RenaissanceRe (NYSE:RNR) Rating Increased to Hold at Mizuho

RenaissanceRe (NYSE:RNR) was upgraded by equities research analysts at Mizuho to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Other equities research analysts have also issued reports about the company. Barclays set a $278.00 target price on RenaissanceRe in a research report on Wednesday, October 8th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $303.00 price objective on shares of RenaissanceRe in a report on Friday, December 5th. UBS Group boosted 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. JPMorgan Chase & Co. restated a “neutral” rating and issued a $303.00 target price on shares of RenaissanceRe in a research report on Thursday, October 9th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $300.00 price target on shares of RenaissanceRe in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $286.29.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $272.76 on Monday. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.21. The firm’s 50-day moving average price is $259.82 and its two-hundred day moving average price is $249.49. RenaissanceRe has a 52-week low of $219.00 and a 52-week high of $275.00. The stock has a market capitalization of $12.58 billion, a P/E ratio of 7.58, a P/E/G ratio of 1.59 and a beta of 0.26.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, October 28th. The insurance provider reported $15.62 EPS for the quarter, beating the consensus estimate of $9.49 by $6.13. The company had revenue of $3.20 billion during the quarter, compared to analyst estimates of $1.97 billion. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.The business’s revenue was down 4.8% compared to the same quarter last year. During the same period in the prior year, the company earned $10.23 earnings per share. As a group, sell-side analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current year.

Institutional Trading of RenaissanceRe

Institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its stake in shares of RenaissanceRe by 0.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 334,326 shares of the insurance provider’s stock worth $81,208,000 after acquiring an additional 3,070 shares during the last quarter. Amundi boosted its position in RenaissanceRe by 18.0% during the first quarter. Amundi now owns 6,924 shares of the insurance provider’s stock valued at $1,699,000 after purchasing an additional 1,054 shares during the last quarter. Jane Street Group LLC grew its stake in RenaissanceRe by 1,180.7% in the first quarter. Jane Street Group LLC now owns 74,217 shares of the insurance provider’s stock valued at $17,812,000 after purchasing an additional 68,422 shares in the last quarter. Daiwa Securities Group Inc. acquired a new position in RenaissanceRe in the 2nd quarter worth about $4,980,000. Finally, First Citizens Bank & Trust Co. increased its position in RenaissanceRe by 276.7% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 4,882 shares of the insurance provider’s stock worth $1,186,000 after purchasing an additional 3,586 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

About RenaissanceRe

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.