JPMorgan Chase & Co. Forecasts Strong Price Appreciation for RenaissanceRe (NYSE:RNR) Stock

RenaissanceRe (NYSE:RNR) had its price objective boosted by equities researchers at JPMorgan Chase & Co. from $280.00 to $284.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 12.33% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Citigroup increased their price target on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Jefferies Financial Group reiterated a “hold” rating and issued a $282.00 price target (down from $304.00) on shares of RenaissanceRe in a research report on Wednesday, December 18th. Keefe, Bruyette & Woods lowered their target price on shares of RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating for the company in a research note on Tuesday, November 12th. Bank of America boosted their price target on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, StockNews.com lowered RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $290.45.

RenaissanceRe Trading Up 1.6 %

RNR stock opened at $252.83 on Friday. The business has a fifty day moving average of $265.23 and a 200-day moving average of $253.05. The company has a market cap of $13.13 billion, a P/E ratio of 3.64, a PEG ratio of 1.31 and a beta of 0.41. RenaissanceRe has a twelve month low of $197.49 and a twelve month high of $300.00. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18.

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 the consensus estimate of $7.89 by $2.34. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The company’s revenue for the quarter was up 52.1% on a year-over-year basis. During the same quarter last year, the firm earned $8.33 EPS. As a group, equities research analysts expect that RenaissanceRe will post 41.94 EPS for the current year.

Hedge Funds Weigh In On RenaissanceRe

Several hedge funds have recently made changes to their positions in the business. ORG Wealth Partners LLC bought a new position in RenaissanceRe in the third quarter valued at $30,000. UMB Bank n.a. raised its stake in shares of RenaissanceRe by 316.7% during the 3rd quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 95 shares in the last quarter. Advisors Asset Management Inc. acquired a new stake in shares of RenaissanceRe in the 3rd quarter valued at approximately $45,000. V Square Quantitative Management LLC increased its holdings in 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 buying an additional 41 shares during the last quarter. Finally, LRI Investments LLC raised its position in RenaissanceRe by 668.8% during the third quarter. LRI Investments LLC now owns 246 shares of the insurance provider’s stock worth $63,000 after acquiring an additional 214 shares in the last quarter. 99.97% of the stock is owned by institutional investors.

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.