RenaissanceRe (NYSE:RNR) Price Target Cut to $277.00 by Analysts at Wells Fargo & Company

RenaissanceRe (NYSE:RNR - Get Free Report) had its price target lowered by Wells Fargo & Company from $288.00 to $277.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the insurance provider's stock. Wells Fargo & Company's price objective would indicate a potential upside of 19.13% from the stock's current price.

Other equities research analysts also recently issued reports about the company. StockNews.com downgraded RenaissanceRe from a "buy" rating to a "hold" rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their target price on RenaissanceRe from $280.00 to $284.00 and gave the stock a "neutral" rating in a research report on Friday, January 3rd. Bank of America lifted their target price on RenaissanceRe from $364.00 to $391.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. Keefe, Bruyette & Woods lifted their target price on RenaissanceRe from $310.00 to $318.00 and gave the stock an "outperform" rating in a research report on Friday, January 10th. Finally, Evercore ISI lifted their price objective on RenaissanceRe from $229.00 to $246.00 and gave the company an "underperform" rating in a report on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $283.45.

RenaissanceRe Stock Performance

Shares of RenaissanceRe stock traded down $5.87 during trading on Thursday, reaching $232.52. The company's stock had a trading volume of 923,480 shares, compared to its average volume of 596,654. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.43 and a current ratio of 1.43. The business's fifty day moving average price is $259.85 and its 200-day moving average price is $257.20. The firm has a market cap of $12.08 billion, a price-to-earnings ratio of 6.64, a price-to-earnings-growth ratio of 1.75 and a beta of 0.44. RenaissanceRe has a one year low of $208.98 and a one year high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings data 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 23.51% and a net margin of 15.99%. As a group, equities research analysts predict that RenaissanceRe will post 34.22 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP David E. Marra sold 1,000 shares of the business's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the transaction, the executive vice president now owns 79,392 shares of the company's stock, valued at $20,178,270.72. The trade was a 1.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RenaissanceRe

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace LLP raised its holdings in shares of RenaissanceRe by 1,066.1% in 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 period. The Manufacturers Life Insurance Company raised its holdings in shares of RenaissanceRe by 5.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 46,487 shares of the insurance provider's stock valued at $10,390,000 after purchasing an additional 2,459 shares during the period. Mackenzie Financial Corp raised its holdings in shares of RenaissanceRe by 68.1% in the 2nd quarter. Mackenzie Financial Corp now owns 12,769 shares of the insurance provider's stock valued at $2,854,000 after purchasing an additional 5,173 shares during the period. Algert Global LLC bought a new stake in shares of RenaissanceRe in the 2nd quarter valued at about $1,186,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of RenaissanceRe by 23.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider's stock valued at $76,000 after purchasing an additional 64 shares during the period. 99.97% of the stock is owned by institutional investors and hedge funds.

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.