RenaissanceRe (NYSE:RNR) Price Target Lowered to $426.00 at Bank of America

RenaissanceRe (NYSE:RNR) had its price target dropped by equities researchers at Bank of America from $437.00 to $426.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price target indicates a potential upside of 72.62% from the stock’s previous close.

RNR has been the topic of a number of other reports. JMP Securities reaffirmed a “market perform” rating on shares of RenaissanceRe in a research report on Thursday, January 30th. Morgan Stanley decreased their price objective on shares of RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Friday, January 31st. JPMorgan Chase & Co. increased their price target on RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a research note on Friday, January 3rd. Barclays lowered RenaissanceRe from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $284.00 to $234.00 in a research note on Monday, January 6th. Finally, Wells Fargo & Company decreased their target price on RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and an average price target of $283.40.

RenaissanceRe Stock Up 1.0 %

RNR stock opened at $246.78 on Wednesday. The company has a market cap of $12.15 billion, a price-to-earnings ratio of 7.05, a P/E/G ratio of 2.09 and a beta of 0.38. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42. The business’s 50-day moving average is $240.06 and its two-hundred day moving average is $256.63. RenaissanceRe has a fifty-two week low of $208.98 and a fifty-two week high of $300.00.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. As a group, analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current year.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total value of $254,160.00. Following the sale, the executive vice president now owns 79,392 shares in the company, valued at $20,178,270.72. This trade represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On RenaissanceRe

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MassMutual Private Wealth & Trust FSB raised its stake in shares of RenaissanceRe by 51.3% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 41 shares in the last quarter. UMB Bank n.a. raised its holdings in shares of RenaissanceRe by 40.0% in the 4th quarter. UMB Bank n.a. now owns 175 shares of the insurance provider’s stock valued at $44,000 after purchasing an additional 50 shares in the last quarter. Lifestyle Asset Management Inc. boosted its stake in shares of RenaissanceRe by 1.1% during the fourth quarter. Lifestyle Asset Management Inc. now owns 4,645 shares of the insurance provider’s stock valued at $1,156,000 after purchasing an additional 52 shares in the last quarter. AMG National Trust Bank increased its holdings in RenaissanceRe by 1.3% during the fourth quarter. AMG National Trust Bank now owns 4,688 shares of the insurance provider’s stock valued at $1,166,000 after buying an additional 59 shares during the period. Finally, Principal Securities Inc. raised its stake in RenaissanceRe by 11.9% in the fourth quarter. Principal Securities Inc. now owns 565 shares of the insurance provider’s stock worth $141,000 after buying an additional 60 shares in 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.