RenaissanceRe (NYSE:RNR) Price Target Raised to $318.00

RenaissanceRe (NYSE:RNR) had its price objective boosted by Keefe, Bruyette & Woods from $310.00 to $318.00 in a report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 28.28% from the company’s current price.

RNR has been the topic of a number of other research reports. JPMorgan Chase & Co. lifted their target price on shares of RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a research report on Friday, January 3rd. Wells Fargo & Company boosted their price objective on shares of RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. StockNews.com downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Barclays downgraded shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $284.00 to $234.00 in a research report on Monday. Finally, Bank of America upped their target price on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $286.36.

RenaissanceRe Stock Down 2.1 %

NYSE RNR traded down $5.43 during trading hours on Friday, hitting $247.90. The company’s stock had a trading volume of 154,275 shares, compared to its average volume of 354,618. RenaissanceRe has a 52 week low of $199.73 and a 52 week high of $300.00. The company has a market capitalization of $12.88 billion, a PE ratio of 3.57, a price-to-earnings-growth ratio of 1.31 and a beta of 0.44. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18. The company’s 50-day simple moving average is $264.06 and its two-hundred day simple moving average is $253.61.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, beating analysts’ consensus estimates of $7.89 by $2.34. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the previous year, the business earned $8.33 EPS. RenaissanceRe’s revenue was up 52.1% compared to the same quarter last year. Research analysts anticipate that RenaissanceRe will post 41.94 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. ORG Wealth Partners LLC purchased a new position in RenaissanceRe in the 3rd quarter worth about $30,000. UMB Bank n.a. increased its stake in RenaissanceRe by 316.7% in the 3rd quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock worth $34,000 after buying an additional 95 shares during the period. Advisors Asset Management Inc. purchased a new position in RenaissanceRe in the 3rd quarter worth about $45,000. V Square Quantitative Management LLC increased its stake in RenaissanceRe by 29.5% in the 3rd quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock worth $49,000 after buying an additional 41 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in RenaissanceRe by 19.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock worth $63,000 after buying an additional 45 shares during the period. 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.