RenaissanceRe (NYSE:RNR) Price Target Raised to $246.00 at Evercore ISI

RenaissanceRe (NYSE:RNR) had its price target raised by analysts at Evercore ISI from $229.00 to $246.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “underperform” rating on the insurance provider’s stock. Evercore ISI’s price target would suggest a potential downside of 11.48% from the company’s previous close.

A number of other research analysts have also issued reports on RNR. Barclays initiated coverage on RenaissanceRe in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 target price for the company. JPMorgan Chase & Co. lifted their price target on RenaissanceRe from $267.00 to $274.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Wells Fargo & Company lifted their price target on RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Jefferies Financial Group lifted their price target on RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, RenaissanceRe presently has an average rating of “Hold” and an average price target of $290.70.

RenaissanceRe Trading Up 3.2 %

Shares of NYSE RNR traded up $8.61 during trading on Thursday, reaching $277.90. The stock had a trading volume of 439,954 shares, compared to its average volume of 345,469. RenaissanceRe has a fifty-two week low of $188.24 and a fifty-two week high of $284.36. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The business’s 50-day moving average price is $267.20 and its 200-day moving average price is $241.23. The company has a market cap of $14.50 billion, a P/E ratio of 5.49, a PEG ratio of 1.74 and a beta of 0.39.

RenaissanceRe (NYSE:RNR) last released its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.89 by $2.34. The firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.35 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. RenaissanceRe’s revenue was up 52.1% compared to the same quarter last year. During the same period last year, the business posted $8.33 earnings per share. On average, equities research analysts predict that RenaissanceRe will post 39.96 EPS for the current fiscal year.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the transaction, the executive vice president now owns 82,044 shares in the company, valued at $22,890,276. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors have recently added to or reduced their stakes in RNR. Blue Trust Inc. acquired a new position in RenaissanceRe in the 2nd quarter valued at about $27,000. ORG Wealth Partners LLC acquired a new position in RenaissanceRe during the 3rd quarter worth approximately $30,000. V Square Quantitative Management LLC acquired a new position in RenaissanceRe during the 2nd quarter worth approximately $31,000. UMB Bank n.a. increased its position in RenaissanceRe by 316.7% during the 3rd quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 95 shares during the period. Finally, EntryPoint Capital LLC acquired a new position in RenaissanceRe during the 1st quarter worth approximately $46,000. Institutional investors and hedge funds 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.