RenaissanceRe (NYSE:RNR) Price Target Raised to $274.00

by · The Markets Daily

RenaissanceRe (NYSE:RNR – Get Free Report) had its price target raised by research analysts at JPMorgan Chase & Co. from $267.00 to $274.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s price target suggests a potential downside of 1.21% from the company’s previous close.

A number of other research firms have also weighed in on RNR. Morgan Stanley cut their price objective on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. Jefferies Financial Group increased their target price on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a report on Wednesday. Citigroup raised their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. UBS Group decreased their target price on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a report on Tuesday, July 9th. Finally, Bank of America raised their price objective on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $289.00.

Read Our Latest Stock Report on RNR

RenaissanceRe Stock Up 1.3 %

RNR stock traded up $3.53 during midday trading on Thursday, hitting $277.35. The company’s stock had a trading volume of 444,396 shares, compared to its average volume of 339,489. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. RenaissanceRe has a 52-week low of $188.24 and a 52-week high of $283.86. The firm has a market capitalization of $14.47 billion, a P/E ratio of 6.13, a PEG ratio of 1.74 and a beta of 0.38. The firm has a 50-day simple moving average of $253.78 and a 200-day simple moving average of $234.52.

RenaissanceRe (NYSE:RNR – Get Free Report) last issued its earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, beating the consensus estimate of $10.88 by $1.53. The business had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.93 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. As a group, equities analysts forecast that RenaissanceRe will post 39.46 EPS for the current year.

Insiders Place Their Bets

In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the sale, the executive vice president now owns 85,544 shares of the company’s stock, valued at approximately $19,675,120. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the transaction, the chief financial officer now owns 73,915 shares in the company, valued at approximately $16,598,352.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the sale, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at approximately $19,675,120. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,500 shares of company stock worth $1,339,400. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RenaissanceRe

A number of large investors have recently modified their holdings of RNR. EverSource Wealth Advisors LLC grew its stake in RenaissanceRe by 19.8% in the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock worth $63,000 after purchasing an additional 45 shares in the last quarter. CWM LLC lifted its position in RenaissanceRe by 8.7% during the 1st quarter. CWM LLC now owns 610 shares of the insurance provider’s stock worth $143,000 after acquiring an additional 49 shares during the last quarter. State of Alaska Department of Revenue increased its stake in RenaissanceRe by 0.9% in the first quarter. State of Alaska Department of Revenue now owns 5,714 shares of the insurance provider’s stock valued at $1,342,000 after acquiring an additional 50 shares during the period. Hilltop National Bank grew its stake in RenaissanceRe by 14.9% during the second quarter. Hilltop National Bank now owns 400 shares of the insurance provider’s stock worth $89,000 after buying an additional 52 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in RenaissanceRe by 23.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock valued at $76,000 after buying an additional 64 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Company Profile

(Get Free Report)

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.

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