RenaissanceRe (NYSE:RNR) Given New $426.00 Price Target at Bank of America

RenaissanceRe (NYSE:RNR) had its target price decreased by equities research analysts at Bank of America from $437.00 to $426.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price objective indicates a potential upside of 73.67% from the company’s previous close.

RNR has been the subject of several other research reports. Wells Fargo & Company cut their price objective on RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating for the company in a research report on Thursday, January 30th. Morgan Stanley lowered their price objective on shares of RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Keefe, Bruyette & Woods cut 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. JPMorgan Chase & Co. raised their price target on shares of RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a research report on Friday, January 3rd. Finally, Barclays cut shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $284.00 to $234.00 in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $283.40.

RenaissanceRe Stock Performance

RNR stock traded up $6.17 during midday trading on Wednesday, hitting $245.29. 39,267 shares of the company traded hands, compared to its average volume of 540,902. RenaissanceRe has a twelve month low of $208.98 and a twelve month high of $300.00. The stock has a market capitalization of $12.08 billion, a price-to-earnings ratio of 7.01, a price-to-earnings-growth ratio of 2.09 and a beta of 0.38. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19. The business has a 50 day simple moving average of $240.51 and a 200-day simple moving average of $256.79.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. As a group, equities research analysts predict that RenaissanceRe will post 26.04 earnings per share for the current year.

Insider Activity

In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total transaction of $254,160.00. Following the completion of the transaction, the executive vice president now directly owns 79,392 shares of the company’s stock, valued at $20,178,270.72. This trade represents a 1.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Aster Capital Management DIFC Ltd bought a new position in RenaissanceRe in the 4th quarter valued at $27,000. SBI Securities Co. Ltd. bought a new position in shares of RenaissanceRe in the fourth quarter valued at about $29,000. MassMutual Private Wealth & Trust FSB lifted its position in RenaissanceRe by 51.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock worth $30,000 after buying an additional 41 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of RenaissanceRe by 1,587.5% during the fourth quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 127 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its holdings in RenaissanceRe by 71.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider’s stock worth $39,000 after buying an additional 65 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.