Wells Fargo & Company Issues Pessimistic Forecast for RenaissanceRe (NYSE:RNR) Stock Price

RenaissanceRe (NYSE:RNR) had its target price trimmed by Wells Fargo & Company from $301.00 to $288.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the insurance provider’s stock.

A number of other equities research analysts have also recently commented on RNR. JPMorgan Chase & Co. increased their target price on shares of RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a research report on Friday, January 3rd. Barclays downgraded shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $284.00 to $234.00 in a report 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 increased their price target on RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $282.00 price objective (down previously from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $284.00.

RenaissanceRe Trading Down 0.9 %

RNR stock opened at $251.04 on Tuesday. The business’s 50-day moving average is $263.52 and its 200 day moving average is $254.35. RenaissanceRe has a 12-month low of $203.35 and a 12-month high of $300.00. The stock has a market cap of $13.04 billion, a price-to-earnings ratio of 3.62, 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.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period in the previous year, the company posted $8.33 earnings per share. The business’s revenue was up 52.1% on a year-over-year basis. On average, sell-side analysts anticipate that RenaissanceRe will post 41.94 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.62%. The ex-dividend date was Friday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.25%.

Institutional Trading of RenaissanceRe

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Carolina Wealth Advisors LLC lifted its position in RenaissanceRe by 2.8% in the fourth quarter. Carolina Wealth Advisors LLC now owns 2,797 shares of the insurance provider’s stock valued at $696,000 after buying an additional 75 shares during the last quarter. Park Avenue Securities LLC raised its stake in shares of RenaissanceRe by 16.2% in the 4th quarter. Park Avenue Securities LLC now owns 3,611 shares of the insurance provider’s stock valued at $898,000 after acquiring an additional 504 shares during the period. Wedmont Private Capital lifted its holdings in shares of RenaissanceRe by 148.8% in the 4th quarter. Wedmont Private Capital now owns 2,239 shares of the insurance provider’s stock worth $560,000 after acquiring an additional 1,339 shares during the last quarter. ORG Wealth Partners LLC boosted its position in shares of RenaissanceRe by 129.4% during the 4th quarter. ORG Wealth Partners LLC now owns 250 shares of the insurance provider’s stock worth $62,000 after purchasing an additional 141 shares during the period. Finally, Fulton Bank N.A. increased its holdings in RenaissanceRe by 4.6% in the 4th quarter. Fulton Bank N.A. now owns 3,512 shares of the insurance provider’s stock valued at $874,000 after purchasing an additional 156 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

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.