RenaissanceRe (NYSE:RNR) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

RenaissanceRe (NYSE:RNR) had its price objective boosted by equities researchers at JPMorgan Chase & Co. from $303.00 to $329.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 20.09% from the company’s current price.

Several other equities research analysts have also weighed in on RNR. Evercore ISI set a $283.00 target price on shares of RenaissanceRe in a report on Wednesday. Mizuho initiated coverage on shares of RenaissanceRe in a research report on Monday, December 15th. They issued a “neutral” rating and a $281.00 price target on the stock. Zacks Research raised shares of RenaissanceRe from a “hold” rating to a “strong-buy” rating in a report on Monday, December 8th. Wolfe Research began coverage on shares of RenaissanceRe in a research note on Monday, September 15th. They issued a “peer perform” rating for the company. Finally, Morgan Stanley restated an “overweight” rating and set a $300.00 price target on shares of RenaissanceRe in a research report on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $294.14.

RenaissanceRe Price Performance

Shares of RNR stock traded up $1.95 during trading hours on Wednesday, hitting $273.95. The company had a trading volume of 77,199 shares, compared to its average volume of 421,139. RenaissanceRe has a 12 month low of $219.00 and a 12 month high of $285.26. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.40 and a current ratio of 1.40. The firm’s fifty day moving average is $268.15 and its 200 day moving average is $252.99. The firm has a market capitalization of $12.63 billion, a price-to-earnings ratio of 7.61, a PEG ratio of 1.53 and a beta of 0.26.

RenaissanceRe (NYSE:RNR) last announced its quarterly 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. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.The business had revenue of $3.20 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the previous year, the firm earned $10.23 EPS. RenaissanceRe’s quarterly revenue was down 4.8% on a year-over-year basis. On average, sell-side analysts predict that RenaissanceRe will post 26.04 EPS for the current fiscal year.

Institutional Trading of RenaissanceRe

Institutional investors have recently bought and sold shares of the business. Park Avenue Securities LLC raised its position in shares of RenaissanceRe by 14.2% during the 4th quarter. Park Avenue Securities LLC now owns 3,715 shares of the insurance provider’s stock valued at $1,045,000 after acquiring an additional 461 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of RenaissanceRe by 17.4% in the 4th quarter. GAMMA Investing LLC now owns 2,331 shares of the insurance provider’s stock worth $655,000 after purchasing an additional 345 shares during the last quarter. Allworth Financial LP grew its stake in shares of RenaissanceRe by 157.0% during the third quarter. Allworth Financial LP now owns 203 shares of the insurance provider’s stock worth $52,000 after purchasing an additional 124 shares during the period. IFP Advisors Inc increased its holdings in RenaissanceRe by 198.3% in the third quarter. IFP Advisors Inc now owns 349 shares of the insurance provider’s stock valued at $89,000 after purchasing an additional 232 shares during the last quarter. Finally, Swiss Life Asset Management Ltd lifted its stake in RenaissanceRe by 73.6% in the third quarter. Swiss Life Asset Management Ltd now owns 2,203 shares of the insurance provider’s stock valued at $559,000 after buying an additional 934 shares during the period. Institutional investors and hedge funds 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.