RenaissanceRe (NYSE:RNR) Given New $360.00 Price Target at JPMorgan Chase & Co.

RenaissanceRe (NYSE:RNR) had its price target hoisted by equities research analysts at JPMorgan Chase & Co. from $329.00 to $360.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 10.72% from the company’s current price.

A number of other research analysts have also issued reports on RNR. Keefe, Bruyette & Woods lifted their target price on RenaissanceRe from $327.00 to $342.00 and gave the stock a “market perform” rating in a report on Wednesday, July 8th. UBS Group upped their price target on shares of RenaissanceRe from $326.00 to $342.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Morgan Stanley raised their price objective on shares of RenaissanceRe from $310.00 to $320.00 and gave the company an “equal weight” rating in a research report on Monday, July 6th. Evercore set a $320.00 price objective on shares of RenaissanceRe in a research note on Friday, July 10th. Finally, Weiss Ratings upgraded shares of RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, June 25th. Five research 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’s stock. According to MarketBeat.com, RenaissanceRe presently has an average rating of “Hold” and an average target price of $333.87.

RenaissanceRe Price Performance

Shares of RNR stock traded up $2.09 during mid-day trading on Monday, hitting $325.15. 59,899 shares of the stock traded hands, compared to its average volume of 366,775. RenaissanceRe has a twelve month low of $231.17 and a twelve month high of $329.57. The firm has a market cap of $13.86 billion, a price-to-earnings ratio of 5.42, a price-to-earnings-growth ratio of 1.26 and a beta of 0.17. The company’s 50-day simple moving average is $302.22 and its 200-day simple moving average is $297.08. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 1.37.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 EPS for the quarter. The company had revenue of $2.19 billion for the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%. As a group, equities research analysts expect that RenaissanceRe will post 40.57 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP increased its position in shares of RenaissanceRe by 65.0% in the third quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of RenaissanceRe by 235.0% during the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 94 shares during the period. Kingdom Financial Group LLC. purchased a new stake in shares of RenaissanceRe in the 4th quarter valued at approximately $36,000. Mcguire Capital Advisors Inc. purchased a new stake in shares of RenaissanceRe in the 4th quarter valued at approximately $38,000. Finally, SBI Securities Co. Ltd. boosted its stake in RenaissanceRe by 33.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 37 shares during the period. 99.97% of the stock is currently 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.