UBS Group Forecasts Strong Price Appreciation for RenaissanceRe (NYSE:RNR) Stock

Key Points

• UBS Group raised its price target for RenaissanceRe from $250.00 to $265.00, indicating a potential upside of 8.04% from the current price, while maintaining a "neutral" rating.
• RenaissanceRe's latest quarterly earnings showed $12.29 earnings per share, exceeding estimates, despite a revenue decline of 2.4% year-over-year.
• Institutional investors hold 99.97% of RenaissanceRe's stock, indicating strong support and confidence in the company among large financial entities.

RenaissanceRe (NYSE:RNR - Get Free Report) had its price objective raised by UBS Group from $250.00 to $265.00 in a research note issued on Monday,Benzinga reports. The firm presently has a "neutral" rating on the insurance provider's stock. UBS Group's price target points to a potential upside of 10.31% from the stock's current price.

Other research analysts also recently issued research reports about the company. Morgan Stanley decreased their price objective on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research note on Monday, July 14th. Barclays lifted their target price on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. JMP Securities reaffirmed a "market perform" rating on shares of RenaissanceRe in a report on Thursday, April 24th. Jefferies Financial Group decreased their price target on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Finally, Keefe, Bruyette & Woods boosted their price objective on RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $287.50.

RenaissanceRe Stock Performance

RenaissanceRe stock traded down $3.51 during mid-day trading on Monday, reaching $240.23. 60,314 shares of the stock traded hands, compared to its average volume of 496,800. The stock has a market capitalization of $11.31 billion, a PE ratio of 6.14, a price-to-earnings-growth ratio of 2.51 and a beta of 0.30. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36. The business's 50-day moving average is $242.35 and its 200-day moving average is $241.27. RenaissanceRe has a 12-month low of $219.00 and a 12-month high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly 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 for 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 period last year, the firm earned $12.41 earnings per share. As a group, sell-side analysts predict that RenaissanceRe will post 26.04 EPS for the current fiscal year.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, CAO James Christopher Fraser sold 332 shares of RenaissanceRe stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total value of $82,847.28. Following the sale, the chief accounting officer owned 27,154 shares of the company's stock, valued at $6,776,009.16. The trade was a 1.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.30% of the stock is currently owned by insiders.

Institutional Trading of RenaissanceRe

Large investors have recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new stake in RenaissanceRe in the 4th quarter worth approximately $27,000. IFP Advisors Inc increased its position in shares of RenaissanceRe by 160.0% during the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider's stock valued at $28,000 after purchasing an additional 72 shares during the last quarter. Brooklyn Investment Group increased its position in shares of RenaissanceRe by 151.7% during the 1st quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock valued at $35,000 after purchasing an additional 88 shares during the last quarter. Tsfg LLC bought a new position in shares of RenaissanceRe during the 1st quarter valued at approximately $40,000. Finally, MassMutual Private Wealth & Trust FSB increased its position in shares of RenaissanceRe by 43.1% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 186 shares of the insurance provider's stock valued at $45,000 after purchasing an additional 56 shares during the last quarter. Institutional investors own 99.97% of the company's stock.

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.