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

RenaissanceRe (NYSE:RNR) had its price target cut by analysts at Wells Fargo & Company from $288.00 to $277.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 19.13% from the stock’s previous close.

RNR has been the subject of a number of other research reports. Barclays downgraded shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $284.00 to $234.00 in a research note on Monday, January 6th. Evercore ISI raised their price objective on RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research report on Thursday, November 7th. Jefferies Financial Group reissued a “hold” rating and issued a $282.00 target price (down from $304.00) on shares of RenaissanceRe in a report on Wednesday, December 18th. StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. upped their price target on shares of RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a research note on Friday, January 3rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $283.45.

RenaissanceRe Price Performance

Shares of RNR stock opened at $232.52 on Thursday. The business’s fifty day moving average is $259.85 and its 200 day moving average is $257.20. 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 has a market cap of $12.08 billion, a price-to-earnings ratio of 6.64, a PEG ratio of 1.75 and a beta of 0.44. RenaissanceRe has a twelve month low of $208.98 and a twelve month high of $300.00.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share for the quarter, topping analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.51%. Research analysts expect that RenaissanceRe will post 34.22 EPS for the current fiscal year.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total value of $254,160.00. Following the sale, the executive vice president now owns 79,392 shares in the company, valued at approximately $20,178,270.72. This trade represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On RenaissanceRe

Hedge funds have recently added to or reduced their stakes in the stock. ORG Wealth Partners LLC bought a new stake in shares of RenaissanceRe in the third quarter worth $30,000. MassMutual Private Wealth & Trust FSB boosted its position in RenaissanceRe by 51.3% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 41 shares during the last quarter. UMB Bank n.a. grew its stake in shares of RenaissanceRe by 316.7% during the 3rd quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 95 shares during the period. Advisors Asset Management Inc. purchased a new stake in shares of RenaissanceRe during the 3rd quarter valued at about $45,000. Finally, V Square Quantitative Management LLC lifted its stake in shares of RenaissanceRe by 29.5% in the 3rd quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 41 shares during the period. 99.97% of the stock is currently owned by hedge funds and other 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.