RenaissanceRe (NYSE:RNR) Rating Increased to Buy at StockNews.com

RenaissanceRe (NYSE:RNR) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Monday.

A number of other research analysts also recently commented on the stock. Bank of America increased their target price on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Wells Fargo & Company increased their target price on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Morgan Stanley dropped their target price on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. JPMorgan Chase & Co. increased their target price on shares of RenaissanceRe from $267.00 to $274.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Finally, UBS Group dropped their target price on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $289.00.

RenaissanceRe Trading Down 1.5 %

Shares of NYSE:RNR opened at $274.50 on Monday. RenaissanceRe has a 52 week low of $188.24 and a 52 week high of $283.86. The company’s 50 day moving average is $257.49 and its two-hundred day moving average is $235.72. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The company has a market cap of $14.32 billion, a PE ratio of 5.43, a P/E/G ratio of 1.68 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $2.93 billion. Equities analysts predict that RenaissanceRe will post 40.68 earnings per share for the current fiscal year.

Insider Transactions at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the sale, the executive vice president now owns 82,044 shares in the company, valued at approximately $22,890,276. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the sale, the executive vice president now owns 82,044 shares in the company, valued at $22,890,276. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the completion of the sale, the chief financial officer now owns 73,915 shares of the company’s stock, valued at $16,598,352.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,500 shares of company stock worth $1,109,400. Company insiders own 1.30% of the company’s stock.

Institutional Trading of RenaissanceRe

Several hedge funds and other institutional investors have recently made changes to their positions in RNR. Vanguard Group Inc. raised its position in RenaissanceRe by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock worth $1,090,875,000 after acquiring an additional 148,173 shares during the last quarter. CWM LLC raised its position in RenaissanceRe by 8.7% during the first quarter. CWM LLC now owns 610 shares of the insurance provider’s stock worth $143,000 after acquiring an additional 49 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in RenaissanceRe during the first quarter worth about $553,000. GAMMA Investing LLC raised its position in RenaissanceRe by 52.9% during the first quarter. GAMMA Investing LLC now owns 289 shares of the insurance provider’s stock worth $68,000 after acquiring an additional 100 shares during the last quarter. Finally, Mather Group LLC. purchased a new stake in shares of RenaissanceRe during the first quarter worth about $34,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

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.