Jefferies Financial Group Issues Pessimistic Forecast for RenaissanceRe (NYSE:RNR) Stock Price

RenaissanceRe (NYSE:RNR) had its target price lowered by research analysts at Jefferies Financial Group from $266.00 to $265.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the insurance provider’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 11.38% from the company’s previous close.

A number of other research analysts have also weighed in on RNR. Keefe, Bruyette & Woods dropped their price objective on shares of RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 4th. JPMorgan Chase & Co. raised shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 price target on the stock in a research report on Tuesday, April 8th. Wells Fargo & Company decreased their price objective on RenaissanceRe from $277.00 to $271.00 and set an “overweight” rating for the company in a report on Thursday. Bank of America dropped their target price on RenaissanceRe from $437.00 to $426.00 and set a “buy” rating on the stock in a report on Wednesday, March 26th. Finally, JMP Securities reiterated a “market perform” rating on shares of RenaissanceRe in a report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $280.80.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $237.92 on Friday. The firm has a 50 day moving average of $236.93 and a 200-day moving average of $254.44. The company has a market cap of $11.66 billion, a price-to-earnings ratio of 6.79, a price-to-earnings-growth 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 has a 52 week low of $208.98 and a 52 week high of $300.00.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (EPS) for the quarter, topping the consensus estimate 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 forecast that RenaissanceRe will post 26.04 earnings per share for the current year.

Insider Buying and Selling

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was 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 directly owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. This 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 accessible through this link. 2.00% of the stock is owned by insiders.

Institutional Trading of RenaissanceRe

Hedge funds have recently made changes to their positions in the company. FMR LLC increased its holdings in RenaissanceRe by 13.8% in the 3rd quarter. FMR LLC now owns 2,687 shares of the insurance provider’s stock worth $732,000 after acquiring an additional 326 shares during the last quarter. HighTower Advisors LLC increased its stake in shares of RenaissanceRe by 47.8% in the third quarter. HighTower Advisors LLC now owns 12,224 shares of the insurance provider’s stock worth $3,342,000 after purchasing an additional 3,954 shares in the last quarter. Quantinno Capital Management LP bought a new stake in shares of RenaissanceRe in the third quarter valued at approximately $325,000. Stifel Financial Corp lifted its stake in shares of RenaissanceRe by 5.8% during the 3rd quarter. Stifel Financial Corp now owns 13,312 shares of the insurance provider’s stock valued at $3,626,000 after buying an additional 733 shares in the last quarter. Finally, MML Investors Services LLC boosted its holdings in RenaissanceRe by 4.7% in the 3rd quarter. MML Investors Services LLC now owns 9,532 shares of the insurance provider’s stock worth $2,596,000 after buying an additional 429 shares during the period. 99.97% of the stock is currently owned by 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.