Barclays Initiates Coverage on RenaissanceRe (NYSE:RNR)

Research analysts at Barclays started coverage on shares of RenaissanceRe (NYSE:RNR) in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage set an “equal weight” rating and a $287.00 price target on the insurance provider’s stock. Barclays‘s target price suggests a potential upside of 10.42% from the company’s previous close.

RNR has been the topic of a number of other reports. Bank of America boosted their target price on shares of RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. JPMorgan Chase & Co. raised their target price on shares of RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. UBS Group cut their price objective on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. Finally, Morgan Stanley decreased their target price on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $265.55.

RenaissanceRe Trading Up 0.3 %

Shares of NYSE:RNR opened at $259.91 on Wednesday. The company’s 50-day moving average price is $233.43 and its two-hundred day moving average price is $228.60. RenaissanceRe has a one year low of $188.03 and a one year high of $261.62. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market capitalization of $13.74 billion, a PE ratio of 5.74, a price-to-earnings-growth ratio of 1.39 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last released its earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.88 by $1.53. The business had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. On average, equities analysts forecast that RenaissanceRe will post 39.01 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the transaction, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the sale, the chief financial officer now owns 73,915 shares in the company, valued at approximately $16,598,352.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the transaction, the executive vice president now directly owns 85,544 shares in the company, valued at $19,675,120. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RNR. Sanctuary Advisors LLC acquired a new position in RenaissanceRe during the 2nd quarter worth approximately $229,000. Delphi Management Inc. MA boosted its holdings in shares of RenaissanceRe by 2.2% during the 2nd quarter. Delphi Management Inc. MA now owns 7,512 shares of the insurance provider’s stock valued at $1,679,000 after acquiring an additional 161 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in RenaissanceRe by 23.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock worth $76,000 after acquiring an additional 64 shares during the last quarter. Algert Global LLC acquired a new position in RenaissanceRe in the 2nd quarter worth about $1,186,000. Finally, Susquehanna Fundamental Investments LLC raised its position in RenaissanceRe by 322.0% in the second quarter. Susquehanna Fundamental Investments LLC now owns 12,648 shares of the insurance provider’s stock valued at $2,827,000 after purchasing an additional 9,651 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

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.