RenaissanceRe (NYSE:RNR) Given New $319.00 Price Target at UBS Group

RenaissanceRe (NYSE:RNR) had its target price boosted by investment analysts at UBS Group from $312.00 to $319.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the insurance provider’s stock. UBS Group’s target price would suggest a potential upside of 3.82% from the company’s previous close.

RNR has been the subject of a number of other reports. Weiss Ratings reiterated a “buy (b)” rating on shares of RenaissanceRe in a report on Friday, March 27th. Wells Fargo & Company upped their price objective on shares of RenaissanceRe from $281.00 to $306.00 and gave the company an “equal weight” rating in a research report on Thursday, February 5th. JPMorgan Chase & Co. upped their price objective 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. Keefe, Bruyette & Woods upped their price objective on shares of RenaissanceRe from $323.00 to $327.00 and gave the company a “market perform” rating in a research report on Tuesday. Finally, Cantor Fitzgerald upped their price objective on shares of RenaissanceRe from $252.00 to $282.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Two analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $305.43.

RenaissanceRe Stock Performance

Shares of RNR stock traded up $4.55 during trading hours on Wednesday, reaching $307.25. 383,329 shares of the company’s stock were exchanged, compared to its average volume of 373,053. RenaissanceRe has a fifty-two week low of $222.75 and a fifty-two week high of $315.88. The stock has a market capitalization of $13.26 billion, a P/E ratio of 5.42, a P/E/G ratio of 0.70 and a beta of 0.24. The business has a fifty day moving average price of $296.74 and a 200-day moving average price of $275.75. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21.

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

Insider Transactions at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president owned 73,023 shares of the company’s stock, valued at $22,326,782.25. This represents a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RNR. Financial Consulate Inc. acquired a new position in RenaissanceRe during the third quarter worth $29,000. Kingdom Financial Group LLC. acquired a new position in RenaissanceRe during the fourth quarter worth $36,000. Farther Finance Advisors LLC raised its stake in 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 in the last quarter. Quarry LP raised its stake in RenaissanceRe by 65.0% during the third quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 52 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its stake in RenaissanceRe by 235.0% during the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 94 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

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.