JPMorgan Chase & Co. Increases RenaissanceRe (NYSE:RNR) Price Target to $187.00
RenaissanceRe (NYSE:RNR) had its price objective raised by JPMorgan Chase & Co. from $154.00 to $187.00 in a report published on Wednesday, BenzingaRatingsTable reports. JPMorgan Chase & Co. currently has a neutral rating on the insurance provider’s stock.
Other analysts have also issued research reports about the stock. Barclays reissued a sell rating on shares of RenaissanceRe in a report on Tuesday, July 2nd. Wells Fargo & Co set a $33.00 price target on shares of Matador Resources and gave the company a hold rating in a report on Thursday, July 11th. UBS Group raised their price target on shares of Verisk Analytics from $106.00 to $111.00 and gave the company a sell rating in a report on Tuesday, April 9th. Zacks Investment Research lowered shares of Hudson Technologies from a hold rating to a sell rating in a report on Monday, April 1st. Finally, Deutsche Bank assumed coverage on shares of Target in a report on Monday, July 15th. They issued a hold rating and a $85.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $162.45.
Shares of RenaissanceRe stock opened at $186.19 on Wednesday. The company has a current ratio of 1.54, a quick ratio of 1.49 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $8.22 billion, a price-to-earnings ratio of 20.30, a P/E/G ratio of 1.39 and a beta of 0.35. The firm has a 50 day moving average of $180.83. RenaissanceRe has a fifty-two week low of $118.28 and a fifty-two week high of $189.00.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date of this dividend was Thursday, June 13th. RenaissanceRe’s dividend payout ratio is presently 14.83%.
In other RenaissanceRe news, insider Aditya Dutt sold 15,000 shares of RenaissanceRe stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $176.44, for a total transaction of $2,646,600.00. Following the completion of the sale, the insider now owns 65,556 shares of the company’s stock, valued at approximately $11,566,700.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Ian D. Branagan sold 3,000 shares of RenaissanceRe stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $180.00, for a total transaction of $540,000.00. Following the sale, the senior vice president now directly owns 45,617 shares of the company’s stock, valued at approximately $8,211,060. The disclosure for this sale can be found here. Insiders have sold a total of 29,500 shares of company stock valued at $5,016,600 in the last ninety days. Company insiders own 1.60% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNR. Parallel Advisors LLC grew its holdings in shares of RenaissanceRe by 862.1% in the 1st quarter. Parallel Advisors LLC now owns 558 shares of the insurance provider’s stock valued at $80,000 after buying an additional 500 shares during the period. Quadrant Capital Group LLC grew its holdings in shares of RenaissanceRe by 138.6% in the 1st quarter. Quadrant Capital Group LLC now owns 847 shares of the insurance provider’s stock valued at $116,000 after buying an additional 492 shares during the period. Contravisory Investment Management Inc. acquired a new position in shares of RenaissanceRe in the 2nd quarter valued at $140,000. ETF Managers Group LLC grew its holdings in shares of RenaissanceRe by 11.1% in the 1st quarter. ETF Managers Group LLC now owns 1,041 shares of the insurance provider’s stock valued at $149,000 after buying an additional 104 shares during the period. Finally, Machina Capital S.A.S. acquired a new position in shares of RenaissanceRe in the 2nd quarter valued at $166,000. 94.88% of the stock is owned by hedge funds and other institutional investors.
RenaissanceRe Company Profile
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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