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

RenaissanceRe (NYSE:RNR) had its price target hoisted by equities research analysts at Keefe, Bruyette & Woods from $310.00 to $318.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 28.28% from the company’s current price.

RNR has been the subject of several other reports. Barclays downgraded shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $284.00 to $234.00 in a research report on Monday. Jefferies Financial Group restated a “hold” rating and set a $282.00 price objective (down from $304.00) on shares of RenaissanceRe in a research report on Wednesday, December 18th. JPMorgan Chase & Co. raised their price objective 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. StockNews.com downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Finally, Bank of America raised their price objective 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. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $286.36.

RenaissanceRe Stock Performance

RenaissanceRe stock traded down $5.43 during midday trading on Friday, reaching $247.90. 154,275 shares of the company’s stock were exchanged, 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 debt-to-equity ratio of 0.18, a quick ratio of 1.43 and a current ratio of 1.43. The firm has a market cap of $12.88 billion, a price-to-earnings ratio of 3.57, a P/E/G ratio of 1.31 and a beta of 0.44. The stock’s 50-day simple moving average is $264.06 and its 200 day simple moving average is $253.61.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter last year, the company posted $8.33 earnings per share. RenaissanceRe’s quarterly revenue was up 52.1% on a year-over-year basis. On average, analysts expect that RenaissanceRe will post 41.94 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. ORG Wealth Partners LLC bought a new stake in shares of RenaissanceRe during the third quarter worth $30,000. UMB Bank n.a. grew its stake in shares of RenaissanceRe by 316.7% during the third 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 last quarter. Advisors Asset Management Inc. bought a new stake in shares of RenaissanceRe during the third quarter worth $45,000. V Square Quantitative Management LLC grew its stake in shares of RenaissanceRe by 29.5% during the third 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 last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of RenaissanceRe by 19.8% during the second 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 last quarter. 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.