RenaissanceRe (NYSE:RNR) Now Covered by Citigroup

Key Points

• Citigroup has initiated coverage on RenaissanceRe (NYSE:RNR) with a "buy" rating and a price target of $288.00, indicating a potential upside of 20.03% from the stock's prior close.
• RenaissanceRe's recent earnings report showed an EPS of $12.29, beating estimates but reflecting a 2.4% year-over-year revenue decline.
• Institutional investors hold 99.97% of RenaissanceRe's stock, with several hedge funds significantly increasing their holdings in the second quarter.

Analysts at Citigroup assumed coverage on shares of RenaissanceRe (NYSE:RNR - Get Free Report) in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage set a "buy" rating and a $288.00 price target on the insurance provider's stock. Citigroup's target price indicates a potential upside of 20.46% from the stock's previous close.

Several other equities analysts also recently issued reports on the stock. Cantor Fitzgerald started coverage on shares of RenaissanceRe in a report on Tuesday. They set a "neutral" rating and a $238.00 price target for the company. JMP Securities reiterated a "market perform" rating on shares of RenaissanceRe in a report on Thursday, April 24th. Keefe, Bruyette & Woods boosted their price target on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $269.00 price target (up from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Finally, UBS Group boosted their price target on shares of RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $282.09.

RenaissanceRe Stock Performance

Shares of RNR traded down $3.19 during midday trading on Wednesday, hitting $239.09. 376,291 shares of the stock traded hands, compared to its average volume of 470,376. RenaissanceRe has a 1-year low of $219.00 and a 1-year high of $300.00. The firm has a market capitalization of $11.25 billion, a PE ratio of 6.11, a price-to-earnings-growth ratio of 2.34 and a beta of 0.29. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36. The business's 50 day moving average price is $241.35 and its two-hundred day moving average price is $240.09.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.28 by $2.01. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The company had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter in the previous year, the company posted $12.41 earnings per share. The company's revenue for the quarter was down 2.4% compared to the same quarter last year. Equities research analysts predict that RenaissanceRe will post 26.04 EPS for the current fiscal year.

Hedge Funds Weigh In On RenaissanceRe

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE grew its stake in RenaissanceRe by 17.9% during the 4th quarter. Bank of America Corp DE now owns 817,247 shares of the insurance provider's stock valued at $203,339,000 after acquiring an additional 124,125 shares in the last quarter. Miracle Mile Advisors LLC bought a new stake in shares of RenaissanceRe in the 1st quarter valued at approximately $271,000. Yorktown Management & Research Co Inc bought a new stake in shares of RenaissanceRe in the 1st quarter valued at approximately $348,000. Deutsche Bank AG grew its stake in shares of RenaissanceRe by 4.2% in the 4th quarter. Deutsche Bank AG now owns 10,715 shares of the insurance provider's stock valued at $2,666,000 after buying an additional 431 shares in the last quarter. Finally, Bridges Investment Management Inc. grew its stake in shares of RenaissanceRe by 21.9% in the 1st quarter. Bridges Investment Management Inc. now owns 6,020 shares of the insurance provider's stock valued at $1,445,000 after buying an additional 1,080 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Company Profile

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.