RenaissanceRe (NYSE:RNR) Price Target Raised to $306.00

RenaissanceRe (NYSE:RNR) had its target price lifted by Wells Fargo & Company from $281.00 to $306.00 in a research note released on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the insurance provider’s stock.

RNR has been the subject of several other research reports. TD Cowen reissued a “hold” rating on shares of RenaissanceRe in a research note on Thursday, January 8th. Barclays raised their price target on RenaissanceRe from $278.00 to $304.00 and gave the company an “equal weight” rating in a report on Thursday, January 8th. Cantor Fitzgerald boosted their price objective on RenaissanceRe from $252.00 to $282.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. UBS Group raised their target price on shares of RenaissanceRe from $265.00 to $272.00 and gave the company a “neutral” rating in a research note on Wednesday, October 8th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $303.00 target price on shares of RenaissanceRe in a research report on Friday, December 5th. Five investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $303.33.

RenaissanceRe Price Performance

Shares of NYSE:RNR opened at $301.19 on Thursday. The company has a 50 day moving average of $276.11 and a 200 day moving average of $259.21. The company has a current ratio of 1.43, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21. The stock has a market cap of $13.89 billion, a P/E ratio of 5.31, a P/E/G ratio of 0.74 and a beta of 0.24. RenaissanceRe has a 12 month low of $219.00 and a 12 month high of $310.80.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.59 by $2.75. The business had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $1.73 billion. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The business’s revenue for the quarter was up 29.6% compared to the same quarter last year. During the same period in the prior year, the company posted $8.06 EPS. As a group, sell-side analysts forecast that RenaissanceRe will post 26.04 EPS for the current fiscal year.

Insider Buying and Selling at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $305.75, for a total transaction 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 $22,326,782.25. This represents a 6.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.30% of the company’s stock.

Institutional Trading of RenaissanceRe

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Lightrock Netherlands B.V. increased its stake in shares of RenaissanceRe by 4,690.1% in the fourth quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock worth $286,083,000 after buying an additional 996,266 shares during the period. Norges Bank bought a new stake in RenaissanceRe in the 2nd quarter worth $139,543,000. M&T Bank Corp grew its holdings in RenaissanceRe by 8,296.5% in the 4th quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider’s stock worth $81,635,000 after acquiring an additional 286,894 shares during the last quarter. AQR Capital Management LLC increased its position in shares of RenaissanceRe by 154.5% in the third quarter. AQR Capital Management LLC now owns 397,027 shares of the insurance provider’s stock valued at $99,769,000 after acquiring an additional 241,001 shares during the period. Finally, Millennium Management LLC raised its stake in shares of RenaissanceRe by 347.6% during the third quarter. Millennium Management LLC now owns 236,919 shares of the insurance provider’s stock valued at $60,161,000 after acquiring an additional 183,988 shares during the last quarter. 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.