Barclays Issues Positive Forecast for RenaissanceRe (NYSE:RNR) Stock Price

RenaissanceRe (NYSE:RNR) had its target price upped by analysts at Barclays from $328.00 to $341.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s price objective suggests a potential upside of 4.82% from the stock’s previous close.

RNR has been the subject of several other reports. UBS Group upped their price target on RenaissanceRe from $319.00 to $326.00 and gave the stock a “neutral” rating in a research note on Monday, May 4th. Wells Fargo & Company lifted their price objective on shares of RenaissanceRe from $305.00 to $306.00 and gave the company an “equal weight” rating in a research report on Thursday, April 30th. Evercore set a $309.00 target price on shares of RenaissanceRe in a report on Thursday, April 9th. Morgan Stanley upped their target price on shares of RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, TD Cowen raised their target price on shares of RenaissanceRe from $300.00 to $315.00 and gave the company a “hold” rating in a research note on Tuesday. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $326.27.

RenaissanceRe Price Performance

NYSE:RNR traded up $2.20 on Tuesday, reaching $325.31. 65,094 shares of the company’s stock traded hands, compared to its average volume of 367,270. The stock has a 50-day simple moving average of $300.00 and a 200-day simple moving average of $294.67. RenaissanceRe has a 12 month low of $231.17 and a 12 month high of $329.57. The firm has a market cap of $13.87 billion, a PE ratio of 5.42, a P/E/G ratio of 1.23 and a beta of 0.17. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.22.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%.The firm had revenue of $2.19 billion during the quarter. Equities research analysts forecast that RenaissanceRe will post 40.05 earnings per share for the current year.

Institutional Trading of RenaissanceRe

Several hedge funds have recently modified their holdings of the company. Amundi boosted its position in shares of RenaissanceRe by 244.7% during the 1st quarter. Amundi now owns 8,063 shares of the insurance provider’s stock valued at $2,397,000 after acquiring an additional 5,724 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in RenaissanceRe by 11.0% in the first quarter. EverSource Wealth Advisors LLC now owns 765 shares of the insurance provider’s stock worth $227,000 after purchasing an additional 76 shares during the last quarter. California State Teachers Retirement System raised its stake in RenaissanceRe by 17.5% during the first quarter. California State Teachers Retirement System now owns 53,686 shares of the insurance provider’s stock valued at $15,957,000 after purchasing an additional 8,001 shares in the last quarter. Quantinno Capital Management LP raised its stake in RenaissanceRe by 14.7% during the first quarter. Quantinno Capital Management LP now owns 22,733 shares of the insurance provider’s stock valued at $6,757,000 after purchasing an additional 2,920 shares in the last quarter. Finally, Delta Global Management LP bought a new position in RenaissanceRe during the first quarter valued at $1,754,000. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Company Profile

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.