Wells Fargo & Company Issues Pessimistic Forecast for RenaissanceRe (NYSE:RNR) Stock Price

RenaissanceRe (NYSE:RNR) had its price objective dropped by investment analysts at Wells Fargo & Company from $306.00 to $305.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 0.66% from the company’s previous close.

A number of other equities analysts also recently issued reports on the company. Barclays increased their price objective on RenaissanceRe from $310.00 to $341.00 and gave the stock an “equal weight” rating in a report on Wednesday. Cantor Fitzgerald upgraded RenaissanceRe from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $306.00 to $340.00 in a report on Thursday. Zacks Research downgraded RenaissanceRe from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. Morgan Stanley downgraded RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 price objective for the company. in a report on Thursday, February 26th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of RenaissanceRe in a research note on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $314.31.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock opened at $303.01 on Thursday. The business has a 50 day moving average of $298.35 and a 200 day moving average of $276.62. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The company has a market cap of $13.08 billion, a PE ratio of 5.35, a P/E/G ratio of 0.71 and a beta of 0.24. RenaissanceRe has a 52 week low of $222.75 and a 52 week high of $315.88.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.59 by $2.75. The business had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $1.73 billion. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The firm’s quarterly revenue was up 29.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $8.06 earnings per share. As a group, equities research analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current year.

Insider Activity at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the 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 sale, the executive vice president directly owned 73,023 shares of the company’s stock, valued at approximately $22,326,782.25. This represents a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On RenaissanceRe

Institutional investors have recently modified their holdings of the business. Financial Consulate Inc. purchased a new stake in shares of RenaissanceRe during the third quarter valued at $29,000. Kingdom Financial Group LLC. purchased a new stake in shares of RenaissanceRe during the fourth quarter valued at $36,000. Farther Finance Advisors LLC boosted its position in shares of RenaissanceRe by 151.9% during the third quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock valued at $33,000 after buying an additional 79 shares during the last quarter. Quarry LP boosted its position in shares of RenaissanceRe by 65.0% during the third quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after buying an additional 52 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its position in shares of RenaissanceRe by 235.0% during the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock valued at $34,000 after buying an additional 94 shares during the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

About RenaissanceRe

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.