RenaissanceRe (NYSE:RNR) Price Target Lowered to $271.00 at Wells Fargo & Company

RenaissanceRe (NYSE:RNR) had its price target reduced by equities researchers at Wells Fargo & Company from $277.00 to $271.00 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 target price would suggest a potential upside of 13.90% from the stock’s current price.

RNR has been the topic of a number of other reports. Keefe, Bruyette & Woods cut their price target on shares of RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating on the stock in a report on Tuesday, February 4th. Bank of America lowered their price objective on shares of RenaissanceRe from $437.00 to $426.00 and set a “buy” rating on the stock in a research report on Wednesday, March 26th. Morgan Stanley reduced their target price on shares of RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating for the company in a research report on Friday, January 31st. Barclays cut shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $284.00 to $234.00 in a report on Monday, January 6th. Finally, Jefferies Financial Group reissued 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. Two 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, RenaissanceRe currently has a consensus rating of “Hold” and an average price target of $280.80.

RenaissanceRe Price Performance

RenaissanceRe stock opened at $237.92 on Thursday. RenaissanceRe has a 52 week low of $208.98 and a 52 week high of $300.00. The company’s 50 day moving average price is $236.93 and its two-hundred day moving average price is $254.44. The stock has a market cap of $11.66 billion, a P/E ratio of 6.79, a P/E/G ratio of 2.09 and a beta of 0.29. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, topping analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. On average, equities analysts predict that RenaissanceRe will post 26.04 earnings per share for the current year.

Insider Transactions at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the sale, the executive vice president now directly owns 79,392 shares in the company, valued at $20,178,270.72. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Several hedge funds have recently bought and sold shares of RNR. FMR LLC boosted its holdings in RenaissanceRe by 13.8% in the 3rd quarter. FMR LLC now owns 2,687 shares of the insurance provider’s stock valued at $732,000 after purchasing an additional 326 shares during the period. HighTower Advisors LLC grew its position in RenaissanceRe by 47.8% during the third quarter. HighTower Advisors LLC now owns 12,224 shares of the insurance provider’s stock worth $3,342,000 after buying an additional 3,954 shares in the last quarter. Quantinno Capital Management LP bought a new position in RenaissanceRe in the 3rd quarter worth about $325,000. Stifel Financial Corp raised its holdings in shares of RenaissanceRe by 5.8% in the 3rd quarter. Stifel Financial Corp now owns 13,312 shares of the insurance provider’s stock valued at $3,626,000 after acquiring an additional 733 shares in the last quarter. Finally, MML Investors Services LLC boosted its position in shares of RenaissanceRe by 4.7% during the 3rd quarter. MML Investors Services LLC now owns 9,532 shares of the insurance provider’s stock valued at $2,596,000 after acquiring an additional 429 shares during the last quarter. Hedge funds and other institutional investors 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.