RenaissanceRe (NYSE:RNR) Price Target Raised to $282.00 at Keefe, Bruyette & Woods

RenaissanceRe (NYSE:RNR) had its price objective raised by Keefe, Bruyette & Woods from $279.00 to $282.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the insurance provider’s stock.

A number of other analysts have also recently weighed in on RNR. Barclays lowered their price target on shares of RenaissanceRe from $234.00 to $231.00 and set an “underweight” rating on the stock in a report on Friday, April 11th. JMP Securities reissued a “market perform” rating on shares of RenaissanceRe in a research report on Thursday, April 24th. Jefferies Financial Group reduced their target price on RenaissanceRe from $266.00 to $265.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Morgan Stanley raised RenaissanceRe from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $235.00 to $275.00 in a report on Friday, April 25th. Finally, Bank of America cut their price objective on shares of RenaissanceRe from $437.00 to $426.00 and set a “buy” rating on the stock in a report on Wednesday, March 26th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, RenaissanceRe currently has an average rating of “Hold” and a consensus target price of $282.60.

RenaissanceRe Stock Performance

RNR stock opened at $241.82 on Tuesday. RenaissanceRe has a 1-year low of $208.98 and a 1-year high of $300.00. The business has a 50-day moving average price of $238.07 and a 200 day moving average price of $251.67. The company has a market capitalization of $11.85 billion, a P/E ratio of 6.91, a PEG ratio of 2.09 and a beta of 0.29. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.42.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) EPS for the quarter, missing the consensus estimate of ($0.32) by ($1.17). RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. The business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.36 billion. During the same quarter in the prior year, the firm posted $12.18 EPS. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, equities research analysts forecast that RenaissanceRe will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.66%. The ex-dividend date was Friday, March 14th. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. RenaissanceRe’s dividend payout ratio (DPR) is 5.10%.

Institutional Investors Weigh In On RenaissanceRe

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd acquired a new stake in RenaissanceRe during the fourth quarter worth about $27,000. SBI Securities Co. Ltd. purchased a new stake in RenaissanceRe in the 4th quarter worth approximately $29,000. MassMutual Private Wealth & Trust FSB grew its stake in shares of RenaissanceRe by 51.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 41 shares during the period. Jones Financial Companies Lllp increased its holdings in shares of RenaissanceRe by 1,587.5% during the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 127 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its stake in shares of RenaissanceRe by 71.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider’s stock valued at $39,000 after purchasing an additional 65 shares during the period. 99.97% of the stock is owned by institutional investors and hedge funds.

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.