RenaissanceRe (NYSE:RNR) Given New $314.00 Price Target at Jefferies Financial Group

RenaissanceRe (NYSE:RNR) had its target price hoisted by investment analysts at Jefferies Financial Group from $270.00 to $314.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the insurance provider’s stock. Jefferies Financial Group’s price target suggests a potential upside of 15.02% from the stock’s previous close.

A number of other research firms have also recently issued reports on RNR. UBS Group decreased their price objective on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 9th. Citigroup lifted their target price on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. lifted their target price on shares of RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. Wells Fargo & Company cut their target price on shares of RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating on the stock in a research note on Friday, July 26th. Finally, Barclays began coverage on shares of RenaissanceRe in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective on the stock. One equities research 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $280.50.

RenaissanceRe Trading Up 4.4 %

NYSE:RNR traded up $11.53 during trading hours on Wednesday, reaching $273.00. The company’s stock had a trading volume of 548,565 shares, compared to its average volume of 337,017. The firm has a 50-day simple moving average of $252.94 and a 200-day simple moving average of $234.25. RenaissanceRe has a 1 year low of $188.24 and a 1 year high of $279.76. The firm has a market capitalization of $14.44 billion, a price-to-earnings ratio of 6.03, a PEG ratio of 1.71 and a beta of 0.38. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

RenaissanceRe (NYSE:RNR) last released 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 net margin of 25.38% and a return on equity of 27.74%. The firm had revenue of $2.95 billion for the quarter, compared to analysts’ expectations of $2.93 billion. Research analysts expect that RenaissanceRe will post 39.46 EPS for the current fiscal year.

Insider Transactions at RenaissanceRe

In other news, 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 transaction of $561,400.00. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP David E. Marra sold 1,000 shares of the business’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 completion of the transaction, the executive vice president now directly owns 83,044 shares of the company’s stock, valued at $22,338,836. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 sale, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,500 shares of company stock worth $1,339,400. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of RenaissanceRe

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC increased its stake in shares of RenaissanceRe by 19.8% in the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock worth $63,000 after purchasing an additional 45 shares in the last quarter. CWM LLC increased its stake in shares of RenaissanceRe by 8.7% in the first quarter. CWM LLC now owns 610 shares of the insurance provider’s stock worth $143,000 after purchasing an additional 49 shares in the last quarter. State of Alaska Department of Revenue increased its stake in shares of RenaissanceRe by 0.9% in the first quarter. State of Alaska Department of Revenue now owns 5,714 shares of the insurance provider’s stock worth $1,342,000 after purchasing an additional 50 shares in the last quarter. Hilltop National Bank increased its stake in shares of RenaissanceRe by 14.9% in the second quarter. Hilltop National Bank now owns 400 shares of the insurance provider’s stock worth $89,000 after purchasing an additional 52 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of RenaissanceRe by 23.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock worth $76,000 after purchasing an additional 64 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other 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.