Renaming a folder, sometimes referred to as a group, is a quick and easy process.
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To get started, head to the Campaign Overview and ensure you're in Tile or Folder view. From here locate the campaign that you'd like to change.
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In Tile view, hover over the group tile, then click the ellipsis (...) that appears in the upper right corner of the tile. In folder view hover over the campaign line, and click the ellipsis (...) to the far right.

This will open a dropdown with the option to Rename Group. Click this option to launch the rename group pop up.

In this window, simply delete the existing name, then enter the new name for this group.

When ready, click Save in the bottom left to lock in your changes.
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The window will close, and the page will load. Once finished your Group name will be updated!