RenaissanceRe (NYSE:RNR) Upgraded by JPMorgan Chase & Co. to “Overweight” Rating

JPMorgan Chase & Co. upgraded shares of RenaissanceRe (NYSE:RNR) from a neutral rating to an overweight rating in a report published on Tuesday morning, Marketbeat reports. They currently have $284.00 target price on the insurance provider’s stock.

A number of other analysts have also commented on RNR. Jefferies Financial Group reaffirmed a “hold” rating and set a $282.00 price objective (down previously from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. JMP Securities reaffirmed a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, January 30th. Barclays lowered shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $284.00 to $234.00 in a research report on Monday, January 6th. Wells Fargo & Company decreased their target price 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. Finally, Morgan Stanley lowered their target price on shares of RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating for the company in a research note on Friday, January 31st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned 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 $283.40.

RenaissanceRe Stock Up 2.0 %

Shares of NYSE RNR opened at $224.73 on Tuesday. The stock has a market capitalization of $11.01 billion, a price-to-earnings ratio of 6.42, a price-to-earnings-growth ratio of 2.09 and a beta of 0.29. RenaissanceRe has a 52 week low of $208.98 and a 52 week high of $300.00. The firm has a 50-day moving average price of $236.65 and a 200 day moving average price of $255.11. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19.

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

RenaissanceRe Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.39. RenaissanceRe’s dividend payout ratio (DPR) is currently 4.57%.

Insider Activity

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total value of $254,160.00. Following the transaction, the executive vice president now owns 79,392 shares in the company, valued at approximately $20,178,270.72. The trade was a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.00% of the stock is owned by insiders.

Institutional Investors Weigh In On RenaissanceRe

Hedge funds have recently made changes to their positions in the company. Aster Capital Management DIFC Ltd purchased a new position in RenaissanceRe during the fourth quarter valued at approximately $27,000. SBI Securities Co. Ltd. acquired a new stake in shares of RenaissanceRe during the 4th quarter valued at $29,000. MassMutual Private Wealth & Trust FSB grew its holdings in shares of RenaissanceRe by 51.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 41 shares in the last quarter. Jones Financial Companies Lllp increased its stake in shares of RenaissanceRe by 1,587.5% in the fourth quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 127 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised 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 acquiring an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

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.