RenaissanceRe (NYSE:RNR) Raised to Hold at Evercore ISI

Key Points

• RenaissanceRe has been upgraded from a "strong sell" to a "hold" rating by Evercore ISI, reflecting a change in analyst sentiment toward the stock.
• Barclays and UBS Group both increased their price targets for RenaissanceRe, with Barclays now at $273.00 and UBS at $265.00, suggesting potential optimism in the company's performance.
• Institutional investors hold 99.97% of RenaissanceRe's stock, indicating strong backing from major financial entities.

RenaissanceRe (NYSE:RNR - Get Free Report) was upgraded by research analysts at Evercore ISI from a "strong sell" rating to a "hold" rating in a research note issued to investors on Wednesday,Zacks.com reports.

RNR has been the subject of a number of other research reports. Barclays lifted their price target on RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a report on Thursday, July 24th. Cantor Fitzgerald raised RenaissanceRe to a "hold" rating in a report on Wednesday, August 13th. UBS Group increased their price target on RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Wolfe Research started coverage on RenaissanceRe in a report on Monday, September 15th. They set a "peer perform" rating for the company. Finally, Keefe, Bruyette & Woods upped their price objective on shares of RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a report on Monday, July 28th. Four research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, RenaissanceRe has a consensus rating of "Hold" and a consensus target price of $281.91.

RenaissanceRe Stock Performance

NYSE RNR opened at $256.40 on Wednesday. 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 firm's fifty day moving average price is $243.81 and its two-hundred day moving average price is $242.16. RenaissanceRe has a 1 year low of $219.00 and a 1 year high of $300.00. The firm has a market capitalization of $12.07 billion, a P/E ratio of 6.55, a price-to-earnings-growth ratio of 2.49 and a beta of 0.27.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, beating analysts' consensus estimates of $10.28 by $2.01. The company had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.96 billion. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The company's quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the firm posted $12.41 EPS. As a group, research analysts anticipate that RenaissanceRe will post 26.04 EPS for the current year.

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors and hedge funds have recently modified their holdings of RNR. Miracle Mile Advisors LLC bought a new stake in RenaissanceRe in the 1st quarter valued at about $271,000. Amundi raised its position in shares of RenaissanceRe by 18.0% in the first quarter. Amundi now owns 6,924 shares of the insurance provider's stock valued at $1,699,000 after buying an additional 1,054 shares in the last quarter. Yorktown Management & Research Co Inc acquired a new stake in shares of RenaissanceRe in the first quarter valued at approximately $348,000. Bridges Investment Management Inc. boosted its stake in shares of RenaissanceRe by 21.9% in the first quarter. Bridges Investment Management Inc. now owns 6,020 shares of the insurance provider's stock valued at $1,445,000 after buying an additional 1,080 shares during the period. Finally, Nisa Investment Advisors LLC grew its position in RenaissanceRe by 128.4% during the first quarter. Nisa Investment Advisors LLC now owns 1,142 shares of the insurance provider's stock worth $274,000 after buying an additional 642 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

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.

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