RenaissanceRe (NYSE:RNR) Trading 8.5% Higher After Strong Earnings

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) traded up 8.5% during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $251.35 and last traded at $251.27. 197,628 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 468,526 shares. The stock had previously closed at $231.59.

The insurance provider reported $15.62 earnings per share for the quarter, topping the consensus estimate of $9.49 by $6.13. The business had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $1.97 billion. RenaissanceRe had a return on equity of 17.22% and a net margin of 14.23%.The firm’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period last year, the firm posted $10.23 EPS.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Evercore ISI set a $244.00 price target on RenaissanceRe and gave the stock an “in-line” rating in a report on Wednesday, October 1st. JPMorgan Chase & Co. reissued a “neutral” rating and set a $303.00 price target on shares of RenaissanceRe in a report on Thursday, October 9th. Morgan Stanley dropped their price target on RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating for the company in a report on Monday, July 14th. UBS Group lifted their price target on RenaissanceRe from $265.00 to $272.00 and gave the stock a “neutral” rating in a report on Wednesday, October 8th. Finally, Cantor Fitzgerald raised RenaissanceRe to a “hold” rating in a report on Wednesday, August 13th. Four equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $283.08.

Hedge Funds Weigh In On RenaissanceRe

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hantz Financial Services Inc. raised its holdings in RenaissanceRe by 707.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock valued at $27,000 after acquiring an additional 99 shares in the last quarter. Financial Consulate Inc. acquired a new position in RenaissanceRe in the 3rd quarter valued at $29,000. IFP Advisors Inc raised its holdings in RenaissanceRe by 160.0% in the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 72 shares in the last quarter. Huntington National Bank raised its holdings in RenaissanceRe by 80.9% in the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 55 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its stake in shares of RenaissanceRe by 151.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 79 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Stock Performance

The company has a 50 day moving average price of $248.24 and a 200-day moving average price of $244.29. 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 company has a market cap of $11.66 billion, a P/E ratio of 6.88, a price-to-earnings-growth ratio of 1.94 and a beta of 0.27.

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.