Bank of America Cuts RenaissanceRe (NYSE:RNR) Price Target to $426.00

RenaissanceRe (NYSE:RNR) had its price objective lowered by Bank of America from $437.00 to $426.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the insurance provider’s stock.

RNR has been the subject of several other research reports. JMP Securities reiterated a “market perform” rating on shares of RenaissanceRe in a report on Thursday, January 30th. Morgan Stanley cut their price objective on RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating on the stock in a report on Friday, January 31st. JPMorgan Chase & Co. raised their target price on RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a report on Friday, January 3rd. Jefferies Financial Group reiterated a “hold” rating and set a $282.00 price target (down from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. Finally, Wells Fargo & Company reduced their price target on shares of RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating on the stock in a research report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $283.40.

RenaissanceRe Trading Down 1.7 %

Shares of RenaissanceRe stock opened at $242.46 on Wednesday. The stock has a 50 day moving average of $239.76 and a 200 day moving average of $256.52. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42. The firm has a market capitalization of $11.94 billion, a price-to-earnings ratio of 6.92, a PEG ratio of 2.09 and a beta of 0.38. RenaissanceRe has a fifty-two week low of $208.98 and a fifty-two week high of $300.00.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. As a group, research analysts predict that RenaissanceRe will post 26.04 earnings per share for the current year.

RenaissanceRe Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.66%. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. RenaissanceRe’s payout ratio is 4.57%.

Insider Buying and Selling at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the completion of the transaction, the executive vice president now directly owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. This represents a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On RenaissanceRe

Institutional investors have recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd acquired a new stake in RenaissanceRe during the fourth quarter worth approximately $27,000. SBI Securities Co. Ltd. purchased a new position in shares of RenaissanceRe in the 4th quarter valued at $29,000. MassMutual Private Wealth & Trust FSB raised its stake in RenaissanceRe by 51.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 41 shares in the last quarter. Jones Financial Companies Lllp lifted its position in RenaissanceRe by 1,587.5% in the fourth quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 127 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in shares of RenaissanceRe by 71.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 65 shares during the last quarter. 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.