RenaissanceRe (NYSE:RNR) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan Chase & Co. raised its price target on RenaissanceRe from $329 to $360, while keeping a neutral rating. The new target implies about 10.7% upside from the previous close.
• Other analysts have also recently lifted their targets, including Cantor Fitzgerald and Wells Fargo, though the overall consensus remains Hold with an average price target of $333.87.
• RenaissanceRe shares were trading higher at $325.15 on Monday, near the stock’s 52-week high of $329.57, after the company reported strong quarterly results earlier this year, including $13.75 EPS and a 24.01% return on equity.

RenaissanceRe (NYSE:RNR - Get Free Report) had its price target boosted by research analysts at JPMorgan Chase & Co. from $329.00 to $360.00 in a research note issued on Monday,Benzinga reports. The firm presently has a "neutral" rating on the insurance provider's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 10.72% from the company's previous close.

Several other research firms have also weighed in on RNR. Cantor Fitzgerald boosted their target price on shares of RenaissanceRe from $340.00 to $354.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. Mizuho raised their price target on shares of RenaissanceRe from $325.00 to $329.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Wolfe Research set a $315.00 price target on shares of RenaissanceRe in a report on Tuesday, July 7th. Wells Fargo & Company boosted their price objective on shares of RenaissanceRe from $306.00 to $329.00 and gave the company an "equal weight" rating in a research report on Thursday, July 9th. Finally, Morgan Stanley increased their price objective on shares of RenaissanceRe from $310.00 to $320.00 and gave the stock an "equal weight" rating in a research note on Monday, July 6th. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $333.87.

RenaissanceRe Stock Performance

NYSE:RNR traded up $2.09 during trading hours on Monday, reaching $325.15. 59,899 shares of the stock were exchanged, compared to its average volume of 366,775. The stock has a market capitalization of $13.86 billion, a P/E ratio of 5.42, a P/E/G ratio of 1.26 and a beta of 0.17. The firm has a 50 day simple moving average of $302.22 and a 200-day simple moving average of $297.08. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. RenaissanceRe has a 52 week low of $231.17 and a 52 week high of $329.57.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%.The business had revenue of $2.19 billion during the quarter. As a group, sell-side analysts forecast that RenaissanceRe will post 40.57 earnings per share for the current fiscal year.

Institutional Trading of RenaissanceRe

Several large investors have recently added to or reduced their stakes in the business. Kingdom Financial Group LLC. acquired a new stake in RenaissanceRe in the fourth quarter worth about $36,000. Quarry LP increased its stake in 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 buying an additional 52 shares during the period. CIBC Private Wealth Group LLC raised its position in shares of RenaissanceRe by 235.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock worth $34,000 after buying an additional 94 shares in the last quarter. Mcguire Capital Advisors Inc. acquired a new stake in shares of RenaissanceRe in the 4th quarter worth approximately $38,000. Finally, SBI Securities Co. Ltd. lifted its stake in shares of RenaissanceRe by 33.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider's stock worth $41,000 after acquiring an additional 37 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.