RenaissanceRe (NYSE:RNR) Receives Hold Rating from Jefferies Financial Group

Jefferies Financial Group reissued their hold rating on shares of RenaissanceRe (NYSE:RNR) in a research note published on Wednesday, MarketBeat.com reports. The firm currently has a $282.00 price objective on the insurance provider’s stock, down from their previous price objective of $304.00.

Several other equities research analysts also recently issued reports on the company. JPMorgan Chase & Co. increased their price target on RenaissanceRe from $274.00 to $280.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Barclays assumed coverage on shares of RenaissanceRe in a report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 target price on the stock. Evercore ISI increased their price objective on shares of RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research report on Thursday, November 7th. StockNews.com lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Finally, Citigroup boosted their price target on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, RenaissanceRe presently has an average rating of “Hold” and a consensus price target of $290.09.

RenaissanceRe Trading Up 1.2 %

Shares of RenaissanceRe stock traded up $2.89 during trading on Wednesday, hitting $244.86. 5,622 shares of the company were exchanged, compared to its average volume of 363,728. The firm’s fifty day moving average price is $271.69 and its 200 day moving average price is $250.90. RenaissanceRe has a 1-year low of $190.89 and a 1-year high of $300.00. The firm has a market capitalization of $12.72 billion, a P/E ratio of 3.53, a price-to-earnings-growth ratio of 1.31 and a beta of 0.41. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.43.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, topping the consensus estimate of $7.89 by $2.34. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the business posted $8.33 earnings per share. The business’s revenue for the quarter was up 52.1% compared to the same quarter last year. As a group, sell-side analysts expect that RenaissanceRe will post 41.94 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.56 dividend on an annualized basis and a yield of 0.64%. RenaissanceRe’s dividend payout ratio (DPR) is currently 2.25%.

Insider Buying and Selling at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the sale, the executive vice president now owns 82,044 shares of the company’s stock, valued at $22,890,276. The trade was a 1.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On RenaissanceRe

Large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. bought a new position in shares of RenaissanceRe in the second quarter worth $27,000. New York State Teachers Retirement System increased its holdings in RenaissanceRe by 0.7% in the 2nd quarter. New York State Teachers Retirement System now owns 56,444 shares of the insurance provider’s stock valued at $12,616,000 after buying an additional 371 shares during the period. Van Lanschot Kempen Investment Management N.V. raised its position in shares of RenaissanceRe by 12.8% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 227,773 shares of the insurance provider’s stock valued at $50,910,000 after buying an additional 25,760 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of RenaissanceRe by 1,323.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 3,075 shares of the insurance provider’s stock worth $687,000 after acquiring an additional 2,859 shares during the period. Finally, HB Wealth Management LLC boosted its position in shares of RenaissanceRe by 6.6% during the 2nd quarter. HB Wealth Management LLC now owns 4,135 shares of the insurance provider’s stock worth $924,000 after acquiring an additional 255 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

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.