RenaissanceRe (NYSE:RNR) Price Target Raised to $366.00

Key Points

• UBS raised RenaissanceRe’s price target from $349 to $366 while maintaining a “neutral” rating, implying 4.13% potential upside from the prior close.
• Analyst sentiment remains mixed but leans toward “Hold”: five analysts rate the stock a Buy, twelve a Hold and one a Sell, with a consensus price target of $343.69.
• RenaissanceRe shares rose to $351.50, near their 52-week high, after the company reported quarterly EPS of $12.71—beating estimates of $10.56—despite revenue falling short of forecasts.

RenaissanceRe (NYSE:RNR - Get Free Report) had its price target hoisted by research analysts at UBS Group from $349.00 to $366.00 in a report released on Monday, Benzinga reports. The firm currently has a "neutral" rating on the insurance provider's stock. UBS Group's target price would suggest a potential upside of 4.13% from the company's previous close.

A number of other analysts have also commented on RNR. Wells Fargo & Company lifted their price target on shares of RenaissanceRe from $319.00 to $338.00 and gave the stock an "equal weight" rating in a research note on Monday. Citigroup increased their price objective on shares of RenaissanceRe from $370.00 to $385.00 and gave the company a "buy" rating in a research report on Thursday. Barclays raised their target price on shares of RenaissanceRe from $328.00 to $341.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 7th. Morgan Stanley lifted their target price on shares of RenaissanceRe from $310.00 to $320.00 and gave the stock an "equal weight" rating in a research report on Monday, July 6th. Finally, JPMorgan Chase & Co. decreased their target price on shares of RenaissanceRe from $360.00 to $355.00 and set a "neutral" rating for the company in a research note on Friday, October 9th. Five investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $343.69.

RenaissanceRe Stock Performance

Shares of RenaissanceRe stock traded up $12.18 during trading on Monday, hitting $351.50. 749,048 shares of the company's stock traded hands, compared to its average volume of 363,305. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.40 and a quick ratio of 1.40. RenaissanceRe has a 1 year low of $251.36 and a 1 year high of $363.84. The stock has a market capitalization of $14.20 billion, a P/E ratio of 10.11, a PEG ratio of 0.89 and a beta of 0.12. The business has a 50-day simple moving average of $333.05 and a 200-day simple moving average of $310.03.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its earnings results on Tuesday, October 27th. The insurance provider reported $12.71 earnings per share for the quarter, topping analysts' consensus estimates of $10.56 by $2.15. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.78 billion. RenaissanceRe had a return on equity of 21.13% and a net margin of 16.25%. During the same quarter in the previous year, the firm earned $15.62 EPS. As a group, analysts forecast that RenaissanceRe will post 48.12 EPS for the current year.

Institutional Trading of RenaissanceRe

Several large investors have recently added to or reduced their stakes in RNR. BlackRock Inc. bought a new position in RenaissanceRe in the 2nd quarter worth $1,319,724,000. Lightrock Netherlands B.V. grew its holdings in RenaissanceRe by 15.8% during the first quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider's stock valued at $350,263,000 after purchasing an additional 160,915 shares during the period. Dimensional Fund Advisors LP grew its holdings in RenaissanceRe by 5.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider's stock valued at $322,603,000 after purchasing an additional 52,371 shares during the period. GQG Partners LLC purchased a new stake in RenaissanceRe in the second quarter worth about $185,351,000. Finally, Bank of New York Mellon Corp purchased a new stake in RenaissanceRe in the second quarter worth about $116,717,000. 99.97% of the stock is currently owned by institutional investors.

About RenaissanceRe

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.

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