RenaissanceRe (NYSE:RNR) Upgraded at Evercore ISI

RenaissanceRe (NYSE:RNR) was upgraded by research analysts at Evercore ISI from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports.

Several other equities research analysts also recently weighed in on RNR. Wells Fargo & Company restated an “equal weight” rating and issued a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Barclays raised their target price on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an “equal weight” rating in a research note on Thursday, July 24th. Citigroup assumed coverage on shares of RenaissanceRe in a research note on Wednesday, August 13th. They issued a “buy” rating and a $288.00 target price for the company. Cantor Fitzgerald upgraded shares of RenaissanceRe to a “hold” rating in a research note on Wednesday, August 13th. Finally, UBS Group raised their target price on shares of RenaissanceRe from $250.00 to $265.00 and gave the company a “neutral” rating in a research note on Monday, July 28th. Four analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $281.91.

RenaissanceRe Price Performance

NYSE RNR opened at $255.94 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36. The firm’s 50 day moving average price is $244.15 and its 200-day moving average price is $242.24. RenaissanceRe has a 52-week low of $219.00 and a 52-week high of $300.00. The company has a market cap of $12.05 billion, a PE ratio of 6.54, a P/E/G ratio of 2.51 and a beta of 0.27.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.28 by $2.01. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same period last year, the firm earned $12.41 earnings per share. The company’s quarterly revenue was down 2.4% on a year-over-year basis. Sell-side analysts forecast that RenaissanceRe will post 26.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in RNR. Two Sigma Investments LP raised its holdings in shares of RenaissanceRe by 35.8% in the fourth quarter. Two Sigma Investments LP now owns 3,950 shares of the insurance provider’s stock worth $983,000 after buying an additional 1,042 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of RenaissanceRe by 1.2% in the first quarter. Rhumbline Advisers now owns 137,005 shares of the insurance provider’s stock worth $32,881,000 after buying an additional 1,649 shares during the last quarter. Merit Financial Group LLC purchased a new position in shares of RenaissanceRe during the first quarter worth $206,000. Vest Financial LLC purchased a new position in shares of RenaissanceRe during the first quarter worth $760,000. Finally, UMB Bank n.a. raised its holdings in shares of RenaissanceRe by 165.1% during the first quarter. UMB Bank n.a. now owns 464 shares of the insurance provider’s stock worth $111,000 after purchasing an additional 289 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

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.