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

RenaissanceRe (NYSE:RNR) had its price target increased by Wells Fargo & Company from $305.00 to $306.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an equal weight rating on the insurance provider’s stock.

RNR has been the topic of a number of other research reports. Cantor Fitzgerald raised RenaissanceRe from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $306.00 to $340.00 in a report on Thursday, April 9th. Mizuho lifted their price target on RenaissanceRe from $313.00 to $318.00 and gave the company a “neutral” rating in a report on Monday, April 13th. Bank of America cut their price target on RenaissanceRe to $426.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Wall Street Zen raised RenaissanceRe from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Finally, Morgan Stanley cut RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 target price on the stock. in a report on Thursday, February 26th. Four research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $321.79.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $306.79 on Thursday. The company has a quick ratio of 1.43, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. The business has a 50 day moving average of $301.47 and a two-hundred day moving average of $281.90. RenaissanceRe has a 52 week low of $231.17 and a 52 week high of $318.20. The company has a market cap of $13.24 billion, a P/E ratio of 5.11, a PEG ratio of 0.72 and a beta of 0.24.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, April 28th. The insurance provider reported $13.75 EPS for the quarter, beating analysts’ consensus estimates of $11.07 by $2.68. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%.The company had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.84 billion. During the same period in the previous year, the firm posted ($1.49) earnings per share. RenaissanceRe’s quarterly revenue was down 36.8% compared to the same quarter last year. As a group, analysts anticipate that RenaissanceRe will post 37.85 EPS for the current year.

RenaissanceRe Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were issued a dividend of $0.41 per share. The ex-dividend date was Friday, March 13th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.40. RenaissanceRe’s dividend payout ratio is presently 2.89%.

Insider Activity 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 shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the transaction, the executive vice president directly owned 73,023 shares in the company, valued at $22,326,782.25. The trade was a 6.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RenaissanceRe

Several hedge funds have recently bought and sold shares of RNR. Lightrock Netherlands B.V. lifted 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 valued at $286,083,000 after buying an additional 996,266 shares during the period. Orbis Allan Gray Ltd acquired a new stake in RenaissanceRe in the 4th quarter valued at $178,519,000. Norges Bank acquired a new stake in RenaissanceRe in the 4th quarter valued at $168,582,000. Egerton Capital UK LLP acquired a new stake in RenaissanceRe in the 4th quarter valued at $137,944,000. Finally, GQG Partners LLC acquired a new stake in RenaissanceRe in the 4th quarter valued at $108,780,000. 99.97% of the stock is owned by institutional investors and hedge funds.

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.