Wells Fargo & Company Cuts RenaissanceRe (NYSE:RNR) Price Target to $305.00

RenaissanceRe (NYSE:RNR) had its price objective decreased by Wells Fargo & Company from $306.00 to $305.00 in a research note published on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the insurance provider’s stock.

A number of other equities analysts also recently weighed in on the stock. Keefe, Bruyette & Woods raised their target price on shares of RenaissanceRe from $323.00 to $327.00 and gave the company a “market perform” rating in a research note on Tuesday, April 7th. Cantor Fitzgerald raised shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and raised their target price for the company from $306.00 to $340.00 in a research note on Thursday. Weiss Ratings reissued a “buy (b)” rating on shares of RenaissanceRe in a research note on Friday, March 27th. Wall Street Zen raised RenaissanceRe from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Finally, Evercore increased their target price on RenaissanceRe from $283.00 to $291.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 4th. Three investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $314.31.

RenaissanceRe Stock Performance

Shares of RenaissanceRe stock opened at $303.01 on Thursday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $13.07 billion, a P/E ratio of 5.35, a P/E/G ratio of 0.70 and a beta of 0.24. The business has a fifty day simple moving average of $298.35 and a two-hundred day simple moving average of $276.85. RenaissanceRe has a 12 month low of $222.75 and a 12 month high of $315.88.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, beating analysts’ consensus estimates of $10.59 by $2.75. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The business had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter last year, the firm earned $8.06 earnings per share. The business’s revenue for the quarter was up 29.6% on a year-over-year basis. On average, equities analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were paid a $0.41 dividend. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Friday, March 13th. RenaissanceRe’s payout ratio is currently 2.89%.

Insider Buying and Selling at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the completion of the transaction, the executive vice president owned 73,023 shares in the company, valued at $22,326,782.25. The trade was a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Capital World Investors raised its stake in shares of RenaissanceRe by 0.3% in the third quarter. Capital World Investors now owns 2,649,518 shares of the insurance provider’s stock worth $672,792,000 after purchasing an additional 7,839 shares during the last quarter. Boston Partners grew its stake in shares of RenaissanceRe by 9.9% in the fourth quarter. Boston Partners now owns 1,423,483 shares of the insurance provider’s stock worth $400,150,000 after acquiring an additional 128,245 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of RenaissanceRe by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,033,009 shares of the insurance provider’s stock worth $290,450,000 after acquiring an additional 31,599 shares during the period. Lightrock Netherlands B.V. grew its stake in shares of RenaissanceRe by 4,690.1% in the fourth quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock worth $286,083,000 after acquiring an additional 996,266 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of RenaissanceRe by 17.6% in the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock worth $195,182,000 after acquiring an additional 120,063 shares during the period. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.