RenaissanceRe (NYSE:RNR) PT Lowered to $280.00

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

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

RenaissanceRe Trading Up 1.2 %

Shares of RNR stock opened at $227.10 on Friday. The company has a market cap of $12.01 billion, a P/E ratio of 5.02, a PEG ratio of 1.26 and a beta of 0.38. The stock has a 50 day simple moving average of $223.97 and a two-hundred day simple moving average of $223.96. 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 $174.22 and a fifty-two week high of $239.42.

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

RenaissanceRe Dividend Announcement

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of RenaissanceRe by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock valued at $1,090,875,000 after purchasing an additional 148,173 shares during the period. Bank of New York Mellon Corp raised its stake in shares of RenaissanceRe by 4.7% during the 1st quarter. Bank of New York Mellon Corp now owns 2,752,016 shares of the insurance provider’s stock valued at $646,806,000 after purchasing an additional 124,039 shares during the period. Capital World Investors raised its stake in shares of RenaissanceRe by 1.0% during the 4th quarter. Capital World Investors now owns 2,539,332 shares of the insurance provider’s stock valued at $497,709,000 after purchasing an additional 25,898 shares during the period. Capital Research Global Investors raised its stake in shares of RenaissanceRe by 5.3% during the 4th quarter. Capital Research Global Investors now owns 1,423,281 shares of the insurance provider’s stock valued at $278,963,000 after purchasing an additional 71,377 shares during the period. Finally, American International Group Inc. raised its stake in shares of 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 valued at $273,135,000 after purchasing an additional 1,321,325 shares during the period. Hedge funds and other institutional investors 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.