RenaissanceRe (NYSE:RNR) Downgraded by Barclays to “Underweight”

RenaissanceRe (NYSE:RNR) was downgraded by research analysts at Barclays from an “equal weight” rating to an “underweight” rating in a report issued on Monday,Briefing.com Automated Import reports. They presently have a $234.00 price target on the insurance provider’s stock, down from their previous price target of $284.00. Barclays‘s price objective suggests a potential downside of 7.45% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Bank of America lifted their price target on RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods decreased their target price 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. JPMorgan Chase & Co. lifted their price target on shares of RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a research report on Friday. Citigroup increased their price objective on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Finally, Wells Fargo & Company lifted their target price on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $285.64.

RenaissanceRe Stock Performance

RNR opened at $252.83 on Monday. RenaissanceRe has a twelve month low of $197.49 and a twelve month high of $300.00. The firm has a market capitalization of $13.13 billion, a PE ratio of 3.64, a PEG ratio of 1.31 and a beta of 0.44. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18. The firm’s 50-day moving average price is $265.23 and its 200 day moving average price is $253.25.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share 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 business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the previous year, the firm posted $8.33 EPS. The business’s revenue for the quarter was up 52.1% compared to the same quarter last year. As a group, sell-side analysts expect that RenaissanceRe will post 41.94 EPS for the current fiscal year.

Institutional Investors Weigh In On RenaissanceRe

Hedge funds have recently bought and sold shares of the stock. Impax Asset Management Group plc increased its stake in shares of RenaissanceRe by 32.4% during the third quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock worth $461,679,000 after buying an additional 415,366 shares during the period. Dimensional Fund Advisors LP lifted its holdings in RenaissanceRe by 21.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock worth $139,579,000 after buying an additional 109,851 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC acquired a new position in shares of RenaissanceRe during the 3rd quarter worth about $18,969,000. Northwest & Ethical Investments L.P. purchased a new position in shares of RenaissanceRe in the 3rd quarter valued at about $17,086,000. Finally, World Investment Advisors LLC acquired a new stake in shares of RenaissanceRe during the 3rd quarter worth about $16,176,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

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.