RenaissanceRe (NYSE:RNR) Price Target Raised to $269.00

Key Points

• Keefe, Bruyette & Woods raised RenaissanceRe's price target from $268.00 to $269.00, suggesting an 11.03% potential upside from its previous close.
• RenaissanceRe reported earnings of $12.29 per share, beating analysts' estimates of $10.28, despite a decline in revenue compared to the previous year.
• Overall, the stock has received mixed ratings, with one sell, six hold, and four buy ratings among analysts covering it.

RenaissanceRe (NYSE:RNR - Get Free Report) had its target price hoisted by research analysts at Keefe, Bruyette & Woods from $268.00 to $269.00 in a report released on Monday,Benzinga reports. The brokerage currently has a "market perform" rating on the insurance provider's stock. Keefe, Bruyette & Woods' price objective would suggest a potential upside of 11.03% from the stock's previous close.

Other analysts have also issued reports about the stock. JPMorgan Chase & Co. raised shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price objective for the company in a research note on Tuesday, April 8th. Morgan Stanley lowered their price objective on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a research note on Monday, July 14th. Jefferies Financial Group lowered their price objective on shares of RenaissanceRe from $266.00 to $265.00 and set a "hold" rating for the company in a research note on Friday, April 11th. JMP Securities reaffirmed a "market perform" rating on shares of RenaissanceRe in a research note on Thursday, April 24th. Finally, Wells Fargo & Company reiterated an "equal weight" rating and issued a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, RenaissanceRe currently has an average rating of "Hold" and an average price target of $290.00.

RenaissanceRe Trading Down 2.0%

Shares of RNR traded down $4.99 during trading hours on Monday, reaching $242.27. 76,335 shares of the company traded hands, compared to its average volume of 495,366. The firm has a market cap of $11.79 billion, a price-to-earnings ratio of 6.18, a PEG ratio of 2.64 and a beta of 0.30. RenaissanceRe has a 12-month low of $219.00 and a 12-month high of $300.00. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23. The stock's fifty day moving average price is $242.35 and its 200 day moving average price is $241.33.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.28 by $2.01. The firm had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.96 billion. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The business's revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the firm earned $12.41 earnings per share. Sell-side analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current year.

Insider Transactions at RenaissanceRe

In other news, CAO James Christopher Fraser sold 332 shares of RenaissanceRe stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total transaction of $82,847.28. Following the transaction, the chief accounting officer owned 27,154 shares in the company, valued at $6,776,009.16. The trade was a 1.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of RenaissanceRe

Institutional investors and hedge funds have recently bought and sold shares of the stock. Aster Capital Management DIFC Ltd purchased a new stake in RenaissanceRe in the 4th quarter valued at about $27,000. IFP Advisors Inc raised its holdings in RenaissanceRe by 160.0% in the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider's stock valued at $28,000 after buying an additional 72 shares during the period. Brooklyn Investment Group raised its holdings in RenaissanceRe by 151.7% in the 1st quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock valued at $35,000 after buying an additional 88 shares during the period. Tsfg LLC purchased a new stake in RenaissanceRe in the 1st quarter valued at about $40,000. Finally, MassMutual Private Wealth & Trust FSB grew its position in RenaissanceRe by 43.1% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 186 shares of the insurance provider's stock valued at $45,000 after acquiring an additional 56 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.