RenaissanceRe (NYSE:RNR) PT Raised to $245.00 at JPMorgan Chase & Co.

RenaissanceRe (NYSE:RNR - Get Free Report) had its target price boosted by investment analysts at JPMorgan Chase & Co. from $237.00 to $245.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a "neutral" rating on the insurance provider's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 12.16% from the company's previous close.

Several other brokerages have also recently commented on RNR. BMO Capital Markets boosted their price objective on shares of RenaissanceRe from $216.00 to $295.00 and gave the company an "outperform" rating in a research note on Monday, February 5th. TD Cowen began coverage on shares of RenaissanceRe in a research note on Wednesday, January 10th. They set a "market perform" rating for the company. UBS Group boosted their price objective on shares of RenaissanceRe from $229.00 to $238.00 and gave the company a "neutral" rating in a research note on Monday, February 5th. Finally, Evercore ISI boosted their price objective on shares of RenaissanceRe from $216.00 to $218.00 and gave the company an "underperform" rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $249.00.

RenaissanceRe Stock Performance

Shares of NYSE RNR traded down $0.82 during midday trading on Wednesday, hitting $218.43. The company's stock had a trading volume of 896,136 shares, compared to its average volume of 366,475. The stock has a fifty day moving average price of $226.74 and a 200 day moving average price of $216.34. RenaissanceRe has a one year low of $174.22 and a one year high of $239.42. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $11.51 billion, a price-to-earnings ratio of 4.18, a P/E/G ratio of 2.94 and a beta of 0.30.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.86 by $2.32. RenaissanceRe had a net margin of 28.04% and a return on equity of 26.93%. The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.05 billion. During the same quarter in the previous year, the firm posted $8.16 earnings per share. The company's quarterly revenue was up 41.3% compared to the same quarter last year. On average, research analysts forecast that RenaissanceRe will post 34.43 EPS for the current fiscal year.

Insider Transactions at RenaissanceRe

In other news, Director Carol P. Sanders sold 880 shares of the business's stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $227.59, for a total value of $200,279.20. Following the completion of the sale, the director now directly owns 5,363 shares in the company, valued at approximately $1,220,565.17. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Carol P. Sanders sold 880 shares of the business's stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $227.59, for a total value of $200,279.20. Following the completion of the sale, the director now directly owns 5,363 shares in the company, valued at approximately $1,220,565.17. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Robert Qutub sold 2,500 shares of the business's stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total transaction of $586,400.00. Following the completion of the sale, the chief financial officer now owns 70,424 shares of the company's stock, valued at $16,518,653.44. The disclosure for this sale can be found here. Company insiders own 1.80% of the company's stock.

Institutional Investors Weigh In On RenaissanceRe

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capstone Investment Advisors LLC raised its holdings in RenaissanceRe by 33.5% during the 1st quarter. Capstone Investment Advisors LLC now owns 1,478 shares of the insurance provider's stock valued at $347,000 after buying an additional 371 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in RenaissanceRe by 25.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 2,482 shares of the insurance provider's stock valued at $583,000 after buying an additional 510 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in RenaissanceRe by 2.8% during the 1st quarter. BNP Paribas Financial Markets now owns 8,868 shares of the insurance provider's stock valued at $2,084,000 after buying an additional 241 shares during the last quarter. Centric Wealth Management bought a new stake in RenaissanceRe during the 1st quarter valued at $3,230,000. Finally, Private Advisor Group LLC bought a new stake in RenaissanceRe during the 1st quarter valued at $373,000. 99.97% of the stock is currently owned by institutional investors.

About RenaissanceRe

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.