RenaissanceRe (NYSE:RNR) Given New $335.00 Price Target at Citigroup

RenaissanceRe (NYSE:RNR) had its price objective raised by stock analysts at Citigroup from $333.00 to $335.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the insurance provider’s stock. Citigroup’s price target suggests a potential upside of 11.44% from the stock’s current price.

Several other analysts have also weighed in on the stock. Cantor Fitzgerald upgraded shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $306.00 to $340.00 in a research note on Thursday, April 9th. Weiss Ratings reiterated a “buy (b)” rating on shares of RenaissanceRe in a research note on Friday, March 27th. Evercore set a $309.00 target price on shares of RenaissanceRe in a research note on Thursday, April 9th. Morgan Stanley lowered 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. Finally, JPMorgan Chase & Co. upped their price target on shares of RenaissanceRe from $303.00 to $329.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 7th. Four research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $321.93.

RenaissanceRe Stock Performance

RNR stock traded down $6.36 during trading on Friday, hitting $300.61. 273,672 shares of the company’s stock traded hands, compared to its average volume of 363,404. The company has a quick ratio of 1.43, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. RenaissanceRe has a 52 week low of $231.17 and a 52 week high of $318.20. The stock has a fifty day moving average price of $301.47 and a two-hundred day moving average price of $281.90. The stock has a market capitalization of $12.97 billion, a price-to-earnings ratio of 5.00, a price-to-earnings-growth ratio of 0.72 and a beta of 0.24.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, April 28th. The insurance provider reported $13.75 earnings per share for the quarter, beating the consensus estimate of $11.07 by $2.68. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The firm had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.84 billion. During the same quarter in the previous year, the firm earned ($1.49) earnings per share. The firm’s revenue for the quarter was down 36.8% compared to the same quarter last year. As a group, equities analysts anticipate that RenaissanceRe will post 37.85 EPS for the current fiscal year.

Insider Activity 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 in the company, valued at $22,326,782.25. This represents a 6.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Candriam S.C.A. bought a new position in RenaissanceRe in the 1st quarter valued at about $6,202,000. ARGA Investment Management LP bought a new position in RenaissanceRe in the 1st quarter valued at about $2,263,000. Kestra Advisory Services LLC grew its position in RenaissanceRe by 27.0% in the 1st quarter. Kestra Advisory Services LLC now owns 1,314 shares of the insurance provider’s stock valued at $391,000 after buying an additional 279 shares in the last quarter. Resona Asset Management Co. Ltd. grew its position in RenaissanceRe by 1.2% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 7,606 shares of the insurance provider’s stock valued at $2,261,000 after buying an additional 93 shares in the last quarter. Finally, Personal CFO Solutions LLC bought a new position in RenaissanceRe in the 1st quarter valued at about $204,000. Institutional investors 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.