RenaissanceRe (NYSE:RNR) Price Target Raised to $175.00

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RenaissanceRe (NYSE:RNR) had its price target increased by Wells Fargo & Co from $155.00 to $175.00 in a report published on Thursday morning, The Fly reports. Wells Fargo & Co currently has a market perform rating on the insurance provider’s stock.

RNR has been the subject of several other reports. Barclays reaffirmed a sell rating on shares of RenaissanceRe in a research note on Tuesday, July 2nd. Deutsche Bank raised their price target on shares of Macy’s from $27.00 to $28.00 and gave the stock a hold rating in a research note on Thursday, May 16th. UBS Group raised their price target on shares of Verisk Analytics from $106.00 to $111.00 and gave the stock a sell rating in a research note on Tuesday, April 9th. Zacks Investment Research cut shares of Hudson Technologies from a hold rating to a sell rating in a research note on Monday, April 1st. Finally, ValuEngine cut shares of Zosano Pharma from a buy rating to a hold rating in a research note on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. RenaissanceRe currently has a consensus rating of Hold and a consensus price target of $159.40.

Shares of RNR opened at $183.95 on Thursday. The company has a market cap of $8.12 billion, a PE ratio of 20.06, a P/E/G ratio of 1.51 and a beta of 0.35. RenaissanceRe has a twelve month low of $118.28 and a twelve month high of $186.82. The business’s 50 day simple moving average is $178.67. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.24.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, May 7th. The insurance provider reported $3.60 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.40. The company had revenue of $929.00 million during the quarter, compared to analysts’ expectations of $738.70 million. RenaissanceRe had a net margin of 18.18% and a return on equity of 9.25%. The business’s quarterly revenue was up 40.1% on a year-over-year basis. During the same period last year, the business earned $1.42 EPS. Equities research analysts forecast that RenaissanceRe will post 12.8 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a $0.34 dividend. The ex-dividend date was Thursday, June 13th. This represents a $1.36 annualized dividend and a dividend yield of 0.74%. RenaissanceRe’s dividend payout ratio is presently 14.83%.

In related news, SVP Ian D. Branagan sold 3,000 shares of the firm’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $180.00, for a total value of $540,000.00. Following the completion of the transaction, the senior vice president now directly owns 45,617 shares of the company’s stock, valued at $8,211,060. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Ian D. Branagan sold 2,000 shares of the firm’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $153.00, for a total transaction of $306,000.00. Following the completion of the transaction, the senior vice president now directly owns 52,617 shares of the company’s stock, valued at $8,050,401. The disclosure for this sale can be found here. Insiders sold 31,500 shares of company stock valued at $5,322,600 over the last three months. 1.60% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC boosted its position in RenaissanceRe by 862.1% during the first quarter. Parallel Advisors LLC now owns 558 shares of the insurance provider’s stock worth $80,000 after purchasing an additional 500 shares during the period. Contravisory Investment Management Inc. bought a new position in RenaissanceRe during the second quarter worth $140,000. Quadrant Capital Group LLC boosted its position in RenaissanceRe by 138.6% during the first quarter. Quadrant Capital Group LLC now owns 847 shares of the insurance provider’s stock worth $116,000 after purchasing an additional 492 shares during the period. ETF Managers Group LLC boosted its position in RenaissanceRe by 11.1% during the first quarter. ETF Managers Group LLC now owns 1,041 shares of the insurance provider’s stock worth $149,000 after purchasing an additional 104 shares during the period. Finally, Piedmont Investment Advisors Inc. bought a new position in RenaissanceRe during the first quarter worth $201,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

About RenaissanceRe

RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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, and binding facilities and regional U.S.

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