JPMorgan Chase & Co. Boosts RenaissanceRe (NYSE:RNR) Price Target to $284.00

RenaissanceRe (NYSE:RNR) had its target price raised by research analysts at JPMorgan Chase & Co. from $280.00 to $284.00 in a report released on Friday,Benzinga reports. The firm presently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 14.13% from the stock’s previous close.

A number of other analysts also recently commented on the stock. Keefe, Bruyette & Woods dropped their price target on shares of RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 12th. Citigroup increased their price target on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Evercore ISI raised their target price on RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company boosted their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $290.45.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $248.83 on Friday. The business has a 50 day simple moving average of $265.54 and a 200 day simple moving average of $252.66. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.43. The firm has a market capitalization of $12.92 billion, a price-to-earnings ratio of 3.59, a price-to-earnings-growth ratio of 1.31 and a beta of 0.41. RenaissanceRe has a 12-month low of $197.49 and a 12-month high of $300.00.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, beating analysts’ consensus estimates of $7.89 by $2.34. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.35 billion. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The company’s quarterly revenue was up 52.1% compared to the same quarter last year. During the same period last year, the company earned $8.33 earnings per share. On average, equities research analysts anticipate that RenaissanceRe will post 41.94 EPS for the current year.

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors and hedge funds have recently added to or reduced their stakes in RNR. Allspring Global Investments Holdings LLC boosted its position in RenaissanceRe by 1,323.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 3,075 shares of the insurance provider’s stock worth $687,000 after acquiring an additional 2,859 shares during the period. CIBC Asset Management Inc grew its position in RenaissanceRe by 14.9% during the second quarter. CIBC Asset Management Inc now owns 1,477 shares of the insurance provider’s stock valued at $330,000 after purchasing an additional 192 shares in the last quarter. National Bank of Canada FI increased its stake in RenaissanceRe by 1,381.3% in the 2nd quarter. National Bank of Canada FI now owns 5,377 shares of the insurance provider’s stock valued at $1,189,000 after buying an additional 5,014 shares during the period. Waverton Investment Management Ltd lifted its position in RenaissanceRe by 26.8% in the 2nd quarter. Waverton Investment Management Ltd now owns 40,285 shares of the insurance provider’s stock worth $8,998,000 after buying an additional 8,507 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of RenaissanceRe by 3.4% during the 2nd quarter. Victory Capital Management Inc. now owns 22,187 shares of the insurance provider’s stock valued at $4,959,000 after buying an additional 735 shares during the period. 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.