RenaissanceRe (NYSE:RNR) Price Target Raised to $341.00

RenaissanceRe (NYSE:RNR) had its target price raised by Barclays from $310.00 to $341.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s price objective would indicate a potential upside of 10.90% from the stock’s current price.

RNR has been the subject of a number of other reports. TD Cowen lifted their price objective on shares of RenaissanceRe from $280.00 to $290.00 and gave the stock a “hold” rating in a report on Thursday, February 26th. Mizuho lifted their price objective on shares of RenaissanceRe from $277.00 to $313.00 and gave the stock a “neutral” rating in a report on Friday, February 6th. Morgan Stanley downgraded shares of RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 price objective for the company. in a report on Thursday, February 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RenaissanceRe in a report on Friday, March 27th. Finally, Evercore lifted their price objective on shares of RenaissanceRe from $283.00 to $291.00 and gave the stock an “in-line” rating in a report on Wednesday, February 4th. Two research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe presently has an average rating of “Hold” and an average price target of $304.93.

RenaissanceRe Price Performance

Shares of NYSE RNR traded up $4.77 during mid-day trading on Wednesday, reaching $307.47. 110,954 shares of the company were exchanged, compared to its average volume of 371,520. RenaissanceRe has a 52 week low of $222.75 and a 52 week high of $315.88. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $13.27 billion, a PE ratio of 5.42, a PEG ratio of 0.70 and a beta of 0.24. The company’s 50 day moving average price is $296.74 and its 200 day moving average price is $275.75.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.59 by $2.75. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the previous year, the firm posted $8.06 EPS. The firm’s revenue was up 29.6% compared to the same quarter last year. Sell-side analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $305.75, for a total value of $1,528,750.00. Following the completion of the sale, the executive vice president directly owned 73,023 shares of the company’s stock, valued at $22,326,782.25. The trade was a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of RenaissanceRe

Several hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of RenaissanceRe by 39.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock valued at $2,325,000 after acquiring an additional 2,737 shares during the period. Millennium Management LLC purchased a new position in shares of RenaissanceRe in the first quarter valued at about $15,289,000. Jones Financial Companies Lllp increased its position in shares of RenaissanceRe by 900.0% in the first quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock valued at $324,000 after acquiring an additional 1,215 shares during the period. Goldman Sachs Group Inc. increased its position in shares of RenaissanceRe by 72.5% in the first quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock valued at $13,725,000 after acquiring an additional 24,027 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of RenaissanceRe by 18.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider’s stock valued at $107,000 after acquiring an additional 69 shares during the period. 99.97% of the stock is owned by 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.