RenaissanceRe (NYSE:RNR) Stock Rating Upgraded by Wall Street Zen

RenaissanceRe (NYSE:RNR) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

A number of other research firms also recently issued reports on RNR. Evercore boosted their price target on RenaissanceRe from $283.00 to $291.00 and gave the company an “in-line” rating in a research note on Wednesday, February 4th. Mizuho boosted their target price on shares of RenaissanceRe from $277.00 to $313.00 and gave the company a “neutral” rating in a research report on Friday, February 6th. Morgan Stanley reaffirmed an “overweight” rating and set a $310.00 target price on shares of RenaissanceRe in a report on Friday, February 6th. The Goldman Sachs Group reiterated a “sell” rating and set a $267.00 price target on shares of RenaissanceRe in a research note on Wednesday, January 7th. Finally, JPMorgan Chase & Co. upped their price objective on RenaissanceRe from $303.00 to $329.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 7th. Four analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $309.27.

RenaissanceRe Trading Down 3.1%

NYSE:RNR opened at $301.21 on Friday. The company has a 50 day simple moving average of $279.56 and a two-hundred day simple moving average of $261.33. The company has a market cap of $13.10 billion, a PE ratio of 5.31, a price-to-earnings-growth ratio of 0.74 and a beta of 0.24. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.21. RenaissanceRe has a 12 month low of $219.00 and a 12 month high of $315.88.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.59 by $2.75. The firm had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $1.73 billion. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The company’s revenue for the quarter was up 29.6% on a year-over-year basis. During the same period last year, the business posted $8.06 EPS. Research analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction dated Friday, February 6th. The stock was 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 of the company’s stock, valued at $22,326,782.25. This represents a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Kestra Advisory Services LLC purchased a new stake in RenaissanceRe during the 4th quarter valued at approximately $291,000. Bridgewater Associates LP boosted its position in shares of RenaissanceRe by 4.3% during the fourth quarter. Bridgewater Associates LP now owns 116,752 shares of the insurance provider’s stock worth $32,826,000 after acquiring an additional 4,813 shares during the last quarter. UMB Bank n.a. grew its stake in RenaissanceRe by 11.0% during the fourth quarter. UMB Bank n.a. now owns 635 shares of the insurance provider’s stock valued at $179,000 after acquiring an additional 63 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in RenaissanceRe by 26.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 314 shares of the insurance provider’s stock valued at $89,000 after acquiring an additional 66 shares during the last quarter. Finally, Bank of Nova Scotia lifted its stake in RenaissanceRe by 1,077.9% in the 4th quarter. Bank of Nova Scotia now owns 19,435 shares of the insurance provider’s stock worth $5,464,000 after purchasing an additional 17,785 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

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.