RenaissanceRe (NYSE:RNR) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of RenaissanceRe (NYSE:RNR) from a hold rating to a buy rating in a report issued on Monday morning.

A number of other research analysts have also issued reports on the company. JPMorgan Chase & Co. boosted their price target on RenaissanceRe from $267.00 to $274.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Bank of America boosted their price target on RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Barclays began coverage on RenaissanceRe in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price target for the company. UBS Group reduced their price target on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. Finally, Morgan Stanley reduced their price target on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $289.00.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $283.44 on Monday. RenaissanceRe has a twelve month low of $188.24 and a twelve month high of $283.86. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $14.78 billion, a price-to-earnings ratio of 5.60, a price-to-earnings-growth ratio of 1.83 and a beta of 0.38. The business has a 50 day simple moving average of $259.43 and a 200-day simple moving average of $236.33.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, beating analysts’ consensus estimates of $10.88 by $1.53. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The business had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.93 billion. As a group, equities research analysts expect that RenaissanceRe will post 39.84 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.55%. RenaissanceRe’s dividend payout ratio is currently 3.08%.

Insider Transactions at RenaissanceRe

In other news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the transaction, the chief financial officer now owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $279.00, for a total value of $279,000.00. Following the transaction, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at $22,890,276. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the completion of the transaction, the chief financial officer now directly owns 73,915 shares in the company, valued at approximately $16,598,352.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,500 shares of company stock valued at $1,109,400 in the last quarter. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Riverview Trust Co purchased a new position in shares of RenaissanceRe in the first quarter worth approximately $26,000. Blue Trust Inc. purchased a new position in shares of RenaissanceRe in the second quarter worth approximately $27,000. ORG Wealth Partners LLC purchased a new position in shares of RenaissanceRe in the third quarter worth approximately $30,000. Rise Advisors LLC purchased a new position in shares of RenaissanceRe in the first quarter worth approximately $31,000. Finally, V Square Quantitative Management LLC acquired a new stake in shares of RenaissanceRe during the second quarter worth approximately $31,000. 99.97% of the stock is owned by hedge funds and other institutional investors.

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.