RenaissanceRe (NYSE:RNR) Given New $319.00 Price Target at UBS Group

RenaissanceRe (NYSE:RNR) had its target price upped by equities research analysts at UBS Group from $312.00 to $319.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the insurance provider’s stock. UBS Group’s price objective indicates a potential upside of 3.82% from the stock’s previous close.

A number of other analysts have also weighed in on RNR. Evercore raised their target price on RenaissanceRe from $283.00 to $291.00 and gave the company an “in-line” rating in a research note on Wednesday, February 4th. JPMorgan Chase & Co. raised their target price on RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a research note on Wednesday, January 7th. TD Cowen raised their target price on RenaissanceRe from $280.00 to $290.00 and gave the company a “hold” rating in a research note on Thursday, February 26th. Cantor Fitzgerald raised their price target on shares of RenaissanceRe from $252.00 to $282.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Finally, Keefe, Bruyette & Woods raised their price target on shares of RenaissanceRe from $323.00 to $327.00 and gave the company a “market perform” rating in a report on Tuesday. Two equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $305.43.

RenaissanceRe Price Performance

Shares of NYSE RNR traded up $4.55 during mid-day trading on Wednesday, hitting $307.25. 383,329 shares of the stock were exchanged, compared to its average volume of 373,053. The company has a market cap of $13.26 billion, a P/E ratio of 5.42, a PEG ratio of 0.70 and a beta of 0.24. The stock’s fifty day simple moving average is $296.74 and its two-hundred day simple moving average is $275.75. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.43 and a current ratio of 1.43. RenaissanceRe has a twelve month low of $222.75 and a twelve month high of $315.88.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, beating 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 company had revenue of $2.97 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the company posted $8.06 earnings per share. The firm’s quarterly revenue was up 29.6% compared to the same quarter last year. As a group, analysts forecast that RenaissanceRe will post 26.04 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction dated 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 in the company, valued at $22,326,782.25. This trade represents a 6.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is currently owned by insiders.

Institutional Trading of RenaissanceRe

A number of institutional investors have recently bought and sold shares of RNR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in RenaissanceRe by 39.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock worth $2,325,000 after buying an additional 2,737 shares during the last quarter. Millennium Management LLC bought a new position in shares of RenaissanceRe during the 1st quarter valued at about $15,289,000. Jones Financial Companies Lllp lifted 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 valued at $324,000 after acquiring an additional 1,215 shares in the last quarter. Goldman Sachs Group Inc. lifted its position 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 acquiring an additional 24,027 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in RenaissanceRe by 18.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider’s stock valued at $107,000 after acquiring an additional 69 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

About RenaissanceRe

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.