RenaissanceRe (NYSE:RNR) Shares Down 2.8%

RenaissanceRe Holdings Ltd. (NYSE:RNR) dropped 2.8% during trading on Tuesday . The company traded as low as $215.00 and last traded at $215.00. Approximately 16,983 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 335,380 shares. The stock had previously closed at $221.17.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RNR. JPMorgan Chase & Co. boosted their price target on shares of RenaissanceRe from $237.00 to $245.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Evercore ISI upped their target price on RenaissanceRe from $216.00 to $218.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, RenaissanceRe presently has a consensus rating of “Hold” and a consensus target price of $249.00.

RenaissanceRe Price Performance

The company has a 50-day moving average of $224.50 and a 200-day moving average of $220.66. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.41 and a current ratio of 1.41. The stock has a market cap of $11.31 billion, a price-to-earnings ratio of 4.88, a PEG ratio of 1.47 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.86 by $2.32. RenaissanceRe had a return on equity of 27.09% and a net margin of 24.79%. The business had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.05 billion. During the same quarter in the previous year, the company posted $8.16 earnings per share. The company’s revenue for the quarter was up 41.3% compared to the same quarter last year. As a group, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 37.17 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $0.39 per share. The ex-dividend date was Friday, June 14th. This represents a $1.56 dividend on an annualized basis and a yield of 0.73%. RenaissanceRe’s payout ratio is currently 3.45%.

Institutional Trading of RenaissanceRe

Hedge funds and other institutional investors have recently made changes to their positions in the company. Riverview Trust Co acquired a new stake in RenaissanceRe in the first quarter valued at about $26,000. Rise Advisors LLC acquired a new stake in shares of RenaissanceRe in the 1st quarter valued at approximately $31,000. Mather Group LLC. acquired a new position in RenaissanceRe during the first quarter worth $34,000. GAMMA Investing LLC purchased a new position in RenaissanceRe in the fourth quarter worth $37,000. Finally, Bruce G. Allen Investments LLC acquired a new stake in RenaissanceRe in the fourth quarter valued at $38,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

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.