RenaissanceRe (NYSE:RNR) Stock Price Expected to Rise, Evercore ISI Analyst Says

RenaissanceRe (NYSE:RNRGet Free Report) had its price target hoisted by analysts at Evercore ISI from $283.00 to $291.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “in-line” rating on the insurance provider’s stock. Evercore ISI’s price objective would suggest a potential downside of 4.60% from the company’s current price.

Several other equities analysts have also issued reports on RNR. The Goldman Sachs Group reiterated a “sell” rating and issued a $267.00 price target on shares of RenaissanceRe in a research note on Wednesday, January 7th. Mizuho set a $277.00 target price on RenaissanceRe in a research report on Wednesday, January 14th. Morgan Stanley reissued an “overweight” rating and set a $300.00 target price on shares of RenaissanceRe in a research note on Tuesday, December 16th. BMO Capital Markets restated an “outperform” rating and issued a $303.00 price target on shares of RenaissanceRe in a research note on Friday, December 5th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of RenaissanceRe in a report on Monday, December 29th. Five equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $300.27.

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RenaissanceRe Trading Up 1.6%

Shares of RenaissanceRe stock opened at $305.04 on Wednesday. The company has a quick ratio of 1.40, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. RenaissanceRe has a 12-month low of $219.00 and a 12-month high of $310.80. The company has a market capitalization of $14.07 billion, a price-to-earnings ratio of 5.38, a PEG ratio of 3.14 and a beta of 0.24. The firm’s 50-day moving average price is $275.31 and its two-hundred day moving average price is $258.58.

RenaissanceRe (NYSE:RNRGet Free Report) last issued its quarterly earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, topping analysts’ consensus estimates 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $8.06 EPS. On average, analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RenaissanceRe

A number of hedge funds have recently modified their holdings of the business. Hantz Financial Services Inc. raised its position in RenaissanceRe by 707.1% during the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 99 shares during the last quarter. IFP Advisors Inc grew its position in shares of 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 buying an additional 72 shares during the last quarter. Financial Consulate Inc. acquired a new stake in shares of RenaissanceRe in the third quarter valued at about $29,000. Huntington National Bank increased its stake in shares of RenaissanceRe by 80.9% in the second quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock valued at $30,000 after buying an additional 55 shares during the period. Finally, Farther Finance Advisors LLC raised its position in shares of RenaissanceRe by 151.9% during the third quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock worth $33,000 after acquiring an additional 79 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

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RenaissanceRe Company Profile

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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.

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