Citigroup Increases RenaissanceRe (NYSE:RNR) Price Target to $298.00

RenaissanceRe (NYSE:RNR) had its price target raised by research analysts at Citigroup from $262.00 to $298.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the insurance provider’s stock. Citigroup’s target price indicates a potential upside of 16.46% from the company’s current price.

RNR has been the subject of several other reports. StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a report on Friday. Morgan Stanley decreased their price objective on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. JPMorgan Chase & Co. raised their target price on shares of RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. Barclays assumed coverage on shares of RenaissanceRe in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price target for the company. Finally, UBS Group dropped their price objective on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $272.60.

RenaissanceRe Stock Down 1.1 %

RenaissanceRe stock traded down $2.95 during mid-day trading on Tuesday, hitting $255.88. The company had a trading volume of 61,537 shares, compared to its average volume of 330,296. The stock has a market cap of $13.35 billion, a price-to-earnings ratio of 5.65, a PEG ratio of 1.41 and a beta of 0.38. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. RenaissanceRe has a 1 year low of $188.24 and a 1 year high of $261.62. The business has a fifty day moving average of $234.89 and a 200 day moving average of $229.16.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, topping the consensus estimate of $10.88 by $1.53. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The firm had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.93 billion. On average, sell-side analysts expect that RenaissanceRe will post 39.01 earnings per share for the current fiscal year.

Insider Activity at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the transaction, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at approximately $19,675,120. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total transaction of $230,000.00. Following the sale, the executive vice president now directly owns 85,544 shares in the company, valued at approximately $19,675,120. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the transaction, the chief financial officer now directly owns 73,915 shares in the company, valued at $16,598,352.40. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

Institutional Investors Weigh In On RenaissanceRe

Hedge funds and other institutional investors have recently modified their holdings of the stock. Riverview Trust Co purchased a new position in RenaissanceRe in the 1st quarter valued at approximately $26,000. Blue Trust Inc. purchased a new stake in shares of RenaissanceRe in the 2nd quarter worth about $27,000. Rise Advisors LLC acquired a new stake in RenaissanceRe in the 1st quarter valued at about $31,000. V Square Quantitative Management LLC purchased a new position in RenaissanceRe during the 2nd quarter valued at about $31,000. Finally, Mather Group LLC. acquired a new position in RenaissanceRe during the first quarter worth about $34,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Company Profile

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.