Evercore ISI Boosts RenaissanceRe (NYSE:RNR) Price Target to $229.00

RenaissanceRe (NYSE:RNR) had its price target upped by equities researchers at Evercore ISI from $218.00 to $229.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “underperform” rating on the insurance provider’s stock. Evercore ISI’s price objective would suggest a potential downside of 15.07% from the stock’s previous close.

Several other brokerages have also recently weighed in on RNR. Morgan Stanley decreased their price objective on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 10th. Barclays started coverage on RenaissanceRe in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price target on the stock. Wells Fargo & Company cut their price objective on RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a research report on Friday, July 26th. JPMorgan Chase & Co. boosted their price objective on RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. Finally, UBS Group lowered their target price on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $276.78.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock traded up $8.16 during midday trading on Wednesday, hitting $269.63. 98,345 shares of the company were exchanged, compared to its average volume of 334,708. The firm has a 50 day simple moving average of $252.94 and a 200-day simple moving average of $234.25. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market cap of $14.06 billion, a P/E ratio of 5.96, a PEG ratio of 1.71 and a beta of 0.38. RenaissanceRe has a 52 week low of $188.24 and a 52 week high of $279.76.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.88 by $1.53. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The company had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $2.93 billion. Research analysts forecast that RenaissanceRe will post 39.46 earnings per share for the current year.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe 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 transaction, the executive vice president now owns 83,044 shares of the company’s stock, valued at $22,338,836. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert Qutub sold 2,500 shares of the company’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 transaction of $561,400.00. Following the completion of the sale, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,500 shares of company stock worth $1,339,400 over the last ninety days. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors and hedge funds have recently made changes to their positions in RNR. Riverview Trust Co acquired a new position in RenaissanceRe in the first quarter valued at about $26,000. Blue Trust Inc. bought a new position in shares of RenaissanceRe during the 2nd quarter valued at about $27,000. UMB Bank n.a. grew its position in shares of RenaissanceRe by 316.7% in the 3rd quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 95 shares during the period. Rise Advisors LLC acquired a new position in shares of RenaissanceRe in the 1st quarter valued at approximately $31,000. Finally, V Square Quantitative Management LLC bought a new stake in RenaissanceRe during the 2nd quarter worth approximately $31,000. Institutional investors and hedge funds 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.