Wells Fargo & Company Boosts RenaissanceRe (NYSE:RNR) Price Target to $314.00

by · The Cerbat Gem

RenaissanceRe (NYSE:RNR – Free Report) had its price target boosted by Wells Fargo & Company from $280.00 to $314.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have an overweight rating on the insurance provider’s stock.

Other analysts have also issued research reports about the company. StockNews.com lowered RenaissanceRe from a buy rating to a hold rating in a research note on Friday, September 6th. Morgan Stanley decreased their price objective on shares of RenaissanceRe from $257.00 to $240.00 and set an equal weight rating for the company in a report on Wednesday, July 10th. Bank of America upped their target price on shares of RenaissanceRe from $334.00 to $347.00 and gave the stock a buy rating in a research note on Thursday, July 11th. Citigroup lifted their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a buy rating in a research note on Tuesday, September 10th. Finally, JPMorgan Chase & Co. increased their price objective on RenaissanceRe from $265.00 to $267.00 and gave the stock a neutral rating in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $289.00.

Read Our Latest Stock Report on RNR

RenaissanceRe Trading Down 1.2 %

Shares of RNR opened at $275.55 on Thursday. The stock has a market capitalization of $14.37 billion, a PE ratio of 5.45, a P/E/G ratio of 1.68 and a beta of 0.38. The company’s fifty day moving average is $255.54 and its 200 day moving average is $235.14. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. RenaissanceRe has a fifty-two week low of $188.24 and a fifty-two week high of $283.86.

RenaissanceRe (NYSE:RNR – Get Free Report) last posted its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.88 by $1.53. The business had revenue of $2.95 billion during the quarter, compared to analyst estimates of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. Sell-side analysts expect that RenaissanceRe will post 40.68 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.57%. RenaissanceRe’s dividend payout ratio (DPR) is 3.08%.

Insider Buying and Selling

In related news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $279.00, for a total transaction of $279,000.00. Following the completion of the sale, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at approximately $22,890,276. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the transaction, the executive vice president now owns 82,044 shares in the company, valued at $22,890,276. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the sale, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,500 shares of company stock valued at $1,339,400. 1.30% of the stock is currently owned by corporate insiders.

Institutional Trading of RenaissanceRe

Several institutional investors and hedge funds have recently bought and sold shares of RNR. EntryPoint Capital LLC acquired a new position in RenaissanceRe in the first quarter valued at approximately $46,000. Royal London Asset Management Ltd. boosted its position in RenaissanceRe by 38.3% during the 4th quarter. Royal London Asset Management Ltd. now owns 24,811 shares of the insurance provider’s stock valued at $4,863,000 after purchasing an additional 6,874 shares during the period. American International Group Inc. grew its stake in RenaissanceRe by 1,829.6% during the 4th quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock worth $273,135,000 after buying an additional 1,321,325 shares during the last quarter. Wedge Capital Management L L P NC acquired a new stake in RenaissanceRe in the second quarter worth $2,887,000. Finally, Russell Investments Group Ltd. lifted its stake in RenaissanceRe by 16.9% in the first quarter. Russell Investments Group Ltd. now owns 27,448 shares of the insurance provider’s stock valued at $6,451,000 after buying an additional 3,962 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

About RenaissanceRe

(Get Free Report)

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.

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