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

RenaissanceRe (NYSE:RNR) had its price target cut by Wells Fargo & Company from $288.00 to $277.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 16.90% from the stock’s previous close.

RNR has been the topic of several other research reports. Keefe, Bruyette & Woods raised their price objective on shares of RenaissanceRe from $310.00 to $318.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Barclays lowered RenaissanceRe from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $284.00 to $234.00 in a report on Monday, January 6th. Evercore ISI increased their price target on RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a report on Thursday, November 7th. Jefferies Financial Group reaffirmed 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. Finally, StockNews.com downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. 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 company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $283.00.

RenaissanceRe Stock Down 8.5 %

NYSE:RNR opened at $236.96 on Thursday. The business’s fifty day moving average price is $261.17 and its 200 day moving average price is $257.28. The firm has a market capitalization of $12.31 billion, a price-to-earnings ratio of 3.41, a PEG ratio of 1.90 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 has a 1-year low of $208.98 and a 1-year high of $300.00.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, topping the consensus estimate of $6.94 by $1.12. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. On average, sell-side analysts forecast that RenaissanceRe will post 42.52 earnings per share for the current fiscal year.

Insider Activity

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total transaction of $254,160.00. Following the completion of the transaction, the executive vice president now owns 79,392 shares in the company, valued at $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 Securities & Exchange Commission, which is available at this link. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RenaissanceRe

Hedge funds and other institutional investors have recently modified their holdings of the stock. Marshall Wace LLP lifted its holdings in RenaissanceRe by 1,066.1% during the 2nd quarter. Marshall Wace LLP now owns 11,661 shares of the insurance provider’s stock valued at $2,606,000 after purchasing an additional 10,661 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of RenaissanceRe by 5.6% during the second quarter. The Manufacturers Life Insurance Company now owns 46,487 shares of the insurance provider’s stock worth $10,390,000 after buying an additional 2,459 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of RenaissanceRe by 68.1% in the second quarter. Mackenzie Financial Corp now owns 12,769 shares of the insurance provider’s stock valued at $2,854,000 after acquiring an additional 5,173 shares during the last quarter. Algert Global LLC acquired a new position in shares of RenaissanceRe in the 2nd quarter worth approximately $1,186,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in RenaissanceRe by 23.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock worth $76,000 after acquiring an additional 64 shares during the last quarter. Institutional investors 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.