RenaissanceRe Holdings Ltd. (NYSE:RNR) Receives $172.75 Consensus Target Price from Analysts

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have been given a consensus rating of “Hold” by the thirteen ratings firms that are presently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $172.75.

A number of equities research analysts recently commented on the stock. Morgan Stanley raised their price objective on shares of RenaissanceRe from $164.00 to $193.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Deutsche Bank downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating and set a $186.00 price objective for the company. in a research report on Monday, July 15th. They noted that the move was a valuation call. ValuEngine upgraded shares of RenaissanceRe from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. Barclays restated a “sell” rating on shares of RenaissanceRe in a research report on Tuesday, July 2nd. Finally, JPMorgan Chase & Co. raised their price objective on shares of RenaissanceRe from $154.00 to $187.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th.

In related news, SVP Sean G. Brosnan sold 931 shares of RenaissanceRe stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $183.91, for a total transaction of $171,220.21. Following the completion of the transaction, the senior vice president now directly owns 8,779 shares in the company, valued at approximately $1,614,545.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kevin Odonnell sold 28,375 shares of RenaissanceRe stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $182.05, for a total value of $5,165,668.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,306 shares of company stock valued at $8,523,489. Insiders own 1.60% of the company’s stock.



Institutional investors have recently modified their holdings of the stock. California Public Employees Retirement System lifted its holdings in RenaissanceRe by 23.1% in the 2nd quarter. California Public Employees Retirement System now owns 307,788 shares of the insurance provider’s stock worth $54,789,000 after buying an additional 57,656 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in RenaissanceRe during the second quarter valued at approximately $1,368,000. Voloridge Investment Management LLC acquired a new stake in RenaissanceRe during the second quarter valued at approximately $235,000. Worldquant Millennium Advisors LLC lifted its stake in RenaissanceRe by 17.2% during the second quarter. Worldquant Millennium Advisors LLC now owns 13,714 shares of the insurance provider’s stock valued at $2,441,000 after purchasing an additional 2,013 shares during the last quarter. Finally, Pictet Asset Management Ltd. lifted its stake in RenaissanceRe by 22.6% during the second quarter. Pictet Asset Management Ltd. now owns 17,372 shares of the insurance provider’s stock valued at $3,092,000 after purchasing an additional 3,200 shares during the last quarter. Hedge funds and other institutional investors own 94.35% of the company’s stock.

Shares of NYSE:RNR opened at $189.22 on Tuesday. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 0.26. The company has a market cap of $8.43 billion, a P/E ratio of 20.63, a PEG ratio of 1.42 and a beta of 0.32. RenaissanceRe has a 52 week low of $118.28 and a 52 week high of $190.92. The company has a 50-day moving average price of $183.52 and a 200 day moving average price of $162.83.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, July 23rd. The insurance provider reported $4.78 EPS for the quarter, beating the Zacks’ consensus estimate of $3.58 by $1.20. The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $824.40 million. RenaissanceRe had a net margin of 19.47% and a return on equity of 8.87%. The firm’s revenue was up 69.2% compared to the same quarter last year. During the same quarter last year, the firm earned $5.23 earnings per share. Analysts expect that RenaissanceRe will post 14.15 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.72%. RenaissanceRe’s payout ratio is 14.83%.

About RenaissanceRe

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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Analyst Recommendations for RenaissanceRe (NYSE:RNR)

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