RenaissanceRe (NYSE:RNR) Price Target Raised to $338.00

RenaissanceRe (NYSE:RNR) had its price objective raised by Wells Fargo & Company from $319.00 to $338.00 in a research report sent to investors on Monday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the insurance provider’s stock.

Other research analysts have also issued research reports about the company. Citigroup lifted their target price on RenaissanceRe from $370.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, October 29th. Jefferies Financial Group upgraded shares of RenaissanceRe from a “hold” rating to a “market outperform” rating in a research note on Tuesday, September 22nd. TD Cowen raised their price target on RenaissanceRe from $315.00 to $320.00 and gave the company a “hold” rating in a report on Monday, October 12th. Bank of America upped their target price on RenaissanceRe from $410.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Finally, Evercore set a $330.00 price target on shares of RenaissanceRe in a research report on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $343.69.

RenaissanceRe Stock Performance

NYSE:RNR opened at $353.34 on Monday. The stock has a market cap of $14.28 billion, a P/E ratio of 10.16, a PEG ratio of 0.91 and a beta of 0.11. RenaissanceRe has a 1-year low of $251.60 and a 1-year high of $363.84. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.40 and a quick ratio of 1.40. The firm has a 50-day moving average of $334.43 and a two-hundred day moving average of $311.20.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, October 27th. The insurance provider reported $12.71 earnings per share for the quarter, beating analysts’ consensus estimates of $10.56 by $2.15. RenaissanceRe had a return on equity of 21.13% and a net margin of 16.25%. The firm had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same quarter last year, the firm earned $15.62 EPS. On average, research analysts expect that RenaissanceRe will post 48.50 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RenaissanceRe

A number of large investors have recently added to or reduced their stakes in RNR. AlphaCore Capital LLC boosted its holdings in RenaissanceRe by 19.9% in the 3rd quarter. AlphaCore Capital LLC now owns 977 shares of the insurance provider’s stock valued at $311,000 after purchasing an additional 162 shares during the period. Leuthold Group LLC grew its stake in shares of RenaissanceRe by 79.7% in the 3rd quarter. Leuthold Group LLC now owns 31,043 shares of the insurance provider’s stock valued at $9,879,000 after purchasing an additional 13,765 shares during the period. Retirement Systems of Alabama grew its position in RenaissanceRe by 18.4% in the third quarter. Retirement Systems of Alabama now owns 52,195 shares of the insurance provider’s stock valued at $16,610,000 after acquiring an additional 8,100 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of RenaissanceRe by 52.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,692 shares of the insurance provider’s stock worth $2,484,000 after purchasing an additional 2,655 shares during the last quarter. Finally, Candriam S.C.A. increased its position in shares of RenaissanceRe by 43.1% during the 3rd quarter. Candriam S.C.A. now owns 126,892 shares of the insurance provider’s stock worth $40,528,000 after purchasing an additional 38,201 shares in the last quarter. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance products. The company specializes in helping insurers, businesses and other organizations manage financial risk arising from natural catastrophes, specialty exposures and certain casualty risks.

RenaissanceRe’s reinsurance activities include property catastrophe coverage, as well as casualty and specialty reinsurance. Through its insurance operations, the company provides coverage for areas such as property, casualty and other specialty risks.