RenaissanceRe (NYSE:RNR) Given New $323.00 Price Target at Keefe, Bruyette & Woods

RenaissanceRe (NYSE:RNR) had its price objective increased by Keefe, Bruyette & Woods from $314.00 to $323.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 9.03% from the stock’s current price.

A number of other equities research analysts have also weighed in on RNR. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $267.00 price objective on shares of RenaissanceRe in a report on Wednesday, January 7th. TD Cowen reissued a “hold” rating on shares of RenaissanceRe in a report on Thursday, January 8th. Cantor Fitzgerald increased their price target on shares of RenaissanceRe from $252.00 to $282.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Weiss Ratings reissued a “buy (b)” rating on shares of RenaissanceRe in a report on Monday, December 29th. Finally, Zacks Research cut shares of RenaissanceRe from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. Four equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $306.60.

RenaissanceRe Stock Performance

Shares of NYSE RNR traded down $4.32 during midday trading on Monday, reaching $296.24. 18,455 shares of the company were exchanged, compared to its average volume of 385,315. The stock has a market cap of $13.66 billion, a P/E ratio of 5.24, a PEG ratio of 0.74 and a beta of 0.24. RenaissanceRe has a 1 year low of $219.00 and a 1 year high of $310.80. The stock has a fifty day simple moving average of $276.11 and a 200 day simple moving average of $259.36. The company has a current ratio of 1.43, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share 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 analysts’ expectations of $1.73 billion. During the same period last year, the firm earned $8.06 EPS. The firm’s revenue for the quarter was up 29.6% on a year-over-year basis. On average, research analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

Insider Buying and Selling at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the completion of the transaction, the executive vice president directly owned 73,023 shares in the company, valued at $22,326,782.25. The trade was a 6.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RenaissanceRe

A number of institutional investors have recently made changes to their positions in RNR. Coldstream Capital Management Inc. purchased a new stake in RenaissanceRe during the 4th quarter worth about $239,000. MQS Management LLC acquired a new stake in shares of RenaissanceRe during the 4th quarter worth about $231,000. EverSource Wealth Advisors LLC grew its holdings in shares of RenaissanceRe by 39.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 689 shares of the insurance provider’s stock worth $194,000 after buying an additional 195 shares in the last quarter. Lloyd Advisory Services LLC. acquired a new position in shares of RenaissanceRe in the fourth quarter valued at approximately $64,000. Finally, LSV Asset Management acquired a new stake in RenaissanceRe during the fourth quarter worth approximately $2,952,000. 99.97% of the stock is owned by institutional investors and hedge funds.

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.