RenaissanceRe (NYSE:RNR) Coverage Initiated by Analysts at Barclays

Equities researchers at Barclays began coverage on shares of RenaissanceRe (NYSE:RNR) in a research note issued to investors on Wednesday, Benzinga reports. The brokerage set an “equal weight” rating and a $287.00 price target on the insurance provider’s stock. Barclays‘s price target would indicate a potential upside of 10.79% from the company’s previous close.

RNR has been the topic of several other research reports. StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. UBS Group lowered their target price on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a report on Tuesday, July 9th. Bank of America increased their target price on RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Morgan Stanley lowered their target price on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. increased their target price on RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, RenaissanceRe presently has an average rating of “Hold” and a consensus price target of $265.55.

RenaissanceRe Stock Performance

RNR stock opened at $259.04 on Wednesday. The business’s fifty day moving average is $232.73 and its 200-day moving average is $228.38. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The company has a market cap of $13.70 billion, a P/E ratio of 5.72, a price-to-earnings-growth ratio of 1.39 and a beta of 0.38. RenaissanceRe has a twelve month low of $186.45 and a twelve month high of $260.97.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, beating analysts’ consensus estimates of $10.88 by $1.53. The company had revenue of $2.95 billion for the quarter, compared to the consensus estimate 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 EPS for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On RenaissanceRe

Institutional investors have recently made changes to their positions in the stock. Riverview Trust Co bought a new stake in shares of RenaissanceRe in the first quarter valued at approximately $26,000. Blue Trust Inc. bought a new stake in RenaissanceRe during the second quarter worth $27,000. Rise Advisors LLC bought a new stake in RenaissanceRe during the first quarter worth $31,000. V Square Quantitative Management LLC bought a new stake in RenaissanceRe during the second quarter worth $31,000. Finally, Mather Group LLC. bought a new stake in RenaissanceRe during the first quarter worth $34,000. 99.97% of the stock is currently owned by 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.