RenaissanceRe (NYSE:RNR) Given New $280.00 Price Target at JPMorgan Chase & Co.

RenaissanceRe (NYSE:RNR) had its price objective raised by research analysts at JPMorgan Chase & Co. from $274.00 to $280.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 4.41% from the company’s current price.

Several other research analysts have also recently issued reports on RNR. Morgan Stanley cut their price target on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Jefferies Financial Group increased their price target on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Citigroup increased their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Wells Fargo & Company increased their target price on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Finally, StockNews.com cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $291.30.

RenaissanceRe Stock Down 3.5 %

Shares of RenaissanceRe stock traded down $9.73 during trading hours on Thursday, reaching $268.17. 534,405 shares of the company were exchanged, compared to its average volume of 346,344. RenaissanceRe has a 1 year low of $188.24 and a 1 year high of $300.00. The stock’s fifty day moving average is $267.20 and its 200 day moving average is $241.23. 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 firm has a market cap of $13.99 billion, a PE ratio of 5.32, a PEG ratio of 1.74 and a beta of 0.39.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.35 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The company’s revenue was up 52.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $8.33 earnings per share. As a group, equities research analysts forecast that RenaissanceRe will post 39.96 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $269.00, for a total transaction of $269,000.00. Following the sale, the executive vice president now owns 83,044 shares in the company, valued at approximately $22,338,836. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On RenaissanceRe

A number of hedge funds have recently made changes to their positions in the stock. Impax Asset Management Group plc boosted its holdings in shares of RenaissanceRe by 32.4% in the 3rd quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock valued at $461,679,000 after purchasing an additional 415,366 shares during the last quarter. Cooke & Bieler LP raised its stake in shares of RenaissanceRe by 9.2% in the 2nd quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock valued at $229,679,000 after acquiring an additional 86,562 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of RenaissanceRe by 21.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock valued at $139,579,000 after acquiring an additional 109,851 shares during the period. Earnest Partners LLC raised its stake in shares of RenaissanceRe by 6.1% in the 1st quarter. Earnest Partners LLC now owns 578,139 shares of the insurance provider’s stock valued at $135,880,000 after acquiring an additional 33,448 shares during the period. Finally, Great Lakes Advisors LLC raised its stake in shares of RenaissanceRe by 3.1% in the 2nd quarter. Great Lakes Advisors LLC now owns 254,965 shares of the insurance provider’s stock valued at $56,987,000 after acquiring an additional 7,718 shares during the period. 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.