RenaissanceRe (NYSE:RNR) Stock Price Expected to Rise, Bank of America Analyst Says

RenaissanceRe (NYSE:RNR) had its price objective lifted by investment analysts at Bank of America from $410.00 to $438.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s target price would indicate a potential upside of 33.40% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Cantor Fitzgerald restated an “overweight” rating on shares of RenaissanceRe in a research note on Thursday. Citigroup upgraded RenaissanceRe from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $335.00 to $345.00 in a report on Wednesday, June 10th. Mizuho boosted their price objective on RenaissanceRe from $325.00 to $329.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Weiss Ratings upgraded RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, June 25th. Finally, Evercore set a $330.00 target price on RenaissanceRe in a research report on Thursday. Five analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $335.33.

RenaissanceRe Stock Up 3.4%

RNR opened at $328.33 on Thursday. RenaissanceRe has a fifty-two week low of $231.17 and a fifty-two week high of $329.60. The firm has a market capitalization of $14.00 billion, a P/E ratio of 5.63, a PEG ratio of 1.24 and a beta of 0.17. The company’s 50-day moving average is $305.10 and its 200 day moving average is $298.42. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.37.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $11.72 by $1.20. The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.57 billion. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. During the same period in the prior year, the firm posted $12.29 EPS. Research analysts expect that RenaissanceRe will post 40.57 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. SBI Securities Co. Ltd. raised its stake in shares of RenaissanceRe by 33.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock valued at $41,000 after purchasing an additional 37 shares during the period. Beacon Pointe Advisors LLC boosted its stake in RenaissanceRe by 2.2% in the 4th quarter. Beacon Pointe Advisors LLC now owns 1,857 shares of the insurance provider’s stock worth $522,000 after purchasing an additional 40 shares during the period. Signaturefd LLC boosted its stake in RenaissanceRe by 8.9% in the 4th quarter. Signaturefd LLC now owns 504 shares of the insurance provider’s stock worth $142,000 after purchasing an additional 41 shares during the period. Midwest Professional Planners LTD. grew its holdings in RenaissanceRe by 1.5% during the 1st quarter. Midwest Professional Planners LTD. now owns 3,313 shares of the insurance provider’s stock valued at $985,000 after buying an additional 48 shares in the last quarter. Finally, Brown Brothers Harriman & Co. grew its holdings in RenaissanceRe by 2.6% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 2,006 shares of the insurance provider’s stock valued at $509,000 after buying an additional 51 shares in the last quarter. 99.97% of the stock is owned by institutional investors.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.