RenaissanceRe (NYSE:RNR) had its price target lifted by Deutsche Bank from $167.00 to $180.00 in a research report released on Thursday, The Fly reports. The brokerage currently has a buy rating on the insurance provider’s stock.
Several other equities analysts also recently commented on the company. Bank of America downgraded RenaissanceRe from a neutral rating to an underperform rating in a research report on Wednesday, January 16th. Barclays upped their target price on RenaissanceRe from $125.00 to $130.00 and gave the stock an underweight rating in a report on Monday, April 1st. UBS Group upped their target price on RenaissanceRe from $144.00 to $153.00 and gave the stock a neutral rating in a report on Tuesday, April 9th. Wells Fargo & Co reiterated a hold rating and issued a $125.00 target price on shares of RenaissanceRe in a report on Tuesday, January 29th. Finally, TheStreet upgraded RenaissanceRe from a c+ rating to a b rating in a report on Thursday, February 7th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $149.09.
RenaissanceRe stock traded down $0.86 during mid-day trading on Thursday, hitting $169.58. The company’s stock had a trading volume of 3,901 shares, compared to its average volume of 220,536. The company has a market capitalization of $7.37 billion, a PE ratio of 18.51, a price-to-earnings-growth ratio of 1.43 and a beta of 0.52. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.24. RenaissanceRe has a one year low of $117.35 and a one year high of $170.55.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 0.80%. The ex-dividend date is Thursday, June 13th. RenaissanceRe’s dividend payout ratio is 14.83%.
In related news, SVP Sean G. Brosnan sold 1,250 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $145.97, for a total transaction of $182,462.50. Following the completion of the sale, the senior vice president now directly owns 10,960 shares in the company, valued at approximately $1,599,831.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Ian D. Branagan sold 2,000 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $153.00, for a total value of $306,000.00. Following the sale, the senior vice president now owns 52,617 shares of the company’s stock, valued at $8,050,401. The disclosure for this sale can be found here. Insiders sold a total of 20,250 shares of company stock valued at $3,118,463 over the last quarter. Company insiders own 1.60% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Penserra Capital Management LLC purchased a new stake in shares of RenaissanceRe during the 4th quarter worth $30,000. JOYN Advisors Inc. increased its holdings in shares of RenaissanceRe by 63.9% in the fourth quarter. JOYN Advisors Inc. now owns 241 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 94 shares during the period. First Mercantile Trust Co. increased its holdings in shares of RenaissanceRe by 52.6% in the fourth quarter. First Mercantile Trust Co. now owns 290 shares of the insurance provider’s stock valued at $39,000 after purchasing an additional 100 shares during the period. Rehmann Capital Advisory Group increased its holdings in shares of RenaissanceRe by 65.1% in the fourth quarter. Rehmann Capital Advisory Group now owns 322 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 127 shares during the period. Finally, Parallel Advisors LLC increased its holdings in shares of RenaissanceRe by 862.1% in the first quarter. Parallel Advisors LLC now owns 558 shares of the insurance provider’s stock valued at $80,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 94.65% of the company’s stock.
RenaissanceRe Company Profile
RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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, and binding facilities and regional U.S.
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