RenaissanceRe (NYSE:RNR) Rating Increased to Buy at Wall Street Zen

RenaissanceRe (NYSE:RNR) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

A number of other research firms have also weighed in on RNR. TD Cowen reaffirmed a “hold” rating on shares of RenaissanceRe in a report on Thursday, January 8th. Keefe, Bruyette & Woods upped their price objective on shares of RenaissanceRe from $314.00 to $323.00 and gave the company a “market perform” rating in a research report on Monday, February 9th. Barclays raised their target price on RenaissanceRe from $278.00 to $304.00 and gave the company an “equal weight” rating in a research note on Thursday, January 8th. Zacks Research cut RenaissanceRe from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Finally, Wells Fargo & Company raised their price objective on RenaissanceRe from $281.00 to $306.00 and gave the company an “equal weight” rating in a research note on Thursday, February 5th. Four investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $309.27.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $301.21 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 1.40. RenaissanceRe has a 1-year low of $219.00 and a 1-year high of $315.88. The company has a market capitalization of $13.10 billion, a price-to-earnings ratio of 5.31, a PEG ratio of 0.76 and a beta of 0.24. The business has a 50-day moving average of $279.56 and a 200-day moving average of $261.10.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 EPS for the quarter, topping the consensus estimate of $10.59 by $2.75. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the previous year, the company posted $8.06 EPS. RenaissanceRe’s revenue for the quarter was up 29.6% on a year-over-year basis. On average, equities analysts anticipate that RenaissanceRe will post 26.04 EPS for the current fiscal year.

Insider Activity at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the completion of the sale, the executive vice president directly owned 73,023 shares in the company, valued at approximately $22,326,782.25. The trade was a 6.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Several large investors have recently added to or reduced their stakes in RNR. Hantz Financial Services Inc. increased its stake in RenaissanceRe by 707.1% during the second quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock valued at $27,000 after purchasing an additional 99 shares during the last quarter. Financial Consulate Inc. acquired a new position in shares of RenaissanceRe in the 3rd quarter valued at about $29,000. IFP Advisors Inc grew its position in shares of RenaissanceRe by 160.0% during the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock valued at $28,000 after buying an additional 72 shares during the last quarter. Huntington National Bank raised its stake 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, Kingdom Financial Group LLC. acquired a new stake in RenaissanceRe during the fourth quarter worth about $36,000. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.