Bank of America Increases RenaissanceRe (NYSE:RNR) Price Target to $391.00

RenaissanceRe (NYSE:RNR) had its target price hoisted by stock analysts at Bank of America from $364.00 to $391.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price objective points to a potential upside of 41.89% from the company’s current price.

Several other analysts have also recently commented on the stock. Evercore ISI lifted their target price on shares of RenaissanceRe from $218.00 to $229.00 and gave the stock an “underperform” rating in a research note on Wednesday. Morgan Stanley dropped their price objective on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. Jefferies Financial Group raised their target price on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. upped their price target 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. Finally, Barclays assumed coverage on shares of RenaissanceRe in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $289.00.

RenaissanceRe Stock Down 1.2 %

Shares of NYSE RNR opened at $275.56 on Thursday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The firm’s 50-day moving average is $255.54 and its two-hundred day moving average is $235.13. RenaissanceRe has a 12-month low of $188.24 and a 12-month high of $283.86. The company has a market capitalization of $14.37 billion, a PE ratio of 5.45, a price-to-earnings-growth ratio of 1.70 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, topping the consensus estimate of $10.88 by $1.53. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The company had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.93 billion. Equities analysts anticipate that RenaissanceRe will post 39.55 EPS for the current fiscal year.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the business’s 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 transaction, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at approximately $19,675,120. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total value 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 $19,675,120. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the sale, the chief financial officer now owns 73,915 shares of the company’s stock, valued at $16,598,352.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,500 shares of company stock valued at $1,339,400 over the last quarter. Company insiders own 1.30% of the company’s stock.

Institutional Trading of RenaissanceRe

A number of hedge funds have recently made changes to their positions in the stock. Riverview Trust Co acquired a new stake in RenaissanceRe in the first quarter valued at $26,000. Blue Trust Inc. acquired a new stake in shares of RenaissanceRe in the 2nd quarter valued at about $27,000. ORG Wealth Partners LLC bought a new position in shares of RenaissanceRe during the third quarter worth about $30,000. Rise Advisors LLC bought a new stake in RenaissanceRe in the first quarter valued at about $31,000. Finally, V Square Quantitative Management LLC bought a new stake in RenaissanceRe in the second quarter valued at about $31,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

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.