Keefe, Bruyette & Woods Has Lowered Expectations for RenaissanceRe (NYSE:RNR) Stock Price

RenaissanceRe (NYSE:RNR) had its target price lowered by equities researchers at Keefe, Bruyette & Woods from $316.00 to $310.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 19.11% from the stock’s current price.

A number of other brokerages also recently issued reports on RNR. JPMorgan Chase & Co. boosted 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. Barclays started coverage on shares of RenaissanceRe in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price target for the company. Bank of America lifted their price objective on RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Jefferies Financial Group increased their target price on RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Evercore ISI lifted their price target on RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $293.00.

RenaissanceRe Stock Performance

Shares of NYSE:RNR opened at $260.27 on Tuesday. 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 has a 50-day moving average price of $267.99 and a 200-day moving average price of $242.75. The company has a market cap of $13.52 billion, a price-to-earnings ratio of 3.75, a price-to-earnings-growth ratio of 1.34 and a beta of 0.39. RenaissanceRe has a 12 month low of $188.24 and a 12 month high of $300.00.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, topping the consensus estimate of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter last year, the business posted $8.33 EPS. The business’s revenue was up 52.1% on a year-over-year basis. As a group, equities analysts anticipate that RenaissanceRe will post 40.31 EPS for the current 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 Thursday, September 26th. The shares were sold at an average price of $269.00, for a total value of $269,000.00. Following the completion of the transaction, the executive vice president now directly owns 83,044 shares in the company, valued at $22,338,836. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Impax Asset Management Group plc boosted its position in shares of RenaissanceRe by 32.4% during the third quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock valued at $461,679,000 after buying an additional 415,366 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of RenaissanceRe by 21.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock valued at $139,579,000 after acquiring an additional 109,851 shares during the last quarter. Cooke & Bieler LP grew its stake in shares of RenaissanceRe by 9.2% in the second quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock worth $229,679,000 after acquiring an additional 86,562 shares during the period. Assetmark Inc. raised its holdings in shares of RenaissanceRe by 115.3% during the third quarter. Assetmark Inc. now owns 81,006 shares of the insurance provider’s stock valued at $22,066,000 after purchasing an additional 43,384 shares during the last quarter. Finally, Jupiter Asset Management Ltd. boosted its holdings in RenaissanceRe by 480.2% in the second quarter. Jupiter Asset Management Ltd. now owns 41,726 shares of the insurance provider’s stock worth $9,326,000 after purchasing an additional 34,534 shares during the last quarter. Hedge funds and other 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.