RenaissanceRe (NYSE:RNR) Price Target Raised to $274.00

RenaissanceRe (NYSE:RNR) had its price objective hoisted by investment analysts at JPMorgan Chase & Co. from $267.00 to $274.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 0.57% from the company’s current price.

RNR has been the topic of a number of other research reports. Jefferies Financial Group raised their price objective on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a report on Wednesday. Citigroup raised their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Evercore ISI raised their price objective on shares of RenaissanceRe from $218.00 to $229.00 and gave the stock an “underperform” rating in a report on Wednesday. StockNews.com cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Friday, September 6th. Finally, Morgan Stanley cut their target price on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe currently has a consensus rating of “Hold” and a consensus price target of $289.00.

RenaissanceRe Stock Down 1.2 %

Shares of RenaissanceRe stock opened at $275.56 on Thursday. RenaissanceRe has a 52-week low of $188.24 and a 52-week high of $283.86. The company has a 50 day moving average of $255.54 and a 200 day moving average of $235.13. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $14.37 billion, a P/E ratio of 5.45, a P/E/G ratio of 1.70 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.88 by $1.53. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The company had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.93 billion. As a group, research analysts forecast that RenaissanceRe will post 39.55 EPS for the current fiscal year.

Insider Buying and Selling at RenaissanceRe

In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the transaction, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the transaction, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the transaction, the executive vice president now directly owns 85,544 shares in the company, valued at $19,675,120. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,500 shares of company stock valued at $1,339,400. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On RenaissanceRe

Several institutional investors have recently made changes to their positions in RNR. American International Group Inc. boosted its position in shares of RenaissanceRe by 1,829.6% during the 4th quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock worth $273,135,000 after purchasing an additional 1,321,325 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of RenaissanceRe by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock worth $1,090,875,000 after purchasing an additional 148,173 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of RenaissanceRe by 21.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock worth $139,579,000 after purchasing an additional 109,851 shares in the last quarter. Impax Asset Management Group plc boosted its position in shares of RenaissanceRe by 7.7% during the 2nd quarter. Impax Asset Management Group plc now owns 1,282,270 shares of the insurance provider’s stock worth $286,028,000 after purchasing an additional 91,425 shares in the last quarter. Finally, Cooke & Bieler LP boosted its position in shares of RenaissanceRe by 9.2% during the 2nd quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock worth $229,679,000 after purchasing an additional 86,562 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

About RenaissanceRe

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.