TD Cowen Boosts RenaissanceRe (NYSE:RNR) Price Target to $290.00

RenaissanceRe (NYSE:RNR) had its price target hoisted by equities research analysts at TD Cowen from $280.00 to $290.00 in a report released on Thursday,Benzinga reports. The firm currently has a “hold” rating on the insurance provider’s stock. TD Cowen’s price target points to a potential downside of 4.05% from the company’s current price.

Several other equities research analysts have also recently commented on the company. Morgan Stanley cut RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 target price for the company. in a research note on Thursday. Wells Fargo & Company raised their price objective on shares of RenaissanceRe from $281.00 to $306.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 5th. Zacks Research lowered shares of RenaissanceRe from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Barclays increased their target price on shares of RenaissanceRe from $278.00 to $304.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 8th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $303.00 price target on shares of RenaissanceRe in a research note on Friday, December 5th. Three research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $310.27.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $302.24 on Thursday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $13.14 billion, a PE ratio of 5.33, a P/E/G ratio of 0.73 and a beta of 0.24. The firm has a fifty day simple moving average of $285.71 and a 200 day simple moving average of $265.27. RenaissanceRe has a twelve month low of $219.00 and a twelve month high of $315.88.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, topping analysts’ consensus estimates of $10.59 by $2.75. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The firm had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period last year, the business posted $8.06 EPS. The business’s revenue was up 29.6% compared to the same quarter last year. On average, sell-side analysts forecast that RenaissanceRe will post 26.04 EPS for the current year.

Insider Transactions at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the completion of the sale, the executive vice president directly owned 73,023 shares of the company’s stock, valued at approximately $22,326,782.25. This represents a 6.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of RenaissanceRe by 39.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock valued at $2,325,000 after purchasing an additional 2,737 shares during the last quarter. Millennium Management LLC bought a new stake in RenaissanceRe in the 1st quarter worth about $15,289,000. Jones Financial Companies Lllp grew its position in RenaissanceRe by 900.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock worth $324,000 after purchasing an additional 1,215 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in RenaissanceRe by 72.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock valued at $13,725,000 after buying an additional 24,027 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of RenaissanceRe by 0.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 106,248 shares of the insurance provider’s stock worth $25,808,000 after buying an additional 328 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.