RenaissanceRe (NYSE:RNR) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

RenaissanceRe (NYSE:RNR) had its price objective lifted by JPMorgan Chase & Co. from $274.00 to $280.00 in a research report sent to investors on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the insurance provider’s stock.

A number of other research firms have also recently commented on RNR. Citigroup lifted their target price on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Morgan Stanley cut their price target on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Wells Fargo & Company lifted their target price on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Finally, Barclays began coverage on shares of RenaissanceRe in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price target for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $291.30.

RenaissanceRe Stock Performance

Shares of RNR opened at $268.12 on Thursday. The company has a market capitalization of $13.98 billion, a price-to-earnings ratio of 3.86, a price-to-earnings-growth ratio of 1.82 and a beta of 0.39. RenaissanceRe has a 52-week low of $188.24 and a 52-week high of $300.00. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The stock has a 50 day moving average price of $267.63 and a 200 day moving average price of $241.84.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.89 by $2.34. RenaissanceRe had a net margin of 28.84% and a return on equity of 27.34%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the prior year, the business posted $8.33 EPS. The company’s revenue for the quarter was up 52.1% on a year-over-year basis. Research analysts predict that RenaissanceRe will post 39.96 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.39 per share. The ex-dividend date is Friday, December 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.58%. RenaissanceRe’s dividend payout ratio (DPR) is 2.25%.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the transaction, the executive vice president now owns 82,044 shares in the company, valued at approximately $22,890,276. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.30% of the stock is owned by insiders.

Institutional Trading of RenaissanceRe

Institutional investors have recently modified their holdings of the business. V Square Quantitative Management LLC raised its position in RenaissanceRe by 29.5% in the third quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 41 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of RenaissanceRe by 19.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock valued at $63,000 after purchasing an additional 45 shares in the last quarter. First Citizens Bank & Trust Co. lifted its stake in shares of RenaissanceRe by 4.6% in the third quarter. First Citizens Bank & Trust Co. now owns 1,073 shares of the insurance provider’s stock valued at $292,000 after purchasing an additional 47 shares during the period. Hilltop National Bank boosted its holdings in RenaissanceRe by 14.9% during the second quarter. Hilltop National Bank now owns 400 shares of the insurance provider’s stock worth $89,000 after buying an additional 52 shares in the last quarter. Finally, CIBC Asset Management Inc grew its position in RenaissanceRe by 3.6% during the third quarter. CIBC Asset Management Inc now owns 1,530 shares of the insurance provider’s stock worth $417,000 after buying an additional 53 shares during the period. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

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.