RenaissanceRe (NYSE:RNR) Price Target Raised to $438.00

Key Points

• Bank of America raised its price target on RenaissanceRe from $410 to $438 and kept a buy rating, implying about 37.9% upside from the current share price.
• The broader analyst view is more cautious: RenaissanceRe’s consensus rating is still Hold, with a consensus price target of $335.33 despite several recent target adjustments.
• RenaissanceRe reported strong quarterly results, posting $12.92 EPS and $2.77 billion in revenue, both above estimates, while the stock traded around $317.65 on Thursday.

RenaissanceRe (NYSE:RNR - Get Free Report) had its target price lifted by equities researchers at Bank of America from $410.00 to $438.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the insurance provider's stock. Bank of America's price objective suggests a potential upside of 37.89% from the stock's current price.

Several other research firms have also issued reports on RNR. Wolfe Research set a $315.00 target price on RenaissanceRe in a research note on Tuesday, July 7th. Barclays boosted their price target on shares of RenaissanceRe from $328.00 to $341.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 7th. Wall Street Zen cut shares of RenaissanceRe from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Weiss Ratings raised shares of RenaissanceRe from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, June 25th. Finally, TD Cowen lifted their price objective on shares of RenaissanceRe from $300.00 to $315.00 and gave the company a "hold" rating in a report on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, RenaissanceRe currently has a consensus rating of "Hold" and a consensus price target of $335.33.

RenaissanceRe Price Performance

RNR traded down $2.04 on Thursday, hitting $317.65. 234,992 shares of the company's stock were exchanged, compared to its average volume of 367,645. RenaissanceRe has a fifty-two week low of $231.17 and a fifty-two week high of $329.57. The stock has a market cap of $13.54 billion, a price-to-earnings ratio of 5.29, a P/E/G ratio of 1.25 and a beta of 0.17. The firm has a 50-day moving average price of $303.83 and a 200-day moving average price of $297.90. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $12.92 EPS for the quarter, topping analysts' consensus estimates of $11.72 by $1.20. The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.57 billion. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%.During the same quarter last year, the business posted $12.29 earnings per share. As a group, equities analysts anticipate that RenaissanceRe will post 40.57 earnings per share for the current year.

Institutional Trading of RenaissanceRe

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP raised its stake in shares of RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider's stock worth $34,000 after buying an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in RenaissanceRe by 235.0% in the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock valued at $34,000 after acquiring an additional 94 shares during the period. Kingdom Financial Group LLC. purchased a new stake in shares of RenaissanceRe during the 4th quarter worth $36,000. Mcguire Capital Advisors Inc. purchased a new stake in shares of RenaissanceRe during the 4th quarter worth $38,000. Finally, SBI Securities Co. Ltd. grew its stake in shares of RenaissanceRe by 33.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider's stock worth $41,000 after purchasing an additional 37 shares during the period. 99.97% of the stock is owned by hedge funds and other 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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