RenaissanceRe (NYSE:RNR) Price Target Cut to $426.00 by Analysts at Bank of America

Key Points

• Bank of America cut its price target on RenaissanceRe from $473 to $426 but maintained a "buy" rating, implying about a 38.6% upside from the stock's current price.
• RenaissanceRe reported a strong quarterly beat — $13.34 EPS vs $10.59 estimate and $2.97B revenue vs $1.73B estimate — and trades at a low P/E of 5.42
• Analyst consensus is a "Hold" (4 Buy, 13 Hold, 1 Sell) with an average target of $322.64, while the stock was trading around $307.36 mid-day.

RenaissanceRe (NYSE:RNR - Get Free Report) had its price objective reduced by Bank of America from $473.00 to $426.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the insurance provider's stock. Bank of America's price objective indicates a potential upside of 38.60% from the stock's current price.

A number of other analysts also recently issued reports on RNR. Evercore set a $309.00 target price on RenaissanceRe in a research report on Thursday. Zacks Research downgraded RenaissanceRe from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, January 6th. JPMorgan Chase & Co. lifted their price objective on RenaissanceRe from $303.00 to $329.00 and gave the stock a "neutral" rating in a report on Wednesday, January 7th. TD Cowen boosted their price objective on RenaissanceRe from $280.00 to $290.00 and gave the company a "hold" rating in a research note on Thursday, February 26th. Finally, Keefe, Bruyette & Woods increased their target price on shares of RenaissanceRe from $323.00 to $327.00 and gave the stock a "market perform" rating in a research report on Tuesday, April 7th. Four investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $322.64.

RenaissanceRe Stock Performance

RNR stock traded down $0.48 during mid-day trading on Tuesday, hitting $307.36. The company had a trading volume of 100,944 shares, compared to its average volume of 368,027. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.43 and a current ratio of 1.43. The firm has a market cap of $13.26 billion, a PE ratio of 5.42, a price-to-earnings-growth ratio of 0.69 and a beta of 0.24. RenaissanceRe has a 12 month low of $222.75 and a 12 month high of $315.88. The stock's fifty day moving average price is $298.81 and its two-hundred day moving average price is $277.46.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, beating analysts' consensus estimates of $10.59 by $2.75. The firm had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $1.73 billion. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The company's revenue was up 29.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $8.06 EPS. On average, analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the transaction, the executive vice president directly owned 73,023 shares in the company, valued at approximately $22,326,782.25. This represents a 6.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.30% of the company's stock.

Institutional Trading of RenaissanceRe

Hedge funds and other institutional investors have recently bought and sold shares of the company. Financial Consulate Inc. purchased a new position in shares of RenaissanceRe during the third quarter worth approximately $29,000. Farther Finance Advisors LLC boosted its stake in shares of RenaissanceRe by 151.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 79 shares in the last quarter. Quarry LP grew its holdings in shares of RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider's stock valued at $34,000 after purchasing an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC raised its position in RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock worth $34,000 after purchasing an additional 94 shares during the period. Finally, Root Financial Partners LLC purchased a new position in RenaissanceRe in the 3rd quarter worth $36,000. Hedge funds and other institutional investors own 99.97% of the company's stock.

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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