RenaissanceRe (NYSE:RNR) Stock Price Expected to Rise, Bank of America Analyst Says

RenaissanceRe (NYSE:RNR) had its price objective upped by Bank of America from $410.00 to $438.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price objective suggests a potential upside of 37.89% from the company’s previous close.

RNR has been the topic of several other research reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of RenaissanceRe in a report on Thursday. TD Cowen boosted their price target on RenaissanceRe from $300.00 to $315.00 and gave the stock a “hold” rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods increased their price objective on RenaissanceRe from $327.00 to $342.00 and gave the company a “market perform” rating in a research note on Wednesday, July 8th. Weiss Ratings raised shares of RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, June 25th. Finally, Morgan Stanley raised their price target on shares of RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $335.33.

RenaissanceRe Price Performance

Shares of RNR stock traded down $2.04 during mid-day trading on Thursday, reaching $317.65. The stock had a trading volume of 234,992 shares, compared to its average volume of 367,645. The company has a market cap of $13.54 billion, a P/E ratio of 5.29, a price-to-earnings-growth ratio of 1.25 and a beta of 0.17. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. RenaissanceRe has a 12-month low of $231.17 and a 12-month high of $329.57. The business has a 50-day simple moving average of $303.83 and a 200 day simple moving average of $297.90.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $12.92 EPS for the quarter, topping the consensus estimate of $11.72 by $1.20. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.57 billion. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. During the same period in the previous year, the firm earned $12.29 EPS. On average, sell-side analysts anticipate that RenaissanceRe will post 40.57 earnings per share for the current year.

Institutional Investors Weigh In On RenaissanceRe

Several hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in RenaissanceRe by 39.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock worth $2,325,000 after purchasing an additional 2,737 shares during the period. Millennium Management LLC acquired a new stake in shares of RenaissanceRe during the 1st quarter worth $15,289,000. Jones Financial Companies Lllp raised its position in shares of RenaissanceRe by 900.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock worth $324,000 after buying an additional 1,215 shares during the period. Goldman Sachs Group Inc. boosted its holdings in RenaissanceRe by 72.5% in the first quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock valued at $13,725,000 after acquiring an additional 24,027 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in RenaissanceRe by 18.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider’s stock valued at $107,000 after acquiring an additional 69 shares during the period. 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.