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

RenaissanceRe (NYSE:RNR) had its target price cut by investment analysts at Wells Fargo & Company from $301.00 to $288.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 13.56% from the company’s current price.

A number of other equities analysts also recently weighed in on the stock. Bank of America increased their price target on shares of RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. JPMorgan Chase & Co. lifted their price target 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. Evercore ISI raised their price objective on shares of RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a report on Thursday, November 7th. Jefferies Financial Group reissued a “hold” rating and set a $282.00 price objective (down from $304.00) on shares of RenaissanceRe in a report on Wednesday, December 18th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of RenaissanceRe from $310.00 to $318.00 and gave the company an “outperform” rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and an average price target of $284.00.

RenaissanceRe Stock Performance

NYSE RNR traded up $0.29 during trading hours on Tuesday, hitting $253.60. 83,934 shares of the stock were exchanged, compared to its average volume of 398,347. The company has a market cap of $13.17 billion, a price-to-earnings ratio of 3.65, a price-to-earnings-growth ratio of 1.31 and a beta of 0.44. RenaissanceRe has a 12-month low of $203.35 and a 12-month high of $300.00. The stock has a 50-day moving average of $263.52 and a 200 day moving average of $254.35. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period last year, the company posted $8.33 earnings per share. The firm’s quarterly revenue was up 52.1% compared to the same quarter last year. As a group, equities research analysts forecast that RenaissanceRe will post 41.94 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RNR. V Square Quantitative Management LLC lifted its stake in RenaissanceRe by 29.5% in the third quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock valued at $49,000 after acquiring an additional 41 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in RenaissanceRe by 19.8% in the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock valued at $63,000 after acquiring an additional 45 shares during the last quarter. First Citizens Bank & Trust Co. lifted its stake in RenaissanceRe by 4.6% in the third quarter. First Citizens Bank & Trust Co. now owns 1,073 shares of the insurance provider’s stock valued at $292,000 after acquiring an additional 47 shares during the last quarter. CIBC Asset Management Inc lifted its stake in RenaissanceRe by 3.6% in the third quarter. CIBC Asset Management Inc now owns 1,530 shares of the insurance provider’s stock valued at $417,000 after acquiring an additional 53 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in RenaissanceRe by 23.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock valued at $76,000 after acquiring an additional 64 shares during the last quarter. 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.