RenaissanceRe (NYSE:RNR) Stock Price Expected to Rise, Evercore ISI Analyst Says

RenaissanceRe (NYSE:RNR - Get Free Report) had its price objective upped by Evercore ISI from $229.00 to $246.00 in a report released on Thursday,Benzinga reports. The firm currently has an "underperform" rating on the insurance provider's stock. Evercore ISI's price objective indicates a potential downside of 7.45% from the stock's current price.

Several other equities research analysts also recently commented on RNR. Bank of America boosted their target price on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a "buy" rating in a research note on Thursday, October 10th. Morgan Stanley decreased their price objective on shares of RenaissanceRe from $257.00 to $240.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 10th. Wells Fargo & Company lifted their target price on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an "overweight" rating in a research note on Thursday, October 10th. Citigroup raised their price target on RenaissanceRe from $262.00 to $298.00 and gave the company a "buy" rating in a report on Tuesday, September 10th. Finally, Jefferies Financial Group boosted their price objective on RenaissanceRe from $270.00 to $314.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, RenaissanceRe presently has a consensus rating of "Hold" and a consensus target price of $291.30.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock traded down $12.09 during trading on Thursday, hitting $265.81. 1,000,952 shares of the company's stock traded hands, compared to its average volume of 348,545. The company has a market cap of $13.86 billion, a PE ratio of 5.32, a PEG ratio of 1.74 and a beta of 0.39. 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 has a twelve month low of $188.24 and a twelve month high of $300.00. The firm's fifty day moving average price is $267.20 and its 200 day moving average price is $241.23.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $7.89 by $2.34. The business had revenue of $2.16 billion during the quarter, compared to analysts' expectations of $2.35 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. RenaissanceRe's quarterly revenue was up 52.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $8.33 EPS. Analysts forecast that RenaissanceRe will post 39.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP David E. Marra sold 1,000 shares of the firm's stock in a transaction on Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the transaction, the executive vice president now directly owns 82,044 shares in the company, valued at $22,890,276. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.80% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RNR. Impax Asset Management Group plc raised its holdings 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 worth $461,679,000 after purchasing an additional 415,366 shares during the period. Dimensional Fund Advisors LP raised its stake in RenaissanceRe by 21.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider's stock worth $139,579,000 after buying an additional 109,851 shares during the period. Cooke & Bieler LP lifted its holdings in RenaissanceRe by 9.2% during the second quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider's stock worth $229,679,000 after acquiring an additional 86,562 shares in the last quarter. Assetmark Inc. grew its stake in RenaissanceRe by 115.3% in the third quarter. Assetmark Inc. now owns 81,006 shares of the insurance provider's stock valued at $22,066,000 after acquiring an additional 43,384 shares during the period. Finally, Jupiter Asset Management Ltd. increased its holdings in shares of RenaissanceRe by 480.2% in the second quarter. Jupiter Asset Management Ltd. now owns 41,726 shares of the insurance provider's stock worth $9,326,000 after acquiring an additional 34,534 shares in the last quarter. Institutional investors own 99.97% of the company's stock.

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.