RenaissanceRe (NYSE:RNR) Price Target Raised to $366.00

RenaissanceRe (NYSE:RNR) had its price objective boosted by UBS Group from $349.00 to $366.00 in a research note issued to investors on Monday morning,Benzinga reports. UBS Group currently has a neutral rating on the insurance provider’s stock.

A number of other equities research analysts also recently issued reports on RNR. Wolfe Research set a $315.00 price objective on RenaissanceRe in a research report on Tuesday, July 7th. JPMorgan Chase & Co. decreased their target price on RenaissanceRe from $360.00 to $355.00 and set a “neutral” rating on the stock in a research note on Friday, October 9th. Evercore set a $330.00 target price on RenaissanceRe in a research note on Thursday, July 23rd. Weiss Ratings cut RenaissanceRe from a “buy (b+)” rating to a “hold (c+)” rating in a report on Thursday, October 29th. Finally, Jefferies Financial Group upgraded RenaissanceRe from a “hold” rating to a “market outperform” rating in a research report on Tuesday, September 22nd. Five research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $343.69.

RenaissanceRe Trading Up 1.9%

Shares of RNR stock opened at $353.34 on Monday. The company’s fifty day simple moving average is $334.43 and its two-hundred day simple moving average is $311.20. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.40 and a quick ratio of 1.40. RenaissanceRe has a 1 year low of $251.60 and a 1 year high of $363.84. The stock has a market capitalization of $14.28 billion, a price-to-earnings ratio of 10.16, a PEG ratio of 0.91 and a beta of 0.11.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, October 27th. The insurance provider reported $12.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.56 by $2.15. RenaissanceRe had a return on equity of 21.13% and a net margin of 16.25%. The business had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.78 billion. During the same quarter in the prior year, the firm posted $15.62 EPS. As a group, analysts anticipate that RenaissanceRe will post 48.50 earnings per share for the current year.

Hedge Funds Weigh In On RenaissanceRe

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of RenaissanceRe during the second quarter valued at $1,319,724,000. Lightrock Netherlands B.V. raised its holdings in shares of RenaissanceRe by 15.8% in the first quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock valued at $350,263,000 after acquiring an additional 160,915 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of RenaissanceRe by 5.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider’s stock valued at $322,603,000 after acquiring an additional 52,371 shares in the last quarter. GQG Partners LLC purchased a new stake in RenaissanceRe in the second quarter worth about $185,351,000. Finally, Bank of New York Mellon Corp purchased a new stake in RenaissanceRe in the second quarter worth about $116,717,000. Institutional investors own 99.97% of the company’s stock.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance products. The company specializes in helping insurers, businesses and other organizations manage financial risk arising from natural catastrophes, specialty exposures and certain casualty risks.

RenaissanceRe’s reinsurance activities include property catastrophe coverage, as well as casualty and specialty reinsurance. Through its insurance operations, the company provides coverage for areas such as property, casualty and other specialty risks.