RenaissanceRe (NYSE:RNR) Stock Gets Price Target Increase from Wells Fargo & Company

RenaissanceRe (NYSE:RNR) had its price target upped by equities research analysts at Wells Fargo & Company from $319.00 to $338.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price target would indicate a potential downside of 0.34% from the stock’s current price.

Other equities analysts have also issued reports about the company. Mizuho set a $352.00 target price on RenaissanceRe in a research note on Monday. Bank of America upped their price objective on shares of RenaissanceRe from $410.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods increased their price objective on shares of RenaissanceRe from $342.00 to $350.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. JPMorgan Chase & Co. lowered their target price on shares of RenaissanceRe from $360.00 to $355.00 and set a “neutral” rating for the company in a report on Friday, October 9th. Finally, Barclays upped their price target on shares of RenaissanceRe from $328.00 to $341.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $342.62.

RenaissanceRe Trading Down 0.1%

Shares of RenaissanceRe stock opened at $339.15 on Monday. RenaissanceRe has a 12-month low of $251.36 and a 12-month high of $363.84. The stock has a market cap of $13.71 billion, a PE ratio of 9.75, a price-to-earnings-growth ratio of 0.89 and a beta of 0.11. The company has a 50-day moving average of $333.05 and a two-hundred day moving average of $310.03. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.22.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, October 27th. The insurance provider reported $12.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.56 by $2.15. RenaissanceRe had a return on equity of 21.13% and a net margin of 16.25%. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the previous year, the firm posted $15.62 EPS. On average, research analysts anticipate that RenaissanceRe will post 48.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RNR. BlackRock Inc. purchased a new position in RenaissanceRe in the second quarter valued at about $1,319,724,000. Lightrock Netherlands B.V. boosted its position in shares of RenaissanceRe by 15.8% in the first quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock worth $350,263,000 after buying an additional 160,915 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of RenaissanceRe by 5.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider’s stock valued at $322,603,000 after buying an additional 52,371 shares in the last quarter. GQG Partners LLC acquired a new stake in shares of RenaissanceRe in the second quarter valued at about $185,351,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of RenaissanceRe during the 2nd quarter valued at about $116,717,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance products. The company specializes in helping insurers, businesses and other organizations manage financial risk arising from natural catastrophes, specialty exposures and certain casualty risks.

RenaissanceRe’s reinsurance activities include property catastrophe coverage, as well as casualty and specialty reinsurance. Through its insurance operations, the company provides coverage for areas such as property, casualty and other specialty risks.