RenaissanceRe (NYSE:RNR) Given New $329.00 Price Target at Mizuho

Key Points

• Mizuho raised its price target on RenaissanceRe to $329 from $325 while keeping a neutral rating, implying modest upside from the current share price.
• Other analysts were also active on the stock, with several lifting price targets; the overall consensus remains Hold with an average target of $328.60.
• RenaissanceRe shares were down 1.4% to $317.98, and the company recently reported $13.75 EPS on $2.19 billion in revenue, with strong profitability metrics including a 24.01% return on equity.

RenaissanceRe (NYSE:RNR - Get Free Report) had its target price raised by equities researchers at Mizuho from $325.00 to $329.00 in a report released on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the insurance provider's stock. Mizuho's target price would suggest a potential upside of 3.47% from the company's current price.

A number of other research analysts have also recently commented on RNR. Barclays upped their price target on RenaissanceRe from $328.00 to $341.00 and gave the company an "equal weight" rating in a research report on Tuesday. Wells Fargo & Company boosted their price objective on RenaissanceRe from $305.00 to $306.00 and gave the company an "equal weight" rating in a research note on Thursday, April 30th. Cantor Fitzgerald raised shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $306.00 to $340.00 in a report on Thursday, April 9th. Morgan Stanley increased 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. Finally, Keefe, Bruyette & Woods lifted their target price on shares of RenaissanceRe from $327.00 to $342.00 and gave the stock a "market perform" rating in a research note on Wednesday. Five analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, RenaissanceRe presently has a consensus rating of "Hold" and a consensus target price of $328.60.

RenaissanceRe Stock Down 1.4%

RenaissanceRe stock opened at $317.98 on Thursday. RenaissanceRe has a twelve month low of $231.17 and a twelve month high of $329.57. The firm has a 50 day moving average price of $300.54 and a 200-day moving average price of $295.34. The company has a market capitalization of $13.56 billion, a P/E ratio of 5.33, a P/E/G ratio of 1.21 and a beta of 0.17. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.22.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings results on Tuesday, March 31st. The insurance provider reported $13.75 EPS for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The company had revenue of $2.19 billion for the quarter. As a group, equities analysts predict that RenaissanceRe will post 40.19 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RNR. Boston Partners raised its position in shares of RenaissanceRe by 9.9% in the fourth quarter. Boston Partners now owns 1,423,483 shares of the insurance provider's stock worth $400,150,000 after buying an additional 128,245 shares in the last quarter. Lightrock Netherlands B.V. grew its position 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 worth $350,263,000 after buying an additional 160,915 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in RenaissanceRe by 5.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider's stock worth $322,603,000 after acquiring an additional 52,371 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of RenaissanceRe by 17.6% in the 2nd quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider's stock valued at $195,182,000 after acquiring an additional 120,063 shares in the last quarter. Finally, Orbis Allan Gray Ltd purchased a new stake in shares of RenaissanceRe in the 4th quarter valued at about $178,519,000. 99.97% of the stock is owned by institutional investors.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.

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