RenaissanceRe (NYSE:RNR) Price Target Raised to $329.00 at Wells Fargo & Company

RenaissanceRe (NYSE:RNR) had its price target upped by investment analysts at Wells Fargo & Company from $306.00 to $329.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price target points to a potential upside of 4.56% from the stock’s previous close.

A number of other brokerages have also recently issued reports on RNR. Barclays lifted their target price on RenaissanceRe from $328.00 to $341.00 and gave the stock an “equal weight” rating in a report on Tuesday. Morgan Stanley increased their price objective on RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a report on Monday. Bank of America decreased their target price on shares of RenaissanceRe to $426.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Wall Street Zen downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, UBS Group lifted their target price on shares of RenaissanceRe from $326.00 to $342.00 and gave the stock a “neutral” rating in a report on Wednesday. Five analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $331.07.

RenaissanceRe Price Performance

RenaissanceRe stock traded down $7.72 during trading hours on Thursday, hitting $314.65. 263,204 shares of the company traded hands, compared to its average volume of 367,638. The firm’s 50-day simple moving average is $300.54 and its two-hundred day simple moving average is $295.34. The firm has a market cap of $13.41 billion, a P/E ratio of 5.25, a P/E/G ratio of 1.21 and a beta of 0.17. RenaissanceRe has a 1-year low of $231.17 and a 1-year high of $329.57. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.22.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 EPS for the quarter. The firm had revenue of $2.19 billion for the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%. As a group, analysts forecast that RenaissanceRe will post 40.19 earnings per share for the current fiscal year.

Institutional Trading of RenaissanceRe

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kingdom Financial Group LLC. bought a new stake in RenaissanceRe in the fourth quarter valued at approximately $36,000. Quarry LP boosted its holdings in RenaissanceRe by 65.0% in the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 52 shares during the period. CIBC Private Wealth Group LLC grew its position in RenaissanceRe by 235.0% during the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after buying an additional 94 shares in the last quarter. Mcguire Capital Advisors Inc. bought a new position in shares of RenaissanceRe in the fourth quarter worth $38,000. Finally, SBI Securities Co. Ltd. raised its position in shares of RenaissanceRe by 33.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock valued at $41,000 after buying an additional 37 shares in the last quarter. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.