RenaissanceRe (NYSE:RNR) Given New $288.00 Price Target at Wells Fargo & Company

RenaissanceRe (NYSE:RNR - Get Free Report) had its price target cut by equities research analysts at Wells Fargo & Company from $301.00 to $288.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the insurance provider's stock. Wells Fargo & Company's price target would indicate a potential upside of 14.72% from the stock's previous close.

RNR has been the topic of several other research reports. Evercore ISI raised their price target on shares of RenaissanceRe from $229.00 to $246.00 and gave the company an "underperform" rating in a research report on Thursday, November 7th. Barclays lowered RenaissanceRe from an "equal weight" rating to an "underweight" rating and cut their price target for the company from $284.00 to $234.00 in a research note on Monday, January 6th. Keefe, Bruyette & Woods increased their price target on RenaissanceRe from $310.00 to $318.00 and gave the stock an "outperform" rating in a research report on Friday. StockNews.com cut RenaissanceRe from a "buy" rating to a "hold" rating in a research report on Tuesday, October 22nd. Finally, 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. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $284.00.

RenaissanceRe Stock Performance

Shares of NYSE:RNR traded down $2.27 during trading on Tuesday, hitting $251.04. The stock had a trading volume of 684,108 shares, compared to its average volume of 476,788. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18. RenaissanceRe has a 12-month low of $203.35 and a 12-month high of $300.00. The stock has a market capitalization of $13.04 billion, a price-to-earnings ratio of 3.62, a price-to-earnings-growth ratio of 1.31 and a beta of 0.44. The stock has a 50-day simple moving average of $263.52 and a two-hundred day simple moving average of $254.35.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $7.89 by $2.34. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. RenaissanceRe's revenue for the quarter was up 52.1% compared to the same quarter last year. During the same period last year, the firm posted $8.33 EPS. On average, equities research analysts expect that RenaissanceRe will post 41.94 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RenaissanceRe

Hedge funds and other institutional investors have recently bought and sold shares of the company. ORG Wealth Partners LLC purchased a new position in RenaissanceRe during the third quarter worth about $30,000. UMB Bank n.a. increased its holdings in RenaissanceRe by 316.7% in the 3rd quarter. UMB Bank n.a. now owns 125 shares of the insurance provider's stock valued at $34,000 after purchasing an additional 95 shares during the last quarter. Advisors Asset Management Inc. purchased a new stake in RenaissanceRe in the third quarter valued at approximately $45,000. V Square Quantitative Management LLC lifted its stake in RenaissanceRe by 29.5% during the third quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider's stock worth $49,000 after purchasing an additional 41 shares in the last quarter. Finally, LRI Investments LLC boosted its position in shares of RenaissanceRe by 668.8% during the third quarter. LRI Investments LLC now owns 246 shares of the insurance provider's stock worth $63,000 after buying an additional 214 shares during the period. 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.