JPMorgan Chase & Co. Has Lowered Expectations for RenaissanceRe (NYSE:RNR) Stock Price

Key Points

• JPMorgan lowered RenaissanceRe’s price target from $360 to $355 while maintaining a “neutral” rating, implying roughly 7.21% upside from the prior close.
• Analyst sentiment remains mixed, with six “buy,” eleven “hold,” and one “sell” rating; MarketBeat’s consensus is “hold” with an average price target of $337.81.
• RenaissanceRe shares closed at $331.14, near their 52-week high, while institutional investors own nearly all outstanding shares at 99.97%. The company reported $12.92 in quarterly EPS and a 23.1% return on equity.

RenaissanceRe (NYSE:RNR - Get Free Report) had its target price dropped by stock analysts at JPMorgan Chase & Co. from $360.00 to $355.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a "neutral" rating on the insurance provider's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 7.21% from the company's previous close.

A number of other equities analysts have also issued reports on the stock. Bank of America raised their price target on shares of RenaissanceRe from $410.00 to $438.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Weiss Ratings lowered shares of RenaissanceRe from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, August 17th. Royal Bank Of Canada initiated coverage on shares of RenaissanceRe in a report on Tuesday, September 22nd. They set a "sector perform" rating and a $365.00 target price for the company. Mizuho boosted their target price on shares of RenaissanceRe from $325.00 to $329.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. Finally, UBS Group set a $349.00 price target on shares of RenaissanceRe and gave the company a "neutral" rating in a report on Monday, July 27th. Six equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $337.81.

RenaissanceRe Stock Performance

RNR stock traded down $0.20 during midday trading on Friday, reaching $331.14. The stock had a trading volume of 287,549 shares, compared to its average volume of 349,597. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a fifty day simple moving average of $325.32 and a two-hundred day simple moving average of $312.20. The stock has a market cap of $13.76 billion, a PE ratio of 5.68, a P/E/G ratio of 0.96 and a beta of 0.12. RenaissanceRe has a 52-week low of $231.17 and a 52-week high of $340.24.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The firm had revenue of $2.77 billion during the quarter. As a group, equities research analysts anticipate that RenaissanceRe will post 42.85 EPS for the current year.

Insider Transactions at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the firm's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the sale, the executive vice president owned 72,907 shares in the company, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. BlackRock Inc. purchased a new position in RenaissanceRe during the second quarter valued at $1,319,724,000. GQG Partners LLC purchased a new stake in shares of RenaissanceRe during the second quarter worth about $185,351,000. Bank of New York Mellon Corp acquired a new position in shares of RenaissanceRe during the 2nd quarter worth about $116,717,000. Great Lakes Advisors LLC purchased a new position in RenaissanceRe in the 2nd quarter valued at about $87,916,000. Finally, Lightrock Netherlands B.V. increased its stake in RenaissanceRe by 15.8% during the 1st quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider's stock worth $350,263,000 after buying an additional 160,915 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company's stock.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a Bermuda-based global provider of reinsurance and insurance solutions. Founded in 1993, the company focuses on managing and underwriting risks that can be difficult to place in traditional insurance markets, with an emphasis on disciplined underwriting and catastrophe risk management.

RenaissanceRe's business includes property catastrophe reinsurance, which provides coverage for events such as hurricanes, earthquakes and other natural disasters, as well as property, casualty and specialty reinsurance.

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