RenaissanceRe (NYSE:RNR) Price Target Lowered to $277.00 at Wells Fargo & Company

RenaissanceRe (NYSE:RNR) had its price objective lowered by Wells Fargo & Company from $288.00 to $277.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the insurance provider’s stock.

RNR has been the subject of a number of other reports. Keefe, Bruyette & Woods upped their target price on RenaissanceRe from $310.00 to $318.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Bank of America raised their target price on RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. StockNews.com downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their price objective on shares of RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a research note on Friday, January 3rd. Finally, Evercore ISI increased their target price on shares of RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and an average price target of $283.00.

RenaissanceRe Trading Up 0.4 %

Shares of RNR stock opened at $237.89 on Thursday. RenaissanceRe has a 1 year low of $208.98 and a 1 year high of $300.00. The firm has a market capitalization of $12.36 billion, a PE ratio of 6.79, a price-to-earnings-growth ratio of 1.75 and a beta of 0.44. The stock has a fifty day moving average of $260.64 and a two-hundred day moving average of $257.15. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.43 and a current ratio of 1.43.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.51%. As a group, research analysts expect that RenaissanceRe will post 34.22 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a $0.39 dividend. The ex-dividend date was Friday, December 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.66%. RenaissanceRe’s dividend payout ratio (DPR) is presently 4.45%.

Insider Activity at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total transaction of $254,160.00. Following the transaction, the executive vice president now directly owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. The trade was a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.30% of the stock is owned by insiders.

Institutional Investors Weigh In On RenaissanceRe

Institutional investors have recently modified their holdings of the stock. Impax Asset Management Group plc raised its holdings in shares of RenaissanceRe by 32.4% during the third quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock worth $461,679,000 after acquiring an additional 415,366 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new stake in shares of RenaissanceRe during the 3rd quarter worth about $18,969,000. Northwest & Ethical Investments L.P. acquired a new stake in shares of RenaissanceRe during the 3rd quarter valued at about $17,086,000. World Investment Advisors LLC bought a new stake in shares of RenaissanceRe in the 3rd quarter valued at approximately $16,176,000. Finally, Assetmark Inc. increased its holdings in RenaissanceRe by 115.3% in the third quarter. Assetmark Inc. now owns 81,006 shares of the insurance provider’s stock worth $22,066,000 after buying an additional 43,384 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

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.