Analysts Set RenaissanceRe Holdings Ltd. (NYSE:RNR) PT at $249.00

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have earned a consensus rating of “Hold” from the nine analysts that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $249.00.

A number of equities research analysts have issued reports on the stock. Evercore ISI upped their price objective on shares of RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. JPMorgan Chase & Co. boosted their target price on RenaissanceRe from $237.00 to $245.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st.

RenaissanceRe Stock Performance

Shares of RenaissanceRe stock opened at $212.31 on Thursday. The company has a market cap of $11.23 billion, a PE ratio of 4.69, a price-to-earnings-growth ratio of 1.47 and a beta of 0.38. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.21. RenaissanceRe has a 52 week low of $174.22 and a 52 week high of $239.42. The business has a 50 day moving average price of $224.21 and a 200-day moving average price of $220.71.

RenaissanceRe (NYSE:RNR) last issued 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. RenaissanceRe had a return on equity of 27.09% and a net margin of 24.79%. The business had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.05 billion. During the same period last year, the business earned $8.16 EPS. The business’s revenue was up 41.3% on a year-over-year basis. Equities analysts anticipate that RenaissanceRe will post 37.17 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date was Friday, June 14th. RenaissanceRe’s dividend payout ratio is currently 3.45%.

Institutional Investors Weigh In On RenaissanceRe

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in RenaissanceRe by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock worth $1,090,875,000 after acquiring an additional 148,173 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of RenaissanceRe by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 2,752,016 shares of the insurance provider’s stock worth $646,806,000 after buying an additional 124,039 shares during the period. Capital World Investors lifted its position in RenaissanceRe by 1.0% in the fourth quarter. Capital World Investors now owns 2,539,332 shares of the insurance provider’s stock valued at $497,709,000 after purchasing an additional 25,898 shares during the last quarter. Capital Research Global Investors raised its stake in shares of RenaissanceRe by 5.3% during the fourth quarter. Capital Research Global Investors now owns 1,423,281 shares of the insurance provider’s stock valued at $278,963,000 after acquiring an additional 71,377 shares during the last quarter. Finally, American International Group Inc. raised its position in RenaissanceRe by 1,829.6% during the 4th quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock valued at $273,135,000 after purchasing an additional 1,321,325 shares during the last quarter. 99.97% of the stock is currently owned by 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.