RenaissanceRe (NYSE:RNR) Rating Increased to Buy at StockNews.com

RenaissanceRe (NYSE:RNR) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.

Other equities research analysts also recently issued reports about the stock. Morgan Stanley lowered their target price on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Jefferies Financial Group lifted their price target 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. Barclays initiated coverage on shares of RenaissanceRe in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price target on the stock. Citigroup lifted their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. lifted their price target on shares of RenaissanceRe from $267.00 to $274.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and a consensus price target of $289.00.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $274.50 on Monday. RenaissanceRe has a 12 month low of $188.24 and a 12 month high of $283.86. The company has a 50-day simple moving average of $257.49 and a 200-day simple moving average of $235.72. The company has a market cap of $14.32 billion, a PE ratio of 5.43, a price-to-earnings-growth ratio of 1.68 and a beta of 0.38. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

RenaissanceRe (NYSE:RNR) last released its earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $2.93 billion. On average, equities analysts anticipate that RenaissanceRe will post 40.68 earnings per share for the current year.

Insider Activity at RenaissanceRe

In related news, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction on 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 directly 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 transaction was disclosed in a legal filing 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 Thursday, September 26th. The shares were sold at an average price of $269.00, for a total transaction of $269,000.00. Following the completion of the sale, the executive vice president now owns 83,044 shares in the company, valued at $22,338,836. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Robert Qutub sold 2,500 shares of the company’s 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 transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold 4,500 shares of company stock valued at $1,109,400 over the last ninety days. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors have recently modified their holdings of the company. Creative Planning grew its position in shares of RenaissanceRe by 71.8% during the third quarter. Creative Planning now owns 2,383 shares of the insurance provider’s stock worth $649,000 after acquiring an additional 996 shares during the last quarter. ORG Wealth Partners LLC bought a new position in shares of RenaissanceRe during the third quarter worth about $30,000. CHICAGO TRUST Co NA grew its position in shares of RenaissanceRe by 2.6% during the third quarter. CHICAGO TRUST Co NA now owns 6,470 shares of the insurance provider’s stock worth $1,762,000 after acquiring an additional 166 shares during the last quarter. Carnegie Investment Counsel bought a new position in RenaissanceRe in the 3rd quarter valued at about $218,000. Finally, Simplicity Wealth LLC grew its position in RenaissanceRe by 65.1% in the 3rd quarter. Simplicity Wealth LLC now owns 1,986 shares of the insurance provider’s stock valued at $541,000 after buying an additional 783 shares in the last quarter. Institutional investors 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.