Keefe, Bruyette & Woods Lowers RenaissanceRe (NYSE:RNR) Price Target to $310.00

RenaissanceRe (NYSE:RNR) had its price target cut by research analysts at Keefe, Bruyette & Woods from $316.00 to $310.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 17.20% from the stock’s previous close.

RNR has been the topic of a number of other research reports. Wells Fargo & Company raised their target price on shares of RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Jefferies Financial Group upped their target price on RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Bank of America raised their price target on RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Evercore ISI upped their price objective on shares of RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research note on Thursday, November 7th. Finally, Citigroup boosted their price objective 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. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $293.00.

RenaissanceRe Price Performance

Shares of NYSE RNR traded down $0.26 during trading on Tuesday, reaching $264.50. The company had a trading volume of 149,299 shares, compared to its average volume of 350,851. The company has a current ratio of 1.43, a quick ratio of 1.38 and a debt-to-equity ratio of 0.18. RenaissanceRe has a twelve month low of $188.24 and a twelve month high of $300.00. The stock has a 50-day moving average price of $267.82 and a two-hundred day moving average price of $242.31. The stock has a market capitalization of $13.80 billion, a PE ratio of 3.82, a price-to-earnings-growth ratio of 1.75 and a beta of 0.39.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, beating the consensus estimate of $7.89 by $2.34. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the company posted $8.33 EPS. The firm’s revenue for the quarter was up 52.1% on a year-over-year basis. As a group, sell-side analysts predict that RenaissanceRe will post 40.75 earnings per share for the current year.

Insider Activity

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the transaction, the executive vice president now owns 82,044 shares in the company, valued at $22,890,276. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Institutional investors have recently added to or reduced their stakes in the company. Private Advisor Group LLC purchased a new position in RenaissanceRe in the first quarter valued at about $373,000. BNP Paribas Financial Markets grew its position in shares of RenaissanceRe by 2.8% during the first quarter. BNP Paribas Financial Markets now owns 8,868 shares of the insurance provider’s stock worth $2,084,000 after buying an additional 241 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in shares of RenaissanceRe by 25.9% in the first quarter. Janney Montgomery Scott LLC now owns 2,482 shares of the insurance provider’s stock worth $583,000 after buying an additional 510 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in RenaissanceRe by 16.0% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 3,598 shares of the insurance provider’s stock valued at $846,000 after acquiring an additional 495 shares in the last quarter. Finally, Empowered Funds LLC bought a new position in RenaissanceRe during the 1st quarter valued at $985,000. 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.