RenaissanceRe (NYSE:RNR) Stock Price Expected to Rise, TD Cowen Analyst Says

RenaissanceRe (NYSE:RNR) had its target price boosted by investment analysts at TD Cowen from $278.00 to $280.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “hold” rating on the insurance provider’s stock. TD Cowen’s price target would suggest a potential upside of 0.30% from the company’s previous close.

A number of other research firms also recently weighed in on RNR. Morgan Stanley reiterated an “overweight” rating and set a $300.00 target price on shares of RenaissanceRe in a report on Tuesday, December 16th. Zacks Research lowered RenaissanceRe from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Wolfe Research started coverage on RenaissanceRe in a research note on Monday, September 15th. They issued a “peer perform” rating on the stock. Keefe, Bruyette & Woods raised their price objective on RenaissanceRe from $270.00 to $314.00 and gave the company a “market perform” rating in a research report on Tuesday. Finally, Barclays set a $304.00 target price on shares of RenaissanceRe in a report on Thursday. Five investment 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 a consensus rating of “Hold” and a consensus price target of $295.67.

RenaissanceRe Trading Up 1.9%

NYSE RNR traded up $5.08 during trading on Thursday, hitting $279.15. The company had a trading volume of 114,563 shares, compared to its average volume of 426,252. The company’s fifty day moving average is $268.67 and its 200-day moving average is $253.13. RenaissanceRe has a one year low of $219.00 and a one year high of $285.26. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21. The company has a market cap of $12.87 billion, a price-to-earnings ratio of 7.76, a price-to-earnings-growth ratio of 6.47 and a beta of 0.26.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share for the quarter, beating analysts’ consensus estimates of $9.49 by $6.13. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The firm 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 posted $10.23 EPS. The company’s revenue for the quarter was down 4.8% compared to the same quarter last year. On average, sell-side analysts predict that RenaissanceRe will post 26.04 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RNR. MassMutual Private Wealth & Trust FSB lifted its stake in shares of RenaissanceRe by 20.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 230 shares of the insurance provider’s stock worth $65,000 after purchasing an additional 39 shares during the period. Exchange Traded Concepts LLC increased its holdings in RenaissanceRe by 1.2% during the third quarter. Exchange Traded Concepts LLC now owns 3,355 shares of the insurance provider’s stock valued at $852,000 after buying an additional 40 shares during the last quarter. AMG National Trust Bank raised its position in RenaissanceRe by 0.7% in the third quarter. AMG National Trust Bank now owns 5,787 shares of the insurance provider’s stock worth $1,469,000 after acquiring an additional 40 shares during the period. Advisors Asset Management Inc. boosted its stake in shares of RenaissanceRe by 10.5% during the 1st quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider’s stock worth $106,000 after acquiring an additional 42 shares during the last quarter. Finally, Benedict Financial Advisors Inc. grew its position in shares of RenaissanceRe by 0.3% during the 2nd quarter. Benedict Financial Advisors Inc. now owns 12,577 shares of the insurance provider’s stock valued at $3,055,000 after acquiring an additional 42 shares during the period. 99.97% of the stock is 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.