Evercore ISI Boosts RenaissanceRe (NYSE:RNR) Price Target to $218.00

RenaissanceRe (NYSE:RNR) had its price objective hoisted by Evercore ISI from $216.00 to $218.00 in a research note published on Wednesday morning, Benzinga reports. The brokerage currently has an underperform rating on the insurance provider’s stock.

Several other equities analysts have also weighed in on RNR. TD Cowen initiated coverage on shares of RenaissanceRe in a report on Wednesday, January 10th. They set a market perform rating for the company. BMO Capital Markets lifted their price objective on shares of RenaissanceRe from $216.00 to $295.00 and gave the company an outperform rating in a report on Monday, February 5th. JPMorgan Chase & Co. increased their target price on shares of RenaissanceRe from $204.00 to $237.00 and gave the stock a neutral rating in a research note on Monday, April 8th. Finally, UBS Group lifted their price target on RenaissanceRe from $229.00 to $238.00 and gave the company a neutral rating in a research note on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $249.00.

RenaissanceRe Trading Down 0.1 %

NYSE RNR opened at $218.32 on Wednesday. RenaissanceRe has a 1 year low of $174.22 and a 1 year high of $239.42. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.41 and a quick ratio of 1.40. The company has a market capitalization of $11.54 billion, a PE ratio of 4.82, a P/E/G ratio of 1.95 and a beta of 0.31. The company has a fifty day moving average of $226.40 and a 200 day moving average of $216.37.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, topping analysts’ consensus estimates of $9.86 by $2.32. The firm had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.05 billion. RenaissanceRe had a return on equity of 27.09% and a net margin of 24.79%. The company’s revenue was up 41.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $8.16 earnings per share. Research analysts forecast that RenaissanceRe will post 35.4 earnings per share for the current year.

RenaissanceRe Increases Dividend

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

Insider Buying and Selling at RenaissanceRe

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

Institutional Trading of RenaissanceRe

A number of hedge funds and other institutional investors have recently modified their holdings of RNR. WBI Investments LLC acquired a new stake in RenaissanceRe during the first quarter worth about $1,423,000. Buck Wealth Strategies LLC purchased a new stake in shares of RenaissanceRe in the 1st quarter valued at approximately $2,053,000. Markel Group Inc. increased its holdings in shares of RenaissanceRe by 15.7% during the 1st quarter. Markel Group Inc. now owns 70,000 shares of the insurance provider’s stock worth $16,452,000 after buying an additional 9,500 shares during the last quarter. Rehmann Capital Advisory Group purchased a new stake in shares of RenaissanceRe during the 1st quarter valued at approximately $210,000. Finally, Whittier Trust Co. of Nevada Inc. lifted its holdings in RenaissanceRe by 5.1% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 12,305 shares of the insurance provider’s stock valued at $2,892,000 after acquiring an additional 598 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Company Profile

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.