RenaissanceRe (NYSE:RNR) Given New $280.00 Price Target at JPMorgan Chase & Co.

RenaissanceRe (NYSE:RNR) had its price target raised by investment analysts at JPMorgan Chase & Co. from $274.00 to $280.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 4.41% from the company’s current price.

Several other research firms have also recently issued reports on RNR. Wells Fargo & Company boosted their price objective on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Jefferies Financial Group boosted their price objective on shares of RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Morgan Stanley lowered their price target on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. Evercore ISI upped their price target on shares of RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research report on Thursday. Finally, StockNews.com cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $291.30.

RenaissanceRe Trading Down 3.5 %

NYSE:RNR traded down $9.73 during mid-day trading on Thursday, hitting $268.17. 534,405 shares of the stock traded hands, compared to its average volume of 346,344. The stock has a market capitalization of $13.99 billion, a price-to-earnings ratio of 5.32, a PEG ratio of 1.74 and a beta of 0.39. RenaissanceRe has a 52 week low of $188.24 and a 52 week high of $300.00. The firm’s 50 day moving average is $267.20 and its two-hundred day moving average is $241.23. 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 (NYSE:RNR) last released its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.89 by $2.34. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The firm’s quarterly revenue was up 52.1% on a year-over-year basis. During the same period in the previous year, the company earned $8.33 EPS. On average, equities research analysts predict that RenaissanceRe will post 39.96 earnings per share for the current year.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the stock in a transaction on Friday, October 4th. The shares were sold at an average price of $279.00, for a total transaction of $279,000.00. Following the transaction, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at $22,890,276. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On RenaissanceRe

Several hedge funds and other institutional investors have recently bought and sold shares of RNR. Sumitomo Mitsui Trust Holdings Inc. increased its position in RenaissanceRe by 47.6% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 24,743 shares of the insurance provider’s stock worth $5,815,000 after purchasing an additional 7,975 shares during the last quarter. Private Advisor Group LLC acquired a new stake in shares of RenaissanceRe during the first quarter valued at about $373,000. BNP Paribas Financial Markets grew its holdings in shares of RenaissanceRe by 2.8% in the first quarter. BNP Paribas Financial Markets now owns 8,868 shares of the insurance provider’s stock valued at $2,084,000 after purchasing an additional 241 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of RenaissanceRe by 25.9% in the first quarter. Janney Montgomery Scott LLC now owns 2,482 shares of the insurance provider’s stock valued at $583,000 after purchasing an additional 510 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in RenaissanceRe by 400.0% during the 1st quarter. Daiwa Securities Group Inc. now owns 1,000 shares of the insurance provider’s stock worth $235,000 after buying an additional 800 shares during the period. 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.