RenaissanceRe (NYSE:RNR) Raised to "Equal Weight" at Barclays

RenaissanceRe (NYSE:RNR - Get Free Report) was upgraded by analysts at Barclays from an "underweight" rating to an "equal weight" rating in a note issued to investors on Monday, MarketBeat reports. The firm presently has a $256.00 target price on the insurance provider's stock, up from their previous target price of $231.00. Barclays's price target would suggest a potential upside of 6.45% from the company's current price.

RNR has been the topic of a number of other reports. Morgan Stanley set a $285.00 price objective on shares of RenaissanceRe and gave the stock an "overweight" rating in a research note on Monday, May 19th. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price objective on the stock in a research note on Tuesday, April 8th. Jefferies Financial Group reduced their price objective on shares of RenaissanceRe from $266.00 to $265.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Keefe, Bruyette & Woods increased their target price on shares of RenaissanceRe from $279.00 to $282.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Finally, Bank of America dropped their price objective on shares of RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a report on Wednesday, March 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $286.10.

RenaissanceRe Stock Performance

Shares of RNR stock traded up $1.21 on Monday, hitting $240.48. The company's stock had a trading volume of 150,127 shares, compared to its average volume of 443,086. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.36 and a current ratio of 1.36. The stock's 50 day moving average is $244.16 and its 200-day moving average is $242.51. RenaissanceRe has a fifty-two week low of $210.51 and a fifty-two week high of $300.00. The company has a market capitalization of $11.70 billion, a PE ratio of 7.69, a PEG ratio of 2.89 and a beta of 0.30.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) EPS for the quarter, missing the consensus estimate of ($0.32) by ($1.17). RenaissanceRe had a net margin of 13.26% and a return on equity of 15.90%. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.36 billion. During the same quarter last year, the company posted $12.18 earnings per share. The company's revenue was up 7.6% on a year-over-year basis. Equities research analysts expect that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

Insider Activity at RenaissanceRe

In other news, CAO James Christopher Fraser sold 332 shares of RenaissanceRe stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total transaction of $82,847.28. Following the sale, the chief accounting officer directly owned 27,154 shares in the company, valued at $6,776,009.16. The trade was a 1.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.00% of the stock is owned by insiders.

Institutional Investors Weigh In On RenaissanceRe

A number of hedge funds have recently made changes to their positions in the business. Anderson Financial Strategies LLC raised its stake in shares of RenaissanceRe by 6.9% during the 1st quarter. Anderson Financial Strategies LLC now owns 5,611 shares of the insurance provider's stock worth $1,347,000 after purchasing an additional 360 shares during the period. Strs Ohio bought a new stake in RenaissanceRe in the 1st quarter valued at about $6,528,000. Geneos Wealth Management Inc. raised its stake in RenaissanceRe by 40.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 541 shares of the insurance provider's stock valued at $130,000 after acquiring an additional 156 shares during the period. Jane Street Group LLC raised its stake in RenaissanceRe by 1,180.7% in the 1st quarter. Jane Street Group LLC now owns 74,217 shares of the insurance provider's stock valued at $17,812,000 after acquiring an additional 68,422 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in RenaissanceRe by 5.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 209,820 shares of the insurance provider's stock valued at $50,357,000 after acquiring an additional 10,344 shares during the period. 99.97% of the stock is currently owned by institutional investors.

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.