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

RenaissanceRe (NYSE:RNR) had its target price boosted by equities researchers at JPMorgan Chase & Co. from $280.00 to $284.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 12.33% from the company’s previous close.

Several other analysts also recently issued reports on the stock. Bank of America upped their price objective on shares of RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Wells Fargo & Company raised their target price on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. StockNews.com cut RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Jefferies Financial Group reiterated a “hold” rating and set a $282.00 target price (down from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating on the stock in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $290.45.

RenaissanceRe Stock Performance

Shares of RNR opened at $252.83 on Friday. 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 has a 12 month low of $197.49 and a 12 month high of $300.00. The company’s fifty day moving average is $265.23 and its 200-day moving average is $253.05. The firm has a market cap of $13.13 billion, a price-to-earnings ratio of 3.64, a price-to-earnings-growth ratio of 1.31 and a beta of 0.41.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the company posted $8.33 EPS. The firm’s revenue was up 52.1% on a year-over-year basis. Equities analysts expect that RenaissanceRe will post 41.94 EPS for the current fiscal year.

Hedge Funds Weigh In On RenaissanceRe

A number of hedge funds have recently modified their holdings of the stock. V Square Quantitative Management LLC lifted its holdings 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 valued at $49,000 after acquiring an additional 41 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of RenaissanceRe by 19.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock worth $63,000 after acquiring an additional 45 shares in the last quarter. First Citizens Bank & Trust Co. increased its holdings in RenaissanceRe by 4.6% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 1,073 shares of the insurance provider’s stock valued at $292,000 after purchasing an additional 47 shares in the last quarter. CIBC Asset Management Inc raised its position in RenaissanceRe by 3.6% in the 3rd quarter. CIBC Asset Management Inc now owns 1,530 shares of the insurance provider’s stock valued at $417,000 after purchasing an additional 53 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of RenaissanceRe by 23.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock worth $76,000 after purchasing an additional 64 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Company Profile

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.