RenaissanceRe (NYSE:RNR) Price Target Raised to $314.00

RenaissanceRe (NYSE:RNR) had its target price upped by equities research analysts at Wells Fargo & Company from $280.00 to $314.00 in a report released on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 13.95% from the stock’s previous close.

A number of other research firms have also recently weighed in on RNR. JPMorgan Chase & Co. upped their price target on shares of RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. Evercore ISI increased their target price on shares of RenaissanceRe from $218.00 to $229.00 and gave the company an “underperform” rating in a report on Wednesday. StockNews.com lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Friday, September 6th. Barclays initiated coverage on RenaissanceRe in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price objective for the company. Finally, Jefferies Financial Group upped their target price on RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $289.00.

RenaissanceRe Price Performance

Shares of RNR opened at $275.56 on Thursday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The stock’s 50 day moving average is $255.54 and its two-hundred day moving average is $235.13. RenaissanceRe has a twelve month low of $188.24 and a twelve month high of $283.86. The firm has a market capitalization of $14.37 billion, a PE ratio of 5.45, a P/E/G ratio of 1.70 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, beating the consensus estimate of $10.88 by $1.53. The business had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. Research analysts anticipate that RenaissanceRe will post 39.55 earnings per share for the current year.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the completion of the sale, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP David E. Marra sold 1,000 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $269.00, for a total transaction of $269,000.00. Following the transaction, the executive vice president now directly owns 83,044 shares in the company, valued at $22,338,836. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the completion of the sale, the chief financial officer now owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,500 shares of company stock valued at $1,339,400. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of RenaissanceRe by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock worth $1,090,875,000 after buying an additional 148,173 shares during the last quarter. American International Group Inc. increased its stake in RenaissanceRe by 1,829.6% during the fourth quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock worth $273,135,000 after acquiring an additional 1,321,325 shares during the last quarter. Impax Asset Management Group plc raised its holdings in shares of RenaissanceRe by 7.7% in the 2nd quarter. Impax Asset Management Group plc now owns 1,282,270 shares of the insurance provider’s stock worth $286,028,000 after purchasing an additional 91,425 shares during the period. Cooke & Bieler LP lifted its stake in shares of RenaissanceRe by 9.2% in the 2nd quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock valued at $229,679,000 after purchasing an additional 86,562 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of 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 purchasing an additional 109,851 shares during the period. Institutional investors and hedge funds 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.