $218.00

RenaissanceRe (NYSE:RNR) had its price objective hoisted by Evercore ISI from $216.00 to $218.00 in a research report released on Wednesday, Benzinga reports. Evercore ISI currently has an underperform rating on the insurance provider’s stock.

A number of other equities research analysts have also recently issued reports on RNR. JPMorgan Chase & Co. boosted their price objective on RenaissanceRe from $204.00 to $237.00 and gave the company a neutral rating in a research note on Monday, April 8th. UBS Group raised their price objective on shares of RenaissanceRe from $229.00 to $238.00 and gave the stock a neutral rating in a report on Monday, February 5th. TD Cowen began coverage on shares of RenaissanceRe in a report on Wednesday, January 10th. They set a market perform rating on the stock. Finally, BMO Capital Markets raised their price target on RenaissanceRe from $216.00 to $295.00 and gave the stock an outperform rating in a report on Monday, February 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, RenaissanceRe has a consensus rating of Hold and an average target price of $249.00.

RenaissanceRe Stock Down 0.1 %

RenaissanceRe stock opened at $218.32 on Wednesday. The firm has a 50 day moving average price of $226.56 and a 200-day moving average price of $216.37. The company has a quick ratio of 1.40, a current ratio of 1.41 and a debt-to-equity ratio of 0.21. RenaissanceRe has a twelve month low of $174.22 and a twelve month high of $239.42. The company has a market capitalization of $11.51 billion, a P/E ratio of 4.82, a P/E/G ratio of 2.90 and a beta of 0.31.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share for the quarter, beating the consensus estimate of $9.86 by $2.32. The business had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.05 billion. RenaissanceRe had a return on equity of 27.09% and a net margin of 24.79%. RenaissanceRe’s revenue was up 41.3% compared to the same quarter last year. During the same period in the prior year, the company earned $8.16 earnings per share. As a group, equities analysts predict that RenaissanceRe will post 34.43 EPS for the current year.

RenaissanceRe Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.39 dividend. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date of this dividend was Thursday, March 14th. RenaissanceRe’s dividend payout ratio is currently 3.45%.

Insider Activity

In related news, Director Carol P. Sanders sold 880 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $227.59, for a total value of $200,279.20. Following the transaction, the director now directly owns 5,363 shares in the company, valued at $1,220,565.17. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Carol P. Sanders sold 880 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $227.59, for a total value of $200,279.20. Following the transaction, the director now owns 5,363 shares of the company’s stock, valued at $1,220,565.17. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total value of $586,400.00. Following the sale, the chief financial officer now directly owns 70,424 shares of the company’s stock, valued at approximately $16,518,653.44. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Riverview Trust Co bought a new position in shares of RenaissanceRe during the 1st quarter valued at $26,000. Rise Advisors LLC bought a new position in shares of RenaissanceRe during the first quarter valued at about $31,000. Mather Group LLC. purchased a new position in shares of RenaissanceRe in the first quarter worth about $34,000. GAMMA Investing LLC bought a new stake in shares of RenaissanceRe in the 4th quarter valued at about $37,000. Finally, Bruce G. Allen Investments LLC purchased a new stake in RenaissanceRe during the 4th quarter valued at about $38,000. 99.97% of the stock is owned by hedge funds and other institutional investors.

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.