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 increased 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 target price indicates a potential upside of 8.04% from the company's current price.

Several other equities analysts have also commented on the company. Morgan Stanley reduced their price target on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research report on Monday, July 14th. Jefferies Financial Group reduced their price target on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. JPMorgan Chase & Co. raised RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price target on the stock in a research report on Tuesday, April 8th. Barclays boosted their price target on RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a research report on Thursday. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, RenaissanceRe currently has an average rating of "Hold" and a consensus price target of $287.50.

RenaissanceRe Trading Down 0.8%

Shares of NYSE RNR traded down $1.97 during midday trading on Monday, hitting $245.29. The stock had a trading volume of 617,763 shares, compared to its average volume of 499,371. The company has a market capitalization of $11.93 billion, a price-to-earnings ratio of 6.27, a PEG ratio of 2.64 and a beta of 0.30. RenaissanceRe has a 1-year low of $219.00 and a 1-year high of $300.00. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average price of $242.35 and a 200 day moving average price of $241.33.

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 for the quarter, beating the consensus estimate of $10.28 by $2.01. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.96 billion. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%. The company's revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the company posted $12.41 EPS. On average, analysts predict that RenaissanceRe will post 26.04 earnings per share for the current year.

Insider Activity

In related news, CAO James Christopher Fraser sold 332 shares of the company's stock in a transaction that occurred 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 of the company's stock, valued at approximately $6,776,009.16. This represents a 1.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On RenaissanceRe

Institutional investors and hedge funds have recently made changes to their positions in the company. American Century Companies Inc. grew its stake in RenaissanceRe by 19.3% during the 4th quarter. American Century Companies Inc. now owns 80,369 shares of the insurance provider's stock worth $19,997,000 after buying an additional 12,979 shares during the last quarter. LPL Financial LLC grew its stake in RenaissanceRe by 1.4% during the 4th quarter. LPL Financial LLC now owns 7,125 shares of the insurance provider's stock worth $1,773,000 after buying an additional 98 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp bought a new position in RenaissanceRe during the 4th quarter worth $1,177,000. JPMorgan Chase & Co. grew its stake in RenaissanceRe by 3.5% during the 4th quarter. JPMorgan Chase & Co. now owns 120,718 shares of the insurance provider's stock worth $30,036,000 after buying an additional 4,131 shares during the last quarter. Finally, Norges Bank bought a new position in RenaissanceRe during the 4th quarter worth $173,530,000. 99.97% of the stock is owned by institutional investors and hedge funds.

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.

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