Bank of America Issues Pessimistic Forecast for RenaissanceRe (NYSE:RNR) Stock Price

RenaissanceRe (NYSE:RNR) had its target price cut by investment analysts at Bank of America to $426.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s target price suggests a potential upside of 36.95% from the stock’s previous close.

Several other brokerages also recently weighed in on RNR. Morgan Stanley downgraded shares of RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 price target for the company. in a research report on Thursday, February 26th. Citigroup lifted their target price on shares of RenaissanceRe from $328.00 to $333.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 18th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RenaissanceRe in a research report on Friday, March 27th. Barclays lifted their target price on shares of RenaissanceRe from $310.00 to $341.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 8th. Finally, UBS Group lifted their target price on shares of RenaissanceRe from $312.00 to $319.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 8th. Four equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $322.64.

RenaissanceRe Price Performance

Shares of RNR opened at $311.06 on Tuesday. The company has a market capitalization of $13.42 billion, a P/E ratio of 5.49, a price-to-earnings-growth ratio of 0.70 and a beta of 0.24. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The firm has a 50 day moving average of $299.46 and a 200 day moving average of $278.09. RenaissanceRe has a twelve month low of $222.75 and a twelve month high of $315.88.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, beating the consensus estimate of $10.59 by $2.75. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $1.73 billion. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The firm’s quarterly revenue was up 29.6% compared to the same quarter last year. During the same quarter last year, the firm earned $8.06 earnings per share. As a group, equities research analysts anticipate that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

Insider Buying and Selling at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction on Friday, February 6th. The shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the transaction, the executive vice president owned 73,023 shares in the company, valued at $22,326,782.25. This trade represents a 6.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. SBI Securities Co. Ltd. boosted its stake in shares of RenaissanceRe by 33.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock worth $41,000 after acquiring an additional 37 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in shares of RenaissanceRe by 20.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 230 shares of the insurance provider’s stock worth $65,000 after acquiring an additional 39 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of RenaissanceRe by 1.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 3,355 shares of the insurance provider’s stock worth $852,000 after acquiring an additional 40 shares during the last quarter. AMG National Trust Bank boosted its stake in shares of RenaissanceRe by 0.7% during the 3rd quarter. AMG National Trust Bank now owns 5,787 shares of the insurance provider’s stock worth $1,469,000 after acquiring an additional 40 shares during the last quarter. Finally, Beacon Pointe Advisors LLC lifted its stake in shares of RenaissanceRe by 2.2% during the 4th quarter. Beacon Pointe Advisors LLC now owns 1,857 shares of the insurance provider’s stock valued at $522,000 after buying an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

About RenaissanceRe

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.