RenaissanceRe (NYSE:RNR) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

RenaissanceRe (NYSE:RNR) had its target price increased by equities researchers at Keefe, Bruyette & Woods from $327.00 to $342.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 4.61% from the company’s previous close.

A number of other research firms also recently commented on RNR. Evercore set a $309.00 price objective on RenaissanceRe in a report on Thursday, April 9th. UBS Group reaffirmed a “neutral” rating and issued a $342.00 price target on shares of RenaissanceRe in a report on Wednesday. TD Cowen increased their price target on shares of RenaissanceRe from $300.00 to $315.00 and gave the company a “hold” rating in a research note on Tuesday. Mizuho set a $325.00 price objective on shares of RenaissanceRe in a report on Monday, May 4th. Finally, Weiss Ratings upgraded shares of RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, June 25th. Five equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $328.33.

RenaissanceRe Stock Up 1.0%

Shares of RenaissanceRe stock traded up $3.24 during trading on Wednesday, hitting $326.93. 47,946 shares of the stock were exchanged, compared to its average volume of 366,594. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.37. The firm’s 50-day moving average price is $300.30 and its 200 day moving average price is $295.00. The stock has a market cap of $13.94 billion, a price-to-earnings ratio of 5.45, a price-to-earnings-growth ratio of 1.22 and a beta of 0.17. RenaissanceRe has a 12-month low of $231.17 and a 12-month high of $329.57.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 EPS for the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%.The firm had revenue of $2.19 billion for the quarter. As a group, analysts forecast that RenaissanceRe will post 40.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RenaissanceRe

Several hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in RenaissanceRe by 39.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock worth $2,325,000 after acquiring an additional 2,737 shares during the period. Millennium Management LLC acquired a new position in shares of RenaissanceRe in the first quarter valued at approximately $15,289,000. Jones Financial Companies Lllp raised its stake in shares of RenaissanceRe by 900.0% during the first quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock worth $324,000 after purchasing an additional 1,215 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of RenaissanceRe by 72.5% during the first quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock worth $13,725,000 after purchasing an additional 24,027 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its position in RenaissanceRe by 18.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider’s stock valued at $107,000 after buying an additional 69 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Company Profile

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.