RenaissanceRe's (RNR) "Neutral" Rating Reaffirmed at JPMorgan Chase & Co.

Key Points

• RenaissanceRe's stock has been given a "neutral" rating by JPMorgan Chase & Co. with a price target of $303.00, indicating a potential upside of 16.86% from its current price.
• Recent earnings results showed RenaissanceRe reported $12.29 EPS, exceeding the estimate of $10.28, despite a 2.4% year-over-year revenue decline.
• The stock has a consensus rating of "Hold", with four analysts rating it as a Buy and eleven as Hold, and an average target price of $285.55.

RenaissanceRe (NYSE:RNR - Get Free Report)'s stock had its "neutral" rating restated by stock analysts at JPMorgan Chase & Co. in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. They currently have a $303.00 price target on the insurance provider's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 16.86% from the company's current price.

A number of other research firms have also issued reports on RNR. Citigroup initiated coverage on RenaissanceRe in a research report on Wednesday, August 13th. They issued a "buy" rating and a $288.00 price target for the company. Keefe, Bruyette & Woods raised their target price on RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a research note on Monday, July 28th. Wells Fargo & Company boosted their price target on shares of RenaissanceRe from $269.00 to $278.00 and gave the company an "equal weight" rating in a research report on Wednesday. Barclays set a $278.00 price objective on shares of RenaissanceRe in a research report on Wednesday. Finally, Wolfe Research started coverage on shares of RenaissanceRe in a research note on Monday, September 15th. They issued a "peer perform" rating for the company. Four equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $285.55.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock opened at $259.29 on Thursday. The firm has a market cap of $12.20 billion, a PE ratio of 6.62, a P/E/G ratio of 2.62 and a beta of 0.27. The business has a 50-day moving average price of $245.64 and a 200 day moving average price of $242.93. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23. RenaissanceRe has a twelve month low of $219.00 and a twelve month high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, topping the consensus estimate of $10.28 by $2.01. The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.96 billion. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The business's quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the company posted $12.41 EPS. Sell-side analysts predict that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RenaissanceRe

A number of large investors have recently modified their holdings of RNR. Price T Rowe Associates Inc. MD lifted its position in RenaissanceRe by 37.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider's stock valued at $599,049,000 after acquiring an additional 676,125 shares during the last quarter. Boston Partners increased its holdings in shares of RenaissanceRe by 4.6% in the 1st quarter. Boston Partners now owns 2,106,207 shares of the insurance provider's stock valued at $505,509,000 after acquiring an additional 92,825 shares during the period. Cooke & Bieler LP lifted its stake in shares of RenaissanceRe by 18.0% in the 1st quarter. Cooke & Bieler LP now owns 1,247,742 shares of the insurance provider's stock worth $299,458,000 after acquiring an additional 190,139 shares during the period. Impax Asset Management Group plc boosted its holdings in shares of RenaissanceRe by 11.2% in the second quarter. Impax Asset Management Group plc now owns 1,220,038 shares of the insurance provider's stock valued at $295,494,000 after acquiring an additional 122,732 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in RenaissanceRe by 17.6% during the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider's stock worth $195,182,000 after purchasing an additional 120,063 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Company Profile

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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