RenaissanceRe (NYSE:RNR) Stock Rating Upgraded by Morgan Stanley

RenaissanceRe (NYSE:RNR) was upgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a note issued to investors on Friday, MarketBeat.com reports. The brokerage currently has a $275.00 price objective on the insurance provider’s stock, up from their prior price objective of $235.00. Morgan Stanley’s price objective would indicate a potential upside of 17.01% from the company’s previous close.

Other analysts have also issued research reports about the company. Keefe, Bruyette & Woods cut their target price on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating for the company in a research note on Tuesday, February 4th. JMP Securities reaffirmed a “market perform” rating on shares of RenaissanceRe in a report on Thursday. Wells Fargo & Company decreased their target price on shares of RenaissanceRe from $277.00 to $271.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Barclays cut their price target on shares of RenaissanceRe from $234.00 to $231.00 and set an “underweight” rating for the company in a research report on Friday, April 11th. Finally, JPMorgan Chase & Co. upgraded RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 price objective on the stock in a report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $283.80.

RenaissanceRe Stock Performance

NYSE RNR opened at $235.02 on Friday. RenaissanceRe has a 52-week low of $208.98 and a 52-week high of $300.00. The company has a fifty day moving average of $237.66 and a 200-day moving average of $252.19. The company has a market capitalization of $11.52 billion, a P/E ratio of 6.71, a P/E/G ratio of 2.09 and a beta of 0.29. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($1.17). The firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.36 billion. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. As a group, equities research analysts predict that RenaissanceRe will post 26.04 EPS for the current fiscal year.

Institutional Investors Weigh In On RenaissanceRe

A number of large investors have recently made changes to their positions in the business. First Trust Advisors LP boosted its holdings in RenaissanceRe by 462.8% in the fourth quarter. First Trust Advisors LP now owns 864,252 shares of the insurance provider’s stock valued at $215,035,000 after acquiring an additional 710,698 shares in the last quarter. Norges Bank bought a new stake in shares of RenaissanceRe during the 4th quarter valued at about $173,530,000. Boston Partners increased its position in shares of RenaissanceRe by 28.5% during the fourth quarter. Boston Partners now owns 2,013,382 shares of the insurance provider’s stock valued at $500,991,000 after buying an additional 446,781 shares during the period. GAMMA Investing LLC increased its position in shares of RenaissanceRe by 33,487.8% during the first quarter. GAMMA Investing LLC now owns 396,000 shares of the insurance provider’s stock valued at $95,040,000 after buying an additional 394,821 shares during the period. Finally, Capital World Investors raised its stake in RenaissanceRe by 8.8% in the fourth quarter. Capital World Investors now owns 2,882,835 shares of the insurance provider’s stock worth $717,278,000 after buying an additional 233,708 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors.

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.