RenaissanceRe (NYSE:RNR) PT Raised to $220.00 at Morgan Stanley

RenaissanceRe (NYSE:RNR) had its price objective raised by equities researchers at Morgan Stanley from $205.00 to $220.00 in a research report issued to clients and investors on Friday, BenzingaRatingsTable reports. The firm presently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s price target points to a potential upside of 21.96% from the company’s current price.

RNR has been the topic of a number of other reports. Citigroup lowered their target price on shares of RenaissanceRe from $192.00 to $158.00 and set a “neutral” rating on the stock in a report on Tuesday, April 21st. Wells Fargo & Co boosted their target price on shares of RenaissanceRe from $190.00 to $229.00 and gave the stock an “overweight” rating in a report on Thursday, June 4th. TheStreet upgraded shares of RenaissanceRe from a “c+” rating to a “b” rating in a report on Tuesday, July 28th. Finally, Deutsche Bank decreased their price objective on shares of RenaissanceRe from $195.00 to $185.00 and set a “hold” rating on the stock in a report on Friday, May 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $197.57.

Shares of RNR stock opened at $180.38 on Friday. The company’s fifty day simple moving average is $177.00 and its 200-day simple moving average is $171.43. The company has a quick ratio of 1.50, a current ratio of 1.62 and a debt-to-equity ratio of 0.17. The firm has a market cap of $9.24 billion, a PE ratio of 32.04, a P/E/G ratio of 0.92 and a beta of 0.44. RenaissanceRe has a 12 month low of $113.27 and a 12 month high of $202.68.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, July 28th. The insurance provider reported $4.06 EPS for the quarter, topping the Zacks’ consensus estimate of $2.68 by $1.38. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.19 billion. RenaissanceRe had a net margin of 13.02% and a return on equity of 5.21%. The firm’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.78 earnings per share. On average, equities analysts predict that RenaissanceRe will post 8.05 earnings per share for the current fiscal year.

Hedge funds have recently bought and sold shares of the company. Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of RenaissanceRe by 30.0% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 3,469 shares of the insurance provider’s stock worth $518,000 after acquiring an additional 800 shares during the last quarter. US Bancorp DE increased its stake in shares of RenaissanceRe by 9.7% in the first quarter. US Bancorp DE now owns 8,814 shares of the insurance provider’s stock valued at $1,316,000 after buying an additional 781 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd acquired a new position in shares of RenaissanceRe in the second quarter valued at approximately $5,871,000. APG Asset Management N.V. increased its stake in shares of RenaissanceRe by 56.6% in the first quarter. APG Asset Management N.V. now owns 319,997 shares of the insurance provider’s stock valued at $47,782,000 after buying an additional 115,600 shares during the period. Finally, State Street Corp increased its stake in shares of RenaissanceRe by 0.5% in the first quarter. State Street Corp now owns 2,102,314 shares of the insurance provider’s stock valued at $313,918,000 after buying an additional 11,180 shares during the period. 91.43% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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, and binding facilities and regional U.S.

Further Reading: How to invest in blue-chip stocks

Analyst Recommendations for RenaissanceRe (NYSE:RNR)

Receive News & Ratings for RenaissanceRe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RenaissanceRe and related companies with MarketBeat.com's FREE daily email newsletter.