Weiss Ratings Reaffirms Buy (B) Rating for RenaissanceRe (NYSE:RNR)

Key Points

• RenaissanceRe (NYSE:RNR) received a reaffirmed "buy" rating from Weiss Ratings, with several other analysts also providing positive outlooks and target price increases.
• The stock opened at $262.10 with a market cap of $12.34 billion and has a consensus price target of approximately $283.82.
• During the recent earnings report, RenaissanceRe reported earnings of $12.29 per share, exceeding estimates, despite a slight year-over-year revenue decline.

RenaissanceRe (NYSE:RNR - Get Free Report)'s stock had its "buy (b)" rating reaffirmed by investment analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

Several other equities research analysts have also commented on the company. Evercore ISI set a $244.00 target price on RenaissanceRe and gave the company an "in-line" rating in a research report on Wednesday, October 1st. UBS Group upped their target price on RenaissanceRe from $265.00 to $272.00 and gave the company a "neutral" rating in a research report on Wednesday. Barclays set a $278.00 target price on RenaissanceRe in a research report on Wednesday. Keefe, Bruyette & Woods upped their target price on RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. Finally, Citigroup began coverage on RenaissanceRe in a research report on Wednesday, August 13th. They set a "buy" rating and a $288.00 target price on the stock. Five equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, RenaissanceRe currently has a consensus rating of "Hold" and a consensus price target of $283.82.

RenaissanceRe Trading Down 1.8%

Shares of RNR stock opened at $262.10 on Wednesday. The stock has a market cap of $12.34 billion, a price-to-earnings ratio of 6.70, a PEG ratio of 2.62 and a beta of 0.27. The stock has a 50-day moving average of $245.64 and a 200-day moving average of $242.93. 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 1-year low of $219.00 and a 1-year high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results 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. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The company had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.96 billion. During the same quarter in the prior year, the firm posted $12.41 earnings per share. The business's quarterly revenue was down 2.4% on a year-over-year basis. On average, equities research analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current year.

Institutional Trading of RenaissanceRe

Several institutional investors and hedge funds have recently modified their holdings of RNR. Hantz Financial Services Inc. raised its stake in shares of 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 purchasing an additional 99 shares during the last quarter. IFP Advisors Inc raised its stake in shares of 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 purchasing an additional 72 shares during the last quarter. Huntington National Bank raised its stake in shares of 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 purchasing an additional 55 shares during the last quarter. Brooklyn Investment Group raised its stake in shares of RenaissanceRe by 151.7% in 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. Finally, Tsfg LLC purchased a new stake in shares of RenaissanceRe in the first quarter worth approximately $40,000. 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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