Wells Fargo & Company Has Lowered Expectations for RenaissanceRe (NYSE:RNR) Stock Price

RenaissanceRe (NYSE:RNR) had its target price lowered by equities research analysts at Wells Fargo & Company from $288.00 to $277.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 19.13% from the company’s current price.

Other analysts also recently issued reports about the stock. Jefferies Financial Group reaffirmed a “hold” rating and set a $282.00 price objective (down from $304.00) on shares of RenaissanceRe in a report on Wednesday, December 18th. Barclays lowered RenaissanceRe from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $284.00 to $234.00 in a research note on Monday, January 6th. StockNews.com cut RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Bank of America raised their price objective on RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Evercore ISI upped their target price on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research note on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, RenaissanceRe presently has an average rating of “Hold” and an average price target of $283.45.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $232.52 on Thursday. The firm has a market capitalization of $12.08 billion, a P/E ratio of 6.64, a P/E/G ratio of 1.75 and a beta of 0.44. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18. The stock’s 50-day simple moving average is $259.85 and its two-hundred day simple moving average is $257.20. RenaissanceRe has a twelve month low of $208.98 and a twelve month high of $300.00.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share for the quarter, topping the consensus estimate of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.51%. As a group, equities analysts anticipate that RenaissanceRe will post 34.22 EPS for the current fiscal year.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total value of $254,160.00. Following the transaction, the executive vice president now owns 79,392 shares in the company, valued at approximately $20,178,270.72. The trade was a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is currently owned by company insiders.

Institutional Trading of RenaissanceRe

A number of institutional investors have recently modified their holdings of RNR. Marshall Wace LLP raised its position in RenaissanceRe by 1,066.1% during the 2nd quarter. Marshall Wace LLP now owns 11,661 shares of the insurance provider’s stock valued at $2,606,000 after purchasing an additional 10,661 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of RenaissanceRe by 5.6% during the second quarter. The Manufacturers Life Insurance Company now owns 46,487 shares of the insurance provider’s stock valued at $10,390,000 after buying an additional 2,459 shares during the period. Mackenzie Financial Corp raised its holdings in shares of RenaissanceRe by 68.1% during the second quarter. Mackenzie Financial Corp now owns 12,769 shares of the insurance provider’s stock valued at $2,854,000 after acquiring an additional 5,173 shares in the last quarter. Algert Global LLC purchased a new stake in RenaissanceRe in the second quarter worth $1,186,000. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in RenaissanceRe by 23.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock valued at $76,000 after acquiring an additional 64 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

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.