RenaissanceRe (NYSE:RNR) Earns “Neutral” Rating from JPMorgan Chase & Co.

RenaissanceRe (NYSE:RNR)‘s stock had its “neutral” rating reissued by equities research analysts at JPMorgan Chase & Co. in a research note issued on Thursday, Marketbeat.com reports. They currently have a $303.00 target price on the insurance provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 16.45% from the company’s current price.

RNR has been the subject of a number of other research reports. Wells Fargo & Company raised their price objective on RenaissanceRe from $269.00 to $278.00 and gave the company an “equal weight” rating in a research note on Wednesday. Evercore ISI set a $244.00 price objective on RenaissanceRe and gave the company an “in-line” rating in a research note on Wednesday, October 1st. UBS Group raised their price objective on RenaissanceRe from $265.00 to $272.00 and gave the company a “neutral” rating in a research note on Wednesday. Morgan Stanley reduced their price objective on RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating for the company in a research note on Monday, July 14th. Finally, Citigroup initiated coverage on RenaissanceRe in a research note on Wednesday, August 13th. They issued a “buy” rating and a $288.00 price objective for the company. Four analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $285.55.

RenaissanceRe Trading Up 0.3%

Shares of RNR stock opened at $260.19 on Thursday. The company has a market cap of $12.25 billion, a P/E ratio of 6.65, a PEG ratio of 2.40 and a beta of 0.27. The stock has a 50 day simple moving average of $246.33 and a two-hundred day simple moving average of $243.21. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36. RenaissanceRe has a fifty-two week low of $219.00 and a fifty-two week high of $300.00.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the previous year, the company posted $12.41 earnings per share. Research analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RNR. Advisors Asset Management Inc. lifted its holdings in RenaissanceRe by 10.5% during the first quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider’s stock worth $106,000 after acquiring an additional 42 shares during the period. Benedict Financial Advisors Inc. lifted its holdings in RenaissanceRe by 0.3% during the second quarter. Benedict Financial Advisors Inc. now owns 12,577 shares of the insurance provider’s stock worth $3,055,000 after acquiring an additional 42 shares during the period. Rossby Financial LCC lifted its holdings in RenaissanceRe by 6.2% during the second quarter. Rossby Financial LCC now owns 845 shares of the insurance provider’s stock worth $205,000 after acquiring an additional 49 shares during the period. Huntington National Bank lifted its holdings in RenaissanceRe by 80.9% during the second quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 55 shares during the period. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in RenaissanceRe by 43.1% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 186 shares of the insurance provider’s stock worth $45,000 after acquiring an additional 56 shares during the period. Hedge funds and other 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.