Jefferies Financial Group Raises RenaissanceRe (NYSE:RNR) Price Target to $314.00

RenaissanceRe (NYSE:RNR) had its price objective lifted by Jefferies Financial Group from $270.00 to $314.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the insurance provider’s stock.

Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company reduced their target price on RenaissanceRe from $288.00 to $280.00 and set an overweight rating on the stock in a report on Friday, July 26th. UBS Group reduced their target price on RenaissanceRe from $251.00 to $248.00 and set a neutral rating on the stock in a report on Tuesday, July 9th. JPMorgan Chase & Co. raised their target price on RenaissanceRe from $265.00 to $267.00 and gave the company a neutral rating in a report on Thursday, July 25th. Bank of America raised their target price on RenaissanceRe from $334.00 to $347.00 and gave the company a buy rating in a report on Thursday, July 11th. Finally, Evercore ISI raised their target price on RenaissanceRe from $218.00 to $229.00 and gave the company an underperform rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $289.00.

RenaissanceRe Trading Down 1.2 %

Shares of NYSE:RNR opened at $275.56 on Wednesday. The company has a market capitalization of $14.37 billion, a P/E ratio of 5.45, a P/E/G ratio of 1.70 and a beta of 0.38. RenaissanceRe has a 1 year low of $188.24 and a 1 year high of $283.86. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The business’s 50 day simple moving average is $255.54 and its 200 day simple moving average is $235.13.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.88 by $1.53. The business had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. On average, research analysts anticipate that RenaissanceRe will post 39.55 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.57%. The ex-dividend date was Friday, September 13th. RenaissanceRe’s dividend payout ratio is currently 3.08%.

Insider Buying and Selling

In related news, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $16,598,352.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the transaction, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at approximately $19,675,120. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $224.56, for a total value of $561,400.00. Following the completion of the transaction, the chief financial officer now directly owns 73,915 shares of the company’s stock, 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 sold a total of 5,500 shares of company stock valued at $1,339,400 in the last three months. Insiders own 1.30% of the company’s stock.

Institutional Trading of RenaissanceRe

Several large investors have recently made changes to their positions in RNR. American International Group Inc. grew its stake in shares of RenaissanceRe by 1,829.6% in the 4th quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock valued at $273,135,000 after buying an additional 1,321,325 shares during the period. Vanguard Group Inc. boosted its stake in RenaissanceRe by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock valued at $1,090,875,000 after purchasing an additional 148,173 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in RenaissanceRe by 21.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock valued at $139,579,000 after purchasing an additional 109,851 shares during the last quarter. Impax Asset Management Group plc boosted its stake in RenaissanceRe by 7.7% during the 2nd quarter. Impax Asset Management Group plc now owns 1,282,270 shares of the insurance provider’s stock valued at $286,028,000 after purchasing an additional 91,425 shares during the last quarter. Finally, Cooke & Bieler LP boosted its stake in RenaissanceRe by 9.2% during the 2nd quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock valued at $229,679,000 after purchasing an additional 86,562 shares during the last quarter. 99.97% of the stock is currently 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.