RenaissanceRe (NYSE:RNR) Stock Price Target Raised at Wells Fargo & Company

Key Points

• Wells Fargo raised RenaissanceRe’s price target from $319 to $338 while maintaining an “equal weight” rating, implying roughly 0.34% downside from the prior close.
• Analyst sentiment remains broadly cautious: RenaissanceRe has a consensus “Hold” rating and an average target price of $342.62, based on five Buy, twelve Hold, and one Sell rating.
• The company exceeded quarterly earnings expectations, reporting $12.71 in EPS versus the $10.56 consensus estimate, though revenue of $1.69 billion fell short of the $1.78 billion forecast.

RenaissanceRe (NYSE:RNR - Get Free Report) had its target price boosted by stock analysts at Wells Fargo & Company from $319.00 to $338.00 in a report released on Monday, Benzinga reports. The brokerage presently has an "equal weight" rating on the insurance provider's stock. Wells Fargo & Company's price target would suggest a potential downside of 0.34% from the stock's previous close.

A number of other equities research analysts also recently commented on the stock. Evercore set a $330.00 price objective on shares of RenaissanceRe in a research report on Thursday, July 23rd. JPMorgan Chase & Co. decreased their price objective on shares of RenaissanceRe from $360.00 to $355.00 and set a "neutral" rating for the company in a research report on Friday, October 9th. Keefe, Bruyette & Woods boosted their target price on shares of RenaissanceRe from $342.00 to $350.00 and gave the stock a "market perform" rating in a research note on Monday, July 27th. Royal Bank Of Canada began coverage on RenaissanceRe in a report on Tuesday, September 22nd. They issued a "sector perform" rating and a $365.00 target price on the stock. Finally, Jefferies Financial Group upgraded RenaissanceRe from a "hold" rating to a "market outperform" rating in a research note on Tuesday, September 22nd. Five research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $342.62.

RenaissanceRe Stock Down 0.1%

Shares of NYSE:RNR opened at $339.15 on Monday. The company has a market capitalization of $13.71 billion, a price-to-earnings ratio of 9.75, a PEG ratio of 0.89 and a beta of 0.11. RenaissanceRe has a 12-month low of $251.36 and a 12-month high of $363.84. The business has a 50-day moving average price of $333.05 and a 200 day moving average price of $310.03. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.22.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The insurance provider reported $12.71 EPS for the quarter, topping the consensus estimate of $10.56 by $2.15. RenaissanceRe had a return on equity of 21.13% and a net margin of 16.25%. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same period last year, the business posted $15.62 earnings per share. Sell-side analysts expect that RenaissanceRe will post 48.12 EPS for the current year.

Institutional Trading of RenaissanceRe

A number of large investors have recently made changes to their positions in the company. Ashurst Perkins Coie Trust Co acquired a new position in RenaissanceRe during the third quarter worth approximately $26,000. Elevation Wealth Partners LLC boosted its holdings in shares of RenaissanceRe by 90.0% in the third quarter. Elevation Wealth Partners LLC now owns 95 shares of the insurance provider's stock valued at $30,000 after acquiring an additional 45 shares during the period. Continuum Advisory LLC acquired a new stake in shares of RenaissanceRe in the second quarter valued at approximately $38,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of RenaissanceRe during the second quarter worth approximately $42,000. Finally, Versant Capital Management Inc grew its position in shares of RenaissanceRe by 155.3% during the third quarter. Versant Capital Management Inc now owns 194 shares of the insurance provider's stock worth $62,000 after acquiring an additional 118 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance products. The company specializes in helping insurers, businesses and other organizations manage financial risk arising from natural catastrophes, specialty exposures and certain casualty risks.

RenaissanceRe's reinsurance activities include property catastrophe coverage, as well as casualty and specialty reinsurance. Through its insurance operations, the company provides coverage for areas such as property, casualty and other specialty risks.

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