RenaissanceRe (NYSE:RNR) Price Target Raised to $341.00

Key Points

• Barclays raised its price target on RenaissanceRe to $341 from $310, maintaining an "equal weight" rating and implying roughly a 10.9% upside from the current share price.
• RenaissanceRe reported a strong quarter, beating estimates with EPS of $13.34 (vs. $10.59 expected) and revenue of $2.97 billion (vs. $1.73 billion expected), with revenue up 29.6% year-over-year.
• The consensus among analysts remains a "Hold" (15 Holds, 2 Buys, 1 Sell) with an average price target of $304.93, while institutional ownership is extremely high (99.97%) and several large funds built significant new positions in the quarter.

RenaissanceRe (NYSE:RNR - Get Free Report) had its price objective upped by Barclays from $310.00 to $341.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the insurance provider's stock. Barclays's price target would indicate a potential upside of 10.90% from the company's current price.

A number of other research analysts have also weighed in on RNR. Zacks Research lowered shares of RenaissanceRe from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, January 6th. Cantor Fitzgerald lifted their price objective on shares of RenaissanceRe from $252.00 to $282.00 and gave the company a "neutral" rating in a research note on Wednesday, January 14th. The Goldman Sachs Group reiterated a "sell" rating and issued a $267.00 price objective on shares of RenaissanceRe in a research note on Wednesday, January 7th. Mizuho lifted their price objective on shares of RenaissanceRe from $277.00 to $313.00 and gave the company a "neutral" rating in a research note on Friday, February 6th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of RenaissanceRe from $323.00 to $327.00 and gave the company a "market perform" rating in a research note on Tuesday. Two equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $304.93.

RenaissanceRe Stock Performance

Shares of RNR stock traded up $4.77 during trading hours on Wednesday, hitting $307.47. 110,954 shares of the company were exchanged, compared to its average volume of 371,520. The firm has a fifty day simple moving average of $296.74 and a 200 day simple moving average of $275.75. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.21. RenaissanceRe has a 52-week low of $222.75 and a 52-week high of $315.88. The stock has a market capitalization of $13.27 billion, a price-to-earnings ratio of 5.42, a P/E/G ratio of 0.70 and a beta of 0.24.

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

Insider Buying and Selling

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the firm's stock in a transaction on Friday, February 6th. The shares were sold at an average price of $305.75, for a total value of $1,528,750.00. Following the completion of the transaction, the executive vice president directly owned 73,023 shares of the company's stock, valued at $22,326,782.25. This trade represents a 6.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RNR. Lightrock Netherlands B.V. boosted its holdings in RenaissanceRe by 4,690.1% in the 4th quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider's stock valued at $286,083,000 after purchasing an additional 996,266 shares during the period. Orbis Allan Gray Ltd bought a new position in RenaissanceRe in the 4th quarter valued at $178,519,000. Norges Bank bought a new position in RenaissanceRe in the 4th quarter valued at $168,582,000. Egerton Capital UK LLP bought a new position in RenaissanceRe in the 4th quarter valued at $137,944,000. Finally, GQG Partners LLC bought a new position in RenaissanceRe in the 4th quarter valued at $108,780,000. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Company Profile

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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