RenaissanceRe (NYSE:RNR) Stock Rating Upgraded by Evercore ISI

RenaissanceRe (NYSE:RNR) was upgraded by equities researchers at Evercore ISI from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports.

Other analysts have also recently issued reports about the stock. Barclays upped their target price on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an “equal weight” rating in a research report on Thursday, July 24th. Citigroup initiated coverage on shares of RenaissanceRe in a research report on Wednesday, August 13th. They set a “buy” rating and a $288.00 target price on the stock. Cantor Fitzgerald upgraded shares of RenaissanceRe to a “hold” rating in a research report on Wednesday, August 13th. UBS Group increased their price objective on shares of RenaissanceRe from $250.00 to $265.00 and gave the stock a “neutral” rating in a research report on Monday, July 28th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a “market perform” rating in a research report on Monday, July 28th. Four equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and an average target price of $281.91.

RenaissanceRe Stock Down 0.2%

Shares of NYSE RNR opened at $255.94 on Wednesday. The firm’s 50-day moving average price is $244.15 and its 200-day moving average price is $242.24. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $12.05 billion, a price-to-earnings ratio of 6.54, a P/E/G ratio of 2.51 and a beta of 0.27. RenaissanceRe has a 12-month low of $219.00 and a 12-month high of $300.00.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.28 by $2.01. The firm had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.96 billion. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The business’s revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the company earned $12.41 EPS. On average, equities research analysts anticipate that RenaissanceRe will post 26.04 EPS for the current fiscal year.

Hedge Funds Weigh In On RenaissanceRe

A number of institutional investors have recently modified their holdings of RNR. Two Sigma Investments LP increased its position in shares of RenaissanceRe by 35.8% during the fourth quarter. Two Sigma Investments LP now owns 3,950 shares of the insurance provider’s stock worth $983,000 after acquiring an additional 1,042 shares during the period. Rhumbline Advisers increased its position in shares of RenaissanceRe by 1.2% during the first quarter. Rhumbline Advisers now owns 137,005 shares of the insurance provider’s stock worth $32,881,000 after acquiring an additional 1,649 shares during the period. Merit Financial Group LLC purchased a new position in shares of RenaissanceRe during the first quarter worth approximately $206,000. Vest Financial LLC bought a new position in shares of RenaissanceRe during the first quarter valued at approximately $760,000. Finally, UMB Bank n.a. boosted its stake in shares of RenaissanceRe by 165.1% during the first quarter. UMB Bank n.a. now owns 464 shares of the insurance provider’s stock valued at $111,000 after purchasing an additional 289 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

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.