RenaissanceRe (NYSE:RNR) PT Lowered to $280.00

RenaissanceRe (NYSE:RNR) had its target price cut by Wells Fargo & Company from $288.00 to $280.00 in a report published on Friday morning, Benzinga reports. They currently have an overweight rating on the insurance provider’s stock.

A number of other analysts have also recently commented on RNR. Evercore ISI upped their price objective on RenaissanceRe from $216.00 to $218.00 and gave the company an underperform rating in a research report on Wednesday, May 1st. UBS Group reduced their price objective on RenaissanceRe from $251.00 to $248.00 and set a neutral rating for the company in a research report on Tuesday, July 9th. Morgan Stanley reduced their price objective on RenaissanceRe from $257.00 to $240.00 and set an equal weight rating for the company in a research report on Wednesday, July 10th. JPMorgan Chase & Co. boosted their price target on RenaissanceRe from $265.00 to $267.00 and gave the company a neutral rating in a report on Thursday, July 25th. Finally, Bank of America boosted their price target on RenaissanceRe from $334.00 to $347.00 and gave the company a buy rating in a report on Thursday, July 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $263.40.

RenaissanceRe Stock Up 1.2 %

RenaissanceRe stock opened at $227.10 on Friday. The stock has a market cap of $12.01 billion, a PE ratio of 5.02, a price-to-earnings-growth ratio of 1.26 and a beta of 0.38. 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 one year low of $174.22 and a one year high of $239.42. The stock has a fifty day moving average of $223.97 and a 200 day moving average of $223.96.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, beating analysts’ consensus estimates of $9.86 by $2.32. The company had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.05 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. RenaissanceRe’s revenue for the quarter was up 41.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $8.16 earnings per share. As a group, sell-side analysts predict that RenaissanceRe will post 37.43 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date of this dividend was Friday, June 14th. RenaissanceRe’s dividend payout ratio (DPR) is 3.45%.

Insider Transactions at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the transaction, the executive vice president now owns 85,544 shares of the company’s stock, valued at $19,675,120. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP David E. Marra sold 1,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the transaction, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at $19,675,120. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Robert Qutub sold 2,500 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the transaction, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in RenaissanceRe by 2.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,948 shares of the insurance provider’s stock valued at $2,447,000 after buying an additional 295 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in RenaissanceRe by 3.7% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 12,761 shares of the insurance provider’s stock valued at $2,852,000 after purchasing an additional 456 shares during the period. Whittier Trust Co. raised its position in RenaissanceRe by 4.8% during the second quarter. Whittier Trust Co. now owns 23,709 shares of the insurance provider’s stock valued at $5,299,000 after purchasing an additional 1,095 shares during the period. HB Wealth Management LLC raised its position in RenaissanceRe by 6.6% during the second quarter. HB Wealth Management LLC now owns 4,135 shares of the insurance provider’s stock valued at $924,000 after purchasing an additional 255 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in RenaissanceRe by 1,323.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 3,075 shares of the insurance provider’s stock valued at $687,000 after purchasing an additional 2,859 shares during the period. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Company Profile

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.