RenaissanceRe (NYSE:RNR) Price Target Raised to $245.00 at JPMorgan Chase & Co.

RenaissanceRe (NYSE:RNR) had its price objective lifted by JPMorgan Chase & Co. from $237.00 to $245.00 in a report published on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the insurance provider’s stock.

RNR has been the topic of a number of other research reports. Evercore ISI increased their target price on RenaissanceRe from $216.00 to $218.00 and gave the company an underperform rating in a report on Wednesday. BMO Capital Markets upped their price objective on RenaissanceRe from $216.00 to $295.00 and gave the company an outperform rating in a research report on Monday, February 5th. TD Cowen began coverage on RenaissanceRe in a research report on Wednesday, January 10th. They set a market perform rating for the company. Finally, UBS Group upped their target price on shares of RenaissanceRe from $229.00 to $238.00 and gave the company a neutral rating in a report on Monday, February 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $249.00.

RenaissanceRe Price Performance

RenaissanceRe stock opened at $218.43 on Wednesday. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.23. The firm’s 50-day simple moving average is $226.74 and its 200 day simple moving average is $216.34. RenaissanceRe has a 52 week low of $174.22 and a 52 week high of $239.42. The firm has a market capitalization of $11.51 billion, a PE ratio of 4.83, a P/E/G ratio of 2.91 and a beta of 0.31.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.86 by $2.32. RenaissanceRe had a net margin of 24.79% and a return on equity of 28.59%. The company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the prior year, the firm earned $8.16 earnings per share. The company’s revenue for the quarter was up 41.3% compared to the same quarter last year. On average, equities research analysts predict that RenaissanceRe will post 34.43 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.71%. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 14th. RenaissanceRe’s payout ratio is presently 3.45%.

Insiders Place Their Bets

In other news, Director Carol P. Sanders sold 880 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $227.59, for a total transaction of $200,279.20. Following the completion of the sale, the director now directly owns 5,363 shares of the company’s stock, valued at approximately $1,220,565.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Carol P. Sanders sold 880 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $227.59, for a total value of $200,279.20. Following the transaction, the director now directly owns 5,363 shares in the company, valued at approximately $1,220,565.17. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total value of $586,400.00. Following the completion of the transaction, the chief financial officer now directly owns 70,424 shares in the company, valued at $16,518,653.44. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On RenaissanceRe

Several institutional investors have recently bought and sold shares of RNR. CWM LLC raised its stake in shares of RenaissanceRe by 8.7% in the 1st quarter. CWM LLC now owns 610 shares of the insurance provider’s stock valued at $143,000 after acquiring an additional 49 shares during the period. State of Alaska Department of Revenue raised its position in RenaissanceRe by 0.9% in the first quarter. State of Alaska Department of Revenue now owns 5,714 shares of the insurance provider’s stock valued at $1,342,000 after purchasing an additional 50 shares during the period. Vanguard Personalized Indexing Management LLC lifted its stake in shares of RenaissanceRe by 1.7% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 3,557 shares of the insurance provider’s stock worth $704,000 after purchasing an additional 59 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its position in shares of RenaissanceRe by 1.5% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,926 shares of the insurance provider’s stock worth $965,000 after buying an additional 73 shares during the period. Finally, Xponance Inc. grew its stake in shares of RenaissanceRe by 1.0% in the third quarter. Xponance Inc. now owns 7,590 shares of the insurance provider’s stock valued at $1,502,000 after buying an additional 75 shares in the last quarter. 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.