Wells Fargo & Company Has Lowered Expectations for RenaissanceRe (NYSE:RNR) Stock Price

RenaissanceRe (NYSE:RNR) had its target price lowered by investment analysts at Wells Fargo & Company from $301.00 to $288.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 13.56% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. StockNews.com lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Bank of America raised their target price on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a report on Thursday, October 10th. JPMorgan Chase & Co. raised their target price on shares of RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a report on Friday, January 3rd. Keefe, Bruyette & Woods raised their target price on shares of RenaissanceRe from $310.00 to $318.00 and gave the company an “outperform” rating in a report on Friday. Finally, Barclays lowered shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $284.00 to $234.00 in a report on Monday, January 6th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $284.00.

RenaissanceRe Stock Performance

NYSE:RNR traded up $0.29 during mid-day trading on Tuesday, reaching $253.60. 83,934 shares of the company’s stock were exchanged, compared to its average volume of 398,347. RenaissanceRe has a one year low of $203.35 and a one year high of $300.00. The firm has a market capitalization of $13.17 billion, a PE ratio of 3.65, a price-to-earnings-growth ratio of 1.31 and a beta of 0.44. The business’s fifty day simple moving average is $263.52 and its two-hundred day simple moving average is $254.35. 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 released its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the firm earned $8.33 earnings per share. RenaissanceRe’s revenue for the quarter was up 52.1% compared to the same quarter last year. Analysts anticipate that RenaissanceRe will post 41.94 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Impax Asset Management Group plc lifted its position in shares of RenaissanceRe by 32.4% during the 3rd quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock valued at $461,679,000 after acquiring an additional 415,366 shares during the period. Dimensional Fund Advisors LP increased its stake in RenaissanceRe by 21.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock valued at $139,579,000 after purchasing an additional 109,851 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new stake in RenaissanceRe during the 3rd quarter valued at $18,969,000. Northwest & Ethical Investments L.P. bought a new stake in RenaissanceRe during the 3rd quarter valued at $17,086,000. Finally, World Investment Advisors LLC bought a new stake in RenaissanceRe during the 3rd quarter valued at $16,176,000. 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.