RenaissanceRe (NYSE:RNR) Price Target Raised to $280.00 at JPMorgan Chase & Co.

RenaissanceRe (NYSE:RNR) had its price objective raised by equities researchers at JPMorgan Chase & Co. from $274.00 to $280.00 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 would suggest a potential upside of 4.48% from the company’s current price.

Other research analysts also recently issued research reports about the stock. Bank of America upped their price target on shares of RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Jefferies Financial Group upped their target price on shares of RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Morgan Stanley cut their target price on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. StockNews.com downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Finally, Wells Fargo & Company increased their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and a consensus price target of $291.30.

RenaissanceRe Stock Up 0.8 %

Shares of NYSE RNR opened at $267.99 on Thursday. The firm’s 50-day simple moving average is $267.63 and its 200 day simple moving average is $241.69. The company has a market cap of $13.98 billion, a price-to-earnings ratio of 3.86, a price-to-earnings-growth ratio of 1.82 and a beta of 0.39. 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 12-month low of $188.24 and a 12-month high of $300.00.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.89 by $2.34. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 27.34%. The firm’s quarterly revenue was up 52.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $8.33 EPS. On average, research analysts expect that RenaissanceRe will post 39.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $279.00, for a total transaction of $279,000.00. Following the completion of the transaction, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at $22,890,276. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On RenaissanceRe

Several hedge funds have recently made changes to their positions in the business. Blue Trust Inc. bought a new position in shares of RenaissanceRe in the second quarter valued at $27,000. ORG Wealth Partners LLC bought a new position in shares of RenaissanceRe in the third quarter valued at $30,000. V Square Quantitative Management LLC bought a new position in shares of RenaissanceRe in the second quarter valued at $31,000. UMB Bank n.a. grew its stake in shares of RenaissanceRe by 316.7% in the third quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock valued at $34,000 after buying an additional 95 shares in the last quarter. Finally, Advisors Asset Management Inc. bought a new position in shares of RenaissanceRe in the third quarter valued at $45,000. 99.97% of the stock is owned by institutional investors.

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.