Morgan Stanley Lowers RenaissanceRe (NYSE:RNR) Price Target to $280.00

RenaissanceRe (NYSE:RNR - Free Report) had its price target cut by Morgan Stanley from $285.00 to $280.00 in a report released on Monday,Benzinga reports. They currently have an overweight rating on the insurance provider's stock.

A number of other equities research analysts have also recently commented on RNR. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $268.00 price target (down from $282.00) on shares of RenaissanceRe in a report on Wednesday, July 9th. Wells Fargo & Company restated an "equal weight" rating and issued a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Jefferies Financial Group decreased their target price on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating for the company in a research report on Friday, April 11th. Bank of America cut their price target on RenaissanceRe from $437.00 to $426.00 and set a "buy" rating on the stock in a report on Wednesday, March 26th. Finally, JPMorgan Chase & Co. upgraded RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price objective for the company in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $288.00.

RenaissanceRe Trading Down 1.0%

RNR stock traded down $2.43 during mid-day trading on Monday, reaching $236.78. The company's stock had a trading volume of 96,498 shares, compared to its average volume of 447,335. RenaissanceRe has a 12 month low of $210.51 and a 12 month high of $300.00. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.29. The business's 50 day moving average price is $243.46 and its 200 day moving average price is $242.06. The company has a market cap of $11.52 billion, a price-to-earnings ratio of 7.55, a price-to-earnings-growth ratio of 2.88 and a beta of 0.30.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported ($1.49) EPS for the quarter, missing the consensus estimate of ($0.32) by ($1.17). The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.36 billion. RenaissanceRe had a return on equity of 15.90% and a net margin of 13.26%. The business's quarterly revenue was up 7.6% compared to the same quarter last year. During the same period last year, the business earned $12.18 EPS. On average, equities research analysts predict that RenaissanceRe will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a $0.40 dividend. The ex-dividend date was Friday, June 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.68%. RenaissanceRe's dividend payout ratio is presently 5.10%.

Insider Activity

In related news, CAO James Christopher Fraser sold 332 shares of the stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total value of $82,847.28. Following the completion of the sale, the chief accounting officer directly owned 27,154 shares of the company's stock, valued at approximately $6,776,009.16. This represents a 1.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.30% of the stock is currently owned by insiders.

Institutional Trading of RenaissanceRe

Several institutional investors have recently made changes to their positions in RNR. Aster Capital Management DIFC Ltd bought a new stake in RenaissanceRe in the 4th quarter worth about $27,000. Jones Financial Companies Lllp boosted its stake in shares of RenaissanceRe by 1,587.5% in the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider's stock worth $34,000 after buying an additional 127 shares during the last quarter. Brooklyn Investment Group grew its holdings in shares of RenaissanceRe by 151.7% in the first quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock valued at $35,000 after acquiring an additional 88 shares in the last quarter. Tsfg LLC purchased a new stake in shares of RenaissanceRe during the first quarter valued at approximately $40,000. Finally, MassMutual Private Wealth & Trust FSB increased its position in shares of RenaissanceRe by 43.1% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 186 shares of the insurance provider's stock valued at $45,000 after acquiring an additional 56 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.