RenaissanceRe (NYSE:RNR) Price Target Cut to $280.00

RenaissanceRe (NYSE:RNR) had its target price decreased by analysts at Wells Fargo & Company from $288.00 to $280.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 27.51% from the stock’s previous close.

A number of other analysts also recently weighed in on RNR. Morgan Stanley reduced their target price on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. UBS Group lowered their price target on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. JPMorgan Chase & Co. boosted their price objective on shares of RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a research report on Thursday. Bank of America raised their target price on shares of RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Finally, Evercore ISI increased their price objective on shares of RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $263.40.

RenaissanceRe Stock Performance

NYSE:RNR opened at $219.59 on Friday. RenaissanceRe has a 12-month low of $174.22 and a 12-month high of $239.42. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $11.61 billion, a P/E ratio of 4.85, a P/E/G ratio of 1.61 and a beta of 0.38. The stock has a 50-day moving average price of $224.07 and a 200 day moving average price of $223.34.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share for the quarter, beating analysts’ consensus estimates of $9.86 by $2.32. RenaissanceRe had a return on equity of 28.79% and a net margin of 25.38%. The firm had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.05 billion. During the same quarter last year, the business posted $8.16 earnings per share. The business’s quarterly revenue was up 41.3% compared to the same quarter last year. Equities research analysts forecast that RenaissanceRe will post 36.82 EPS for the current fiscal year.

Insider Buying and Selling at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the sale, the executive vice president now directly owns 85,544 shares in the company, valued at $19,675,120. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.30% of the stock is currently owned by company insiders.

Institutional Trading of RenaissanceRe

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNR. Riverview Trust Co acquired a new position in shares of RenaissanceRe in the first quarter valued at about $26,000. Blue Trust Inc. purchased a new stake in RenaissanceRe in the second quarter valued at approximately $27,000. Rise Advisors LLC acquired a new position in RenaissanceRe in the 1st quarter worth approximately $31,000. V Square Quantitative Management LLC purchased a new position in RenaissanceRe during the 2nd quarter worth approximately $31,000. Finally, Mather Group LLC. acquired a new stake in RenaissanceRe during the 1st quarter valued at approximately $34,000. 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.