RenaissanceRe (NYSE:RNR) Price Target Increased to $245.00 by Analysts at JPMorgan Chase & Co.

RenaissanceRe (NYSE:RNR) had its price target increased by JPMorgan Chase & Co. from $237.00 to $245.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a neutral rating on the insurance provider’s stock.

Several other analysts have also recently weighed in on the company. Evercore ISI boosted their price objective on RenaissanceRe from $216.00 to $218.00 and gave the stock an underperform rating in a report on Wednesday. UBS Group increased their price objective on shares of RenaissanceRe from $229.00 to $238.00 and gave the company a neutral rating in a report on Monday, February 5th. TD Cowen started coverage on shares of RenaissanceRe in a research note on Wednesday, January 10th. They issued a market perform rating on the stock. Finally, BMO Capital Markets upped their target price on shares of RenaissanceRe from $216.00 to $295.00 and gave the company an outperform rating in a research report on Monday, February 5th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, RenaissanceRe has an average rating of Hold and an average target price of $249.00.

RenaissanceRe Stock Performance

Shares of RenaissanceRe stock opened at $218.32 on Wednesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.41 and a quick ratio of 1.40. The firm has a 50 day simple moving average of $226.40 and a 200 day simple moving average of $216.37. RenaissanceRe has a fifty-two week low of $174.22 and a fifty-two week high of $239.42. The firm has a market cap of $11.54 billion, a P/E ratio of 4.82, a P/E/G ratio of 1.95 and a beta of 0.31.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, beating the consensus estimate of $9.86 by $2.32. RenaissanceRe had a return on equity of 27.09% and a net margin of 24.79%. The company had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.05 billion. During the same period last year, the firm earned $8.16 EPS. The business’s revenue for the quarter was up 41.3% on a year-over-year basis. Sell-side analysts predict that RenaissanceRe will post 35.4 earnings per share for the current fiscal 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 issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 0.71%. RenaissanceRe’s payout ratio is currently 3.45%.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. WBI Investments LLC bought a new position in shares of RenaissanceRe during the 1st quarter worth approximately $1,423,000. Buck Wealth Strategies LLC bought a new position in RenaissanceRe in the first quarter valued at $2,053,000. Markel Group Inc. grew its position in RenaissanceRe by 15.7% in the first quarter. Markel Group Inc. now owns 70,000 shares of the insurance provider’s stock valued at $16,452,000 after purchasing an additional 9,500 shares in the last quarter. Rehmann Capital Advisory Group bought a new stake in RenaissanceRe during the 1st quarter worth about $210,000. Finally, Whittier Trust Co. of Nevada Inc. lifted its position in RenaissanceRe by 5.1% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 12,305 shares of the insurance provider’s stock worth $2,892,000 after buying an additional 598 shares in the last quarter. 99.97% of the stock is currently owned by 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.