RenaissanceRe (NYSE:RNR) Price Target Raised to $342.00

RenaissanceRe (NYSE:RNR) had its price target upped by research analysts at Keefe, Bruyette & Woods from $327.00 to $342.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 4.61% from the company’s previous close.

RNR has been the subject of a number of other reports. Barclays increased their price target on RenaissanceRe from $328.00 to $341.00 and gave the stock an “equal weight” rating in a report on Tuesday. Wall Street Zen cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Bank of America lowered their target price on shares of RenaissanceRe to $426.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Morgan Stanley lifted their price target on shares of RenaissanceRe from $310.00 to $320.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, Wolfe Research set a $315.00 price target on shares of RenaissanceRe in a research note on Tuesday. Five analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $328.33.

RenaissanceRe Trading Up 1.0%

Shares of NYSE RNR traded up $3.24 during midday trading on Wednesday, reaching $326.93. 47,946 shares of the stock were exchanged, compared to its average volume of 366,594. The stock has a market capitalization of $13.94 billion, a P/E ratio of 5.45, a PEG ratio of 1.22 and a beta of 0.17. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 1.37. The company has a 50 day simple moving average of $300.30 and a 200 day simple moving average of $295.00. RenaissanceRe has a twelve month low of $231.17 and a twelve month high of $329.57.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. The company had revenue of $2.19 billion during the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%. As a group, equities analysts expect that RenaissanceRe will post 40.05 earnings per share for the current year.

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors have recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. boosted its position in RenaissanceRe by 135.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 195,975 shares of the insurance provider’s stock valued at $55,100,000 after buying an additional 112,910 shares during the period. Belpointe Asset Management LLC boosted its holdings in RenaissanceRe by 595.0% in the fourth quarter. Belpointe Asset Management LLC now owns 6,151 shares of the insurance provider’s stock valued at $1,729,000 after purchasing an additional 5,266 shares during the period. Prana Capital Management LP grew its stake in RenaissanceRe by 608.9% during the 3rd quarter. Prana Capital Management LP now owns 29,971 shares of the insurance provider’s stock worth $7,611,000 after purchasing an additional 25,743 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in RenaissanceRe by 68.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,171 shares of the insurance provider’s stock worth $3,855,000 after purchasing an additional 5,782 shares in the last quarter. Finally, M&T Bank Corp increased its holdings 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 purchasing an additional 286,894 shares during the period. 99.97% of the stock is owned by institutional investors and hedge funds.

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.