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RenaissanceRe (NYSE:RNR) Coverage Initiated at The Goldman Sachs Group

RenaissanceRe logo with Finance background

Key Points

  • The Goldman Sachs Group initiated coverage of RenaissanceRe (NYSE:RNR) with a "sell" rating and a price target of $256.00, indicating a potential downside from the current stock price.
  • Overall, RenaissanceRe has a consensus rating of "Hold" from analysts, with four recommending a Buy, eleven a Hold, and one a Sell, along with an average price target of $283.08.
  • RenaissanceRe recently reported quarterly earnings of $12.29 EPS, surpassing estimates, though its revenue of $2.77 billion fell short of analyst expectations.
  • Five stocks to consider instead of RenaissanceRe.

Equities researchers at The Goldman Sachs Group initiated coverage on shares of RenaissanceRe (NYSE:RNR - Get Free Report) in a research note issued on Tuesday, MarketBeat.com reports. The brokerage set a "sell" rating and a $256.00 price target on the insurance provider's stock. The Goldman Sachs Group's price target points to a potential downside of 1.58% from the stock's current price.

A number of other brokerages also recently issued reports on RNR. Cantor Fitzgerald upgraded shares of RenaissanceRe to a "hold" rating in a report on Wednesday, August 13th. Evercore ISI set a $244.00 price target on shares of RenaissanceRe and gave the company an "in-line" rating in a report on Wednesday, October 1st. Wells Fargo & Company lifted their price target on shares of RenaissanceRe from $269.00 to $278.00 and gave the company an "equal weight" rating in a report on Wednesday, October 8th. Keefe, Bruyette & Woods lifted their price target 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. Finally, Cowen reissued a "hold" rating on shares of RenaissanceRe in a report on Tuesday, October 7th. Four equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $283.08.

Get Our Latest Report on RNR

RenaissanceRe Trading Down 1.7%

RenaissanceRe stock opened at $260.10 on Tuesday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23. RenaissanceRe has a 12-month low of $219.00 and a 12-month high of $300.00. The firm has a 50 day moving average of $247.65 and a 200 day moving average of $243.58. The firm has a market capitalization of $12.24 billion, a price-to-earnings ratio of 6.65, a P/E/G ratio of 2.30 and a beta of 0.27.

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

Institutional Trading of RenaissanceRe

Institutional investors have recently bought and sold shares of the stock. Hantz Financial Services Inc. lifted its position in RenaissanceRe by 707.1% in the second quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider's stock worth $27,000 after buying an additional 99 shares during the last quarter. IFP Advisors Inc lifted its position in RenaissanceRe by 160.0% in the second quarter. IFP Advisors Inc now owns 117 shares of the insurance provider's stock worth $28,000 after buying an additional 72 shares during the last quarter. Huntington National Bank lifted its position in RenaissanceRe by 80.9% in the second quarter. Huntington National Bank now owns 123 shares of the insurance provider's stock worth $30,000 after buying an additional 55 shares during the last quarter. Farther Finance Advisors LLC lifted its position in RenaissanceRe by 151.9% in the third quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider's stock worth $33,000 after buying an additional 79 shares during the last quarter. Finally, Brooklyn Investment Group lifted its position in shares of RenaissanceRe by 151.7% during the first quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock worth $35,000 after purchasing an additional 88 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Company Profile

(Get Free Report)

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.

See Also

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