RenaissanceRe (NYSE:RNR) Given New $310.00 Price Target at Keefe, Bruyette & Woods

RenaissanceRe (NYSE:RNR) had its price target lowered by Keefe, Bruyette & Woods from $316.00 to $310.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 19.11% from the stock’s previous close.

A number of other research analysts have also recently weighed in on the company. Wells Fargo & Company lifted their price objective on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. StockNews.com lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. raised their price objective on shares of RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Citigroup upped their target price on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, Jefferies Financial Group increased their price target on RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $293.00.

RenaissanceRe Stock Performance

RNR opened at $260.27 on Tuesday. RenaissanceRe has a 12-month low of $188.24 and a 12-month high of $300.00. The company has a market cap of $13.52 billion, a price-to-earnings ratio of 3.75, a PEG ratio of 1.34 and a beta of 0.39. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18. The company’s 50 day moving average is $267.99 and its 200 day moving average is $242.75.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.89 by $2.34. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the firm posted $8.33 EPS. The company’s revenue for the quarter was up 52.1% compared to the same quarter last year. On average, equities research analysts predict that RenaissanceRe will post 40.31 EPS for the current year.

Insider Activity at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $279.00, for a total value of $279,000.00. Following the sale, the executive vice president now directly owns 82,044 shares in the company, valued at $22,890,276. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.30% of the stock is owned by insiders.

Hedge Funds Weigh In On RenaissanceRe

Large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets boosted its stake in RenaissanceRe by 5.9% during the third quarter. BNP Paribas Financial Markets now owns 11,261 shares of the insurance provider’s stock worth $3,067,000 after buying an additional 632 shares during the period. FMR LLC boosted its stake in shares of RenaissanceRe by 13.8% during the 3rd quarter. FMR LLC now owns 2,687 shares of the insurance provider’s stock worth $732,000 after purchasing an additional 326 shares during the period. Bank of Montreal Can boosted its stake in shares of RenaissanceRe by 6.4% during the 3rd quarter. Bank of Montreal Can now owns 44,549 shares of the insurance provider’s stock worth $12,002,000 after purchasing an additional 2,695 shares during the period. Independent Advisor Alliance purchased a new stake in RenaissanceRe in the 3rd quarter worth about $218,000. Finally, Fisher Asset Management LLC raised its position in RenaissanceRe by 12.3% in the 3rd quarter. Fisher Asset Management LLC now owns 80,773 shares of the insurance provider’s stock worth $22,003,000 after purchasing an additional 8,844 shares during the period. Institutional investors own 99.97% of the company’s stock.

About RenaissanceRe

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.