RenaissanceRe (NYSE:RNR) Price Target Raised to $291.00

RenaissanceRe (NYSE:RNR) had its target price increased by equities research analysts at Evercore ISI from $283.00 to $291.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “in-line” rating on the insurance provider’s stock. Evercore ISI’s price target would indicate a potential upside of 1.63% from the company’s previous close.

A number of other analysts have also commented on the company. Mizuho set a $277.00 target price on RenaissanceRe in a report on Wednesday, January 14th. Zacks Research downgraded RenaissanceRe from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. JPMorgan Chase & Co. boosted their target price on RenaissanceRe from $303.00 to $329.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RenaissanceRe in a report on Monday, December 29th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 6th. Five research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $298.60.

RenaissanceRe Stock Up 0.1%

Shares of NYSE RNR traded up $0.38 during trading on Wednesday, reaching $286.33. The company had a trading volume of 46,348 shares, compared to its average volume of 342,140. The business’s 50-day moving average is $273.65 and its 200 day moving average is $257.96. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.21. The stock has a market cap of $13.20 billion, a PE ratio of 7.96, a P/E/G ratio of 2.98 and a beta of 0.24. RenaissanceRe has a 12-month low of $219.00 and a 12-month high of $292.00.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 EPS for the quarter, beating the consensus estimate of $10.59 by $2.75. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the prior year, the firm posted $8.06 EPS. RenaissanceRe’s revenue for the quarter was up 29.6% on a year-over-year basis. As a group, equities analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RenaissanceRe

Institutional investors and hedge funds have recently bought and sold shares of the stock. Lightrock Netherlands B.V. raised its stake in shares of RenaissanceRe by 4,690.1% in the fourth quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock worth $286,083,000 after buying an additional 996,266 shares during the period. Norges Bank purchased a new stake in RenaissanceRe in the 2nd quarter worth approximately $139,543,000. M&T Bank Corp raised its stake in RenaissanceRe by 8,296.5% during the 4th quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider’s stock worth $81,635,000 after acquiring an additional 286,894 shares during the period. AQR Capital Management LLC lifted its holdings in RenaissanceRe by 154.5% during the third quarter. AQR Capital Management LLC now owns 397,027 shares of the insurance provider’s stock valued at $99,769,000 after purchasing an additional 241,001 shares in the last quarter. Finally, Millennium Management LLC boosted its position in shares of RenaissanceRe by 347.6% in the third quarter. Millennium Management LLC now owns 236,919 shares of the insurance provider’s stock worth $60,161,000 after purchasing an additional 183,988 shares during the period. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.