RenaissanceRe (NYSE:RNR) Given New $294.00 Price Target at Keefe, Bruyette & Woods

RenaissanceRe (NYSE:RNR) had its target price decreased by equities researchers at Keefe, Bruyette & Woods from $318.00 to $294.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 25.64% from the stock’s current price.

A number of other brokerages have also weighed in on RNR. Bank of America boosted their price target on RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Barclays downgraded shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $284.00 to $234.00 in a research report on Monday, January 6th. JMP Securities reiterated a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, January 30th. Wells Fargo & Company cut their target price on RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating on the stock in a research report on Thursday, January 30th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $282.00 price target (down previously from $304.00) on shares of RenaissanceRe in a research report on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $279.90.

RenaissanceRe Trading Up 0.7 %

NYSE:RNR opened at $234.00 on Tuesday. The firm has a 50 day moving average of $256.89 and a 200 day moving average of $257.49. The company has a quick ratio of 1.43, a current ratio of 1.42 and a debt-to-equity ratio of 0.19. RenaissanceRe has a 52 week low of $208.98 and a 52 week high of $300.00. The stock has a market capitalization of $12.15 billion, a price-to-earnings ratio of 6.68, a PEG ratio of 1.65 and a beta of 0.43.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share for the quarter, topping analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. As a group, sell-side analysts anticipate that RenaissanceRe will post 33.43 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP David E. Marra sold 1,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the transaction, the executive vice president now directly owns 79,392 shares in the company, valued at approximately $20,178,270.72. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Large investors have recently modified their holdings of the business. Impax Asset Management Group plc lifted its position in RenaissanceRe by 32.4% in 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. Philadelphia Financial Management of San Francisco LLC purchased a new position in shares of RenaissanceRe during the 3rd quarter worth approximately $18,969,000. Northwest & Ethical Investments L.P. acquired a new stake in RenaissanceRe in the 3rd quarter valued at approximately $17,086,000. World Investment Advisors LLC purchased a new stake in RenaissanceRe in the third quarter valued at approximately $16,176,000. Finally, Assetmark Inc. lifted its stake in RenaissanceRe by 115.3% during the third quarter. Assetmark Inc. now owns 81,006 shares of the insurance provider’s stock worth $22,066,000 after purchasing an additional 43,384 shares in the last quarter. 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.