JPMorgan Chase & Co. Forecasts Strong Price Appreciation for RenaissanceRe (NYSE:RNR) Stock

RenaissanceRe (NYSE:RNR) had its price objective lifted by investment analysts at JPMorgan Chase & Co. from $280.00 to $284.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 14.13% from the stock’s current price.

Other analysts have also issued research reports about the stock. Jefferies Financial Group reiterated a “hold” rating and set a $282.00 price objective (down previously from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. Evercore ISI upped their price objective on shares of RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research report on Thursday, November 7th. StockNews.com lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Citigroup boosted their price target on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Finally, Wells Fargo & Company raised their price objective on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $290.45.

RenaissanceRe Stock Performance

NYSE:RNR opened at $248.83 on Friday. The firm’s fifty day simple moving average is $265.54 and its 200 day simple moving average is $252.66. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18. RenaissanceRe has a twelve month low of $197.49 and a twelve month high of $300.00. The firm has a market capitalization of $12.92 billion, a price-to-earnings ratio of 3.59, a PEG ratio of 1.31 and a beta of 0.41.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The company had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the previous year, the firm posted $8.33 earnings per share. The firm’s quarterly revenue was up 52.1% on a year-over-year basis. As a group, equities research analysts expect that RenaissanceRe will post 41.94 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. ORG Wealth Partners LLC bought a new position in RenaissanceRe in the third quarter worth about $30,000. UMB Bank n.a. lifted its holdings in shares of RenaissanceRe by 316.7% in the 3rd quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 95 shares during the last quarter. Advisors Asset Management Inc. acquired a new position in RenaissanceRe during the 3rd quarter valued at approximately $45,000. V Square Quantitative Management LLC grew its stake in RenaissanceRe by 29.5% during the 3rd quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock worth $49,000 after buying an additional 41 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in RenaissanceRe by 19.8% in the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock worth $63,000 after buying an additional 45 shares during the period. 99.97% of the stock is currently owned by 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.