RenaissanceRe (NYSE:RNR) Rating Increased to Overweight at Morgan Stanley

RenaissanceRe (NYSE:RNR - Get Free Report) was upgraded by Morgan Stanley from an "equal weight" rating to an "overweight" rating in a report issued on Friday,Briefing.com Automated Import reports. The firm presently has a $275.00 price objective on the insurance provider's stock. Morgan Stanley's price target would indicate a potential upside of 20.61% from the company's previous close.

Several other brokerages have also recently commented on RNR. Barclays decreased their price objective on shares of RenaissanceRe from $234.00 to $231.00 and set an "underweight" rating for the company in a research note on Friday, April 11th. Keefe, Bruyette & Woods decreased their target price on shares of RenaissanceRe from $318.00 to $294.00 and set an "outperform" rating for the company in a research note on Tuesday, February 4th. Wells Fargo & Company dropped their price target on shares of RenaissanceRe from $277.00 to $271.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price objective for the company in a research report on Tuesday, April 8th. Finally, Bank of America cut their price target on RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a research note on Wednesday, March 26th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, RenaissanceRe presently has a consensus rating of "Hold" and a consensus target price of $283.80.

RenaissanceRe Stock Down 5.0 %

NYSE:RNR opened at $228.01 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42. The stock has a market capitalization of $11.17 billion, a P/E ratio of 6.51, a P/E/G ratio of 2.09 and a beta of 0.29. The company's 50-day simple moving average is $237.61 and its 200-day simple moving average is $252.52. RenaissanceRe has a fifty-two week low of $208.98 and a fifty-two week high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($1.17). The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.36 billion. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. On average, equities analysts anticipate that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RenaissanceRe

Hedge funds and other institutional investors have recently modified their holdings of the business. Barclays PLC lifted its stake in RenaissanceRe by 57.1% in the 3rd quarter. Barclays PLC now owns 22,923 shares of the insurance provider's stock worth $6,244,000 after purchasing an additional 8,333 shares in the last quarter. World Investment Advisors LLC purchased a new position in RenaissanceRe during the third quarter worth approximately $16,176,000. Wilmington Savings Fund Society FSB acquired a new position in RenaissanceRe during the third quarter worth $405,000. Tidal Investments LLC increased its stake in shares of RenaissanceRe by 2.6% in the 3rd quarter. Tidal Investments LLC now owns 9,236 shares of the insurance provider's stock worth $2,516,000 after acquiring an additional 232 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of RenaissanceRe by 22.9% during the 4th quarter. GAMMA Investing LLC now owns 1,179 shares of the insurance provider's stock worth $293,000 after acquiring an additional 220 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

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.

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