RenaissanceRe’s (RNR) Hold Rating Reaffirmed at Jefferies Financial Group

RenaissanceRe (NYSE:RNR)‘s stock had its “hold” rating reiterated by analysts at Jefferies Financial Group in a research report issued to clients and investors on Wednesday, MarketBeat reports. They presently have a $282.00 price objective on the insurance provider’s stock, down from their prior price objective of $304.00. Jefferies Financial Group’s price target points to a potential upside of 10.51% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Wells Fargo & Company lifted their price target on RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Barclays initiated 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 for the company. JPMorgan Chase & Co. upped their target price on RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Citigroup increased their target price on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Finally, Evercore ISI boosted their price target on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $290.09.

RenaissanceRe Stock Down 1.9 %

Shares of NYSE:RNR opened at $255.19 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.43. RenaissanceRe has a 1-year low of $190.89 and a 1-year high of $300.00. The firm has a fifty day moving average price of $272.33 and a 200 day moving average price of $250.96. The stock has a market cap of $13.25 billion, a P/E ratio of 3.68, a P/E/G ratio of 1.31 and a beta of 0.41.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.89 by $2.34. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period last year, the company posted $8.33 earnings per share. The firm’s quarterly revenue was up 52.1% compared to the same quarter last year. Sell-side analysts predict that RenaissanceRe will post 41.94 EPS for the current year.

Insider Activity

In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the completion of the sale, the executive vice president now directly owns 82,044 shares in the company, valued at $22,890,276. This represents a 1.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On RenaissanceRe

A number of institutional investors have recently added to or reduced their stakes in RNR. ORG Wealth Partners LLC acquired a new stake in shares of RenaissanceRe in the third quarter worth $30,000. Blue Trust Inc. purchased a new stake in RenaissanceRe during the 2nd quarter worth $27,000. UMB Bank n.a. increased its holdings in 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 in the last quarter. Advisors Asset Management Inc. purchased a new position in RenaissanceRe in the third quarter valued at about $45,000. Finally, V Square Quantitative Management LLC lifted its stake in shares of RenaissanceRe by 29.5% during the third quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 41 shares in the last quarter. Hedge funds and other 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.