RenaissanceRe (NYSE:RNR) Given New $355.00 Price Target at JPMorgan Chase & Co.

RenaissanceRe (NYSE:RNR) had its price target dropped by analysts at JPMorgan Chase & Co. from $360.00 to $355.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 7.21% from the company’s current price.

Several other research analysts have also recently weighed in on RNR. Cantor Fitzgerald restated an “overweight” rating on shares of RenaissanceRe in a report on Thursday, July 23rd. Weiss Ratings lowered RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, August 17th. Barclays upped their target price on RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. Royal Bank Of Canada began coverage on RenaissanceRe in a report on Tuesday, September 22nd. They set a “sector perform” rating and a $365.00 price target on the stock. Finally, Wolfe Research set a $315.00 price target on shares of RenaissanceRe in a research report on Tuesday, July 7th. Six analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, RenaissanceRe currently has a consensus rating of “Hold” and an average price target of $337.81.

RenaissanceRe Price Performance

Shares of NYSE RNR traded down $0.20 during mid-day trading on Friday, reaching $331.14. The company’s stock had a trading volume of 287,549 shares, compared to its average volume of 349,597. The stock has a 50-day moving average of $325.32 and a two-hundred day moving average of $312.20. The stock has a market capitalization of $13.76 billion, a P/E ratio of 5.68, a P/E/G ratio of 0.96 and a beta of 0.12. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. RenaissanceRe has a 1-year low of $231.17 and a 1-year high of $340.24.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The firm had revenue of $2.77 billion for the quarter. On average, equities research analysts anticipate that RenaissanceRe will post 42.85 EPS for the current fiscal year.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the completion of the sale, the executive vice president owned 72,907 shares of the company’s stock, valued at $24,280,218.21. This trade represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RenaissanceRe

Hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in RenaissanceRe in the 2nd quarter valued at about $1,319,724,000. Boston Partners boosted its stake in RenaissanceRe by 9.9% during the fourth quarter. Boston Partners now owns 1,423,483 shares of the insurance provider’s stock worth $400,150,000 after buying an additional 128,245 shares during the period. Lightrock Netherlands B.V. raised its stake in shares of RenaissanceRe by 15.8% in the 1st quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock valued at $350,263,000 after acquiring an additional 160,915 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of RenaissanceRe by 5.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider’s stock valued at $322,603,000 after acquiring an additional 52,371 shares during the period. Finally, GQG Partners LLC acquired a new position in shares of RenaissanceRe in the 2nd quarter worth approximately $185,351,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a Bermuda-based global provider of reinsurance and insurance solutions. Founded in 1993, the company focuses on managing and underwriting risks that can be difficult to place in traditional insurance markets, with an emphasis on disciplined underwriting and catastrophe risk management.

RenaissanceRe’s business includes property catastrophe reinsurance, which provides coverage for events such as hurricanes, earthquakes and other natural disasters, as well as property, casualty and specialty reinsurance.