RenaissanceRe (NYSE:RNR) Price Target Lowered to $426.00 at Bank of America

RenaissanceRe (NYSE:RNR - Get Free Report) had its price target lowered by equities researchers at Bank of America from $437.00 to $426.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the insurance provider's stock. Bank of America's price target points to a potential upside of 75.70% from the stock's previous close.

RNR has been the subject of a number of other research reports. Jefferies Financial Group reissued a "hold" rating and issued a $282.00 target price (down previously from $304.00) on shares of RenaissanceRe in a report on Wednesday, December 18th. JMP Securities reiterated a "market perform" rating on shares of RenaissanceRe in a research note on Thursday, January 30th. Morgan Stanley dropped their target price on shares of RenaissanceRe from $265.00 to $245.00 and set an "equal weight" rating for the company in a report on Friday, January 31st. Barclays lowered RenaissanceRe from an "equal weight" rating to an "underweight" rating and decreased their price target for the stock from $284.00 to $234.00 in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. lifted their price objective on RenaissanceRe from $280.00 to $284.00 and gave the stock a "neutral" rating in a report on Friday, January 3rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $283.40.

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RenaissanceRe Stock Down 1.7 %

Shares of RenaissanceRe stock traded down $4.27 during trading hours on Wednesday, hitting $242.46. The company had a trading volume of 269,503 shares, compared to its average volume of 407,716. RenaissanceRe has a twelve month low of $208.98 and a twelve month high of $300.00. The company has a market cap of $11.88 billion, a P/E ratio of 6.92, a price-to-earnings-growth ratio of 2.09 and a beta of 0.38. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.42. The company's 50-day moving average is $239.76 and its two-hundred day moving average is $256.52.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, beating analysts' consensus estimates of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. Analysts anticipate that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

Insider Buying and Selling

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 value of $254,160.00. Following the completion of the sale, the executive vice president now owns 79,392 shares of the company's stock, 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 Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of RenaissanceRe

Several large investors have recently modified their holdings of the business. Aster Capital Management DIFC Ltd bought a new stake in shares of RenaissanceRe in the fourth quarter worth $27,000. SBI Securities Co. Ltd. bought a new stake in RenaissanceRe during the fourth quarter valued at $29,000. MassMutual Private Wealth & Trust FSB lifted its position in shares of RenaissanceRe by 51.3% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider's stock worth $30,000 after buying an additional 41 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of RenaissanceRe by 1,587.5% in the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider's stock valued at $34,000 after buying an additional 127 shares during the period. Finally, Smartleaf Asset Management LLC grew its position in shares of RenaissanceRe by 71.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider's stock valued at $39,000 after buying an additional 65 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

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.