RenaissanceRe (NYSE:RNR – Get Free Report) had its price objective increased by equities researchers at JPMorgan Chase & Co. from $267.00 to $274.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 1.21% from the company’s previous close.
Other analysts also recently issued research reports about the company. Jefferies Financial Group boosted their price target on RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research note on Wednesday. Bank of America increased their price target on RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research report on Thursday. Citigroup increased their target price on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Morgan Stanley reduced their target price on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Finally, Evercore ISI increased their price target on RenaissanceRe from $218.00 to $229.00 and gave the company an “underperform” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $289.00.
View Our Latest Analysis on RNR
RenaissanceRe Stock Up 1.3 %
RenaissanceRe (NYSE:RNR – Get Free Report) last issued its earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $2.93 billion. As a group, analysts expect that RenaissanceRe will post 39.46 earnings per share for the current year.
Insider Transactions at RenaissanceRe
In related news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the sale, the executive vice president now owns 82,044 shares in the company, valued at $22,890,276. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the completion of the sale, the chief financial officer now owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the transaction, the executive vice president now owns 82,044 shares in the company, valued at $22,890,276. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,500 shares of company stock valued at $1,339,400. Corporate insiders own 1.30% of the company’s stock.
Institutional Investors Weigh In On RenaissanceRe
A number of hedge funds have recently added to or reduced their stakes in the stock. Neo Ivy Capital Management bought a new position in shares of RenaissanceRe during the 4th quarter valued at about $240,000. American International Group Inc. increased its position in shares of RenaissanceRe by 1,829.6% during the fourth quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock worth $273,135,000 after acquiring an additional 1,321,325 shares during the period. Royal London Asset Management Ltd. increased its holdings in RenaissanceRe by 38.3% during the fourth quarter. Royal London Asset Management Ltd. now owns 24,811 shares of the insurance provider’s stock valued at $4,863,000 after buying an additional 6,874 shares during the period. Vanguard Group Inc. increased its holdings in RenaissanceRe by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock valued at $1,090,875,000 after buying an additional 148,173 shares during the period. Finally, CWM LLC boosted its stake in RenaissanceRe by 8.7% in the first quarter. CWM LLC now owns 610 shares of the insurance provider’s stock valued at $143,000 after acquiring an additional 49 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.
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.
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