RenaissanceRe (NYSE:RNR) Coverage Initiated by Analysts at Royal Bank Of Canada

Equities researchers at Royal Bank Of Canada started coverage on shares of RenaissanceRe (NYSE:RNR) in a report issued on Tuesday, Marketbeat Ratings reports. The firm set a “hold” rating and a $365.00 price target on the insurance provider’s stock. Royal Bank Of Canada’s price target points to a potential upside of 10.54% from the stock’s previous close.

Several other analysts have also weighed in on the company. Morgan Stanley boosted their price objective on RenaissanceRe from $310.00 to $320.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Evercore set a $330.00 target price on RenaissanceRe in a research note on Thursday, July 23rd. Wells Fargo & Company lifted their target price on RenaissanceRe from $306.00 to $329.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. Keefe, Bruyette & Woods lifted their target price on RenaissanceRe from $342.00 to $350.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Finally, Citigroup upgraded RenaissanceRe from a “neutral” rating to a “buy” rating and lifted their target price for the company from $335.00 to $345.00 in a research note on Wednesday, June 10th. Six analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and a consensus target price of $338.13.

RenaissanceRe Stock Up 0.4%

RenaissanceRe stock traded up $1.40 during midday trading on Tuesday, hitting $330.20. The stock had a trading volume of 273,699 shares, compared to its average volume of 349,834. 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 stock has a market cap of $13.72 billion, a P/E ratio of 5.67, a P/E/G ratio of 1.19 and a beta of 0.17. RenaissanceRe has a 12 month low of $231.17 and a 12 month high of $340.24. The business has a fifty day moving average price of $325.01 and a 200 day moving average price of $309.81.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. The firm had revenue of $2.77 billion during the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%. Research analysts predict that RenaissanceRe will post 42.4 EPS for the current year.

Insider Activity

In other news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the completion of the transaction, the executive vice president directly owned 72,907 shares in the company, valued at approximately $24,280,218.21. The trade was a 6.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Several hedge funds and other institutional investors have recently made changes to their positions in RNR. BlackRock Inc. acquired a new position in shares of RenaissanceRe during the second quarter worth approximately $1,319,724,000. Norges Bank acquired a new position in shares of RenaissanceRe during the fourth quarter worth approximately $168,582,000. GQG Partners LLC acquired a new position in shares of RenaissanceRe during the second quarter worth approximately $185,351,000. Egerton Capital UK LLP bought a new stake in RenaissanceRe during the fourth quarter worth approximately $137,944,000. Finally, Bank of New York Mellon Corp bought a new stake in RenaissanceRe during the second quarter worth approximately $116,717,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a Bermuda-based global reinsurance and specialty insurance company. Founded in 1993, the company initially focused on property catastrophe reinsurance and has expanded its operations to serve insurers, businesses and other risk-bearing organizations worldwide.

RenaissanceRe provides reinsurance and insurance solutions covering property, casualty and specialty risks. Its property business includes protection against hurricanes, earthquakes, severe weather and other catastrophe-related events, while its casualty and specialty operations address risks such as liability, professional lines and other complex commercial exposures.

The company also manages and supports insurance-linked securities and other third-party capital strategies, allowing investors to participate in selected insurance risks.