Keefe, Bruyette & Woods Issues Positive Forecast for RenaissanceRe (NYSE:RNR) Stock Price

RenaissanceRe (NYSE:RNR) had its price objective raised by Keefe, Bruyette & Woods from $314.00 to $323.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a market perform rating on the insurance provider’s stock.

Several other research firms have also weighed in on RNR. Mizuho lifted their price target on RenaissanceRe from $277.00 to $313.00 and gave the company a “neutral” rating in a research report on Friday. BMO Capital Markets restated an “outperform” rating and set a $303.00 target price on shares of RenaissanceRe in a report on Friday, December 5th. Cantor Fitzgerald upped their target price on shares of RenaissanceRe from $252.00 to $282.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. JPMorgan Chase & Co. lifted their price target on shares of RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a research report on Wednesday, January 7th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of RenaissanceRe in a report on Monday, December 29th. Four analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $309.27.

RenaissanceRe Trading Down 3.9%

Shares of RNR opened at $288.92 on Monday. RenaissanceRe has a 1-year low of $219.00 and a 1-year high of $310.80. 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 firm’s 50-day moving average price is $276.62 and its 200-day moving average price is $259.71. The firm has a market capitalization of $13.32 billion, a price-to-earnings ratio of 5.10, a PEG ratio of 0.74 and a beta of 0.24.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data 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 net margin of 20.88% and a return on equity of 18.29%. The business had revenue of $2.97 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the business posted $8.06 earnings per share. RenaissanceRe’s quarterly revenue was up 29.6% compared to the same quarter last year. Sell-side analysts anticipate that RenaissanceRe will post 26.04 EPS for the current year.

Insider Transactions at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $305.75, for a total value of $1,528,750.00. Following the transaction, the executive vice president owned 73,023 shares in the company, valued at approximately $22,326,782.25. This represents a 6.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Hedge funds have recently added to or reduced their stakes in the company. Lightrock Netherlands B.V. increased its holdings in shares of RenaissanceRe by 4,690.1% in the 4th quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock worth $286,083,000 after purchasing an additional 996,266 shares in the last quarter. Norges Bank purchased a new stake in shares of RenaissanceRe during the second quarter valued at $139,543,000. M&T Bank Corp increased 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 buying an additional 286,894 shares in the last quarter. AQR Capital Management LLC raised its position in RenaissanceRe by 154.5% in the 3rd quarter. AQR Capital Management LLC now owns 397,027 shares of the insurance provider’s stock worth $99,769,000 after buying an additional 241,001 shares during the last quarter. Finally, Millennium Management LLC raised its position in RenaissanceRe by 347.6% in the 3rd quarter. Millennium Management LLC now owns 236,919 shares of the insurance provider’s stock worth $60,161,000 after buying an additional 183,988 shares during the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

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.