RenaissanceRe (NYSE:RNR) Rating Lowered to Underweight at Barclays

RenaissanceRe (NYSE:RNR) was downgraded by stock analysts at Barclays from an “equal weight” rating to an “underweight” rating in a report issued on Monday, MarketBeat Ratings reports. They currently have a $234.00 target price on the insurance provider’s stock, down from their previous target price of $284.00. Barclays‘s price objective points to a potential downside of 7.79% from the company’s current price.

A number of other equities research analysts have also issued reports on RNR. JPMorgan Chase & Co. upped their target price on shares of RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a report on Friday, January 3rd. Wells Fargo & Company upped their price objective on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. StockNews.com cut RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Jefferies Financial Group reaffirmed a “hold” rating and issued a $282.00 price target (down previously from $304.00) on shares of RenaissanceRe in a report on Wednesday, December 18th. Finally, Evercore ISI boosted their price objective on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $285.64.

RenaissanceRe Stock Up 2.1 %

RNR opened at $253.77 on Monday. The company has a market cap of $13.18 billion, a PE ratio of 3.66, a price-to-earnings-growth ratio of 1.31 and a beta of 0.44. RenaissanceRe has a twelve month low of $197.49 and a twelve month high of $300.00. The company has a 50-day moving average price of $264.53 and a 200 day moving average price of $253.62. 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 released 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 return on equity of 26.31% and a net margin of 28.84%. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the business posted $8.33 earnings per share. The business’s quarterly revenue was up 52.1% compared to the same quarter last year. Sell-side analysts expect that RenaissanceRe will post 41.94 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RenaissanceRe

Large investors have recently made changes to their positions in the stock. Impax Asset Management Group plc lifted its stake in RenaissanceRe by 32.4% during the third quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock worth $461,679,000 after purchasing an additional 415,366 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of RenaissanceRe by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 920,814 shares of the insurance provider’s stock valued at $250,892,000 after buying an additional 25,773 shares during the period. Dimensional Fund Advisors LP lifted its stake in RenaissanceRe by 21.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock worth $139,579,000 after acquiring an additional 109,851 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in RenaissanceRe by 1.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 120,129 shares of the insurance provider’s stock valued at $26,850,000 after acquiring an additional 1,606 shares during the period. Finally, Sei Investments Co. grew its position in RenaissanceRe by 42.4% in the 2nd quarter. Sei Investments Co. now owns 111,369 shares of the insurance provider’s stock valued at $24,892,000 after acquiring an additional 33,154 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

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.