Citigroup Boosts RenaissanceRe (NYSE:RNR) Price Target to $298.00

RenaissanceRe (NYSE:RNR) had its price objective upped by analysts at Citigroup from $262.00 to $298.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the insurance provider’s stock. Citigroup’s price target would suggest a potential upside of 16.46% from the stock’s current price.

Several other equities research analysts have also recently issued reports on the stock. JPMorgan Chase & Co. lifted their target price on shares of RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. StockNews.com cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Friday. Bank of America raised their target price on shares of RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Wells Fargo & Company dropped their price target on RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a research report on Friday, July 26th. Finally, Barclays assumed coverage on RenaissanceRe in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, RenaissanceRe has an average rating of “Hold” and an average target price of $272.60.

RenaissanceRe Price Performance

Shares of RNR stock traded down $2.95 on Tuesday, reaching $255.88. 61,537 shares of the company were exchanged, compared to its average volume of 330,296. RenaissanceRe has a 1 year low of $188.24 and a 1 year high of $261.62. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The business has a 50-day moving average price of $234.89 and a 200 day moving average price of $229.16. The company has a market cap of $13.35 billion, a price-to-earnings ratio of 5.65, a P/E/G ratio of 1.41 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, topping the consensus estimate of $10.88 by $1.53. The company had revenue of $2.95 billion during the quarter, compared to analyst estimates of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. Equities research analysts forecast that RenaissanceRe will post 39.01 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the completion of the sale, the chief financial officer now owns 73,915 shares in the company, valued at approximately $16,598,352.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the completion of the transaction, the chief financial officer now directly owns 73,915 shares in the company, valued at approximately $16,598,352.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the sale, the executive vice president now owns 85,544 shares in the company, valued at $19,675,120. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors have recently modified their holdings of RNR. Victory Capital Management Inc. increased its holdings in RenaissanceRe by 20.4% during the 4th quarter. Victory Capital Management Inc. now owns 23,306 shares of the insurance provider’s stock worth $4,568,000 after purchasing an additional 3,944 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in RenaissanceRe by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 342,500 shares of the insurance provider’s stock worth $67,130,000 after acquiring an additional 18,186 shares in the last quarter. Principal Securities Inc. purchased a new stake in shares of RenaissanceRe in the 4th quarter valued at approximately $89,000. Versor Investments LP acquired a new stake in shares of RenaissanceRe in the 4th quarter valued at $314,000. Finally, BNP Paribas Financial Markets lifted its position in shares of RenaissanceRe by 24.6% during the 4th quarter. BNP Paribas Financial Markets now owns 8,627 shares of the insurance provider’s stock worth $1,691,000 after purchasing an additional 1,704 shares during 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.