JPMorgan Chase & Co. Increases RenaissanceRe (NYSE:RNR) Price Target to $360.00

RenaissanceRe (NYSE:RNR) had its target price upped by stock analysts at JPMorgan Chase & Co. from $329.00 to $360.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 12.20% from the stock’s previous close.

Several other brokerages have also recently issued reports on RNR. Morgan Stanley upped their target price on RenaissanceRe from $310.00 to $320.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. TD Cowen lifted their price target on RenaissanceRe from $300.00 to $315.00 and gave the stock a “hold” rating in a report on Tuesday, July 7th. Wolfe Research set a $315.00 price target on shares of RenaissanceRe in a research report on Tuesday, July 7th. Evercore set a $320.00 price objective on shares of RenaissanceRe in a report on Friday, July 10th. Finally, UBS Group raised their price objective on shares of RenaissanceRe from $326.00 to $342.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 8th. Five equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $333.87.

RenaissanceRe Trading Down 0.2%

RNR opened at $320.86 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.37. The company’s 50 day simple moving average is $303.24 and its two-hundred day simple moving average is $297.63. RenaissanceRe has a 1-year low of $231.17 and a 1-year high of $329.57. The firm has a market capitalization of $13.68 billion, a price-to-earnings ratio of 5.35, a price-to-earnings-growth ratio of 1.25 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%.The business had revenue of $2.19 billion during the quarter. Analysts expect that RenaissanceRe will post 40.57 EPS for the current fiscal year.

Hedge Funds Weigh In On RenaissanceRe

Large investors have recently modified their holdings of the business. Quarry LP grew its holdings in shares of RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 52 shares during the period. CIBC Private Wealth Group LLC raised its holdings in RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock valued at $34,000 after buying an additional 94 shares during the period. Kingdom Financial Group LLC. acquired a new position in RenaissanceRe in the fourth quarter valued at about $36,000. Mcguire Capital Advisors Inc. acquired a new position in RenaissanceRe in the fourth quarter valued at about $38,000. Finally, SBI Securities Co. Ltd. boosted its stake in RenaissanceRe by 33.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock worth $41,000 after buying an additional 37 shares during the period. Institutional investors and hedge funds own 99.97% of the company’s stock.

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.