RenaissanceRe (NYSE:RNR) Price Target Cut to $280.00 by Analysts at Morgan Stanley

RenaissanceRe (NYSE:RNR - Free Report) had its price target lowered by Morgan Stanley from $285.00 to $280.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an overweight rating on the insurance provider's stock.

Other analysts also recently issued reports about the company. Wells Fargo & Company reissued an "equal weight" rating and issued a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a report on Thursday. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $268.00 price target (down from $282.00) on shares of RenaissanceRe in a research note on Wednesday, July 9th. 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 research report on Tuesday, April 8th. Barclays upgraded shares of RenaissanceRe from an "underweight" rating to an "equal weight" rating and lifted their price target for the company from $231.00 to $256.00 in a research report on Monday, July 7th. Finally, Bank of America reduced their price target on shares of RenaissanceRe from $437.00 to $426.00 and set a "buy" rating on the stock in a report on Wednesday, March 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, RenaissanceRe presently has an average rating of "Hold" and a consensus price target of $288.00.

RenaissanceRe Stock Up 1.1%

Shares of RenaissanceRe stock traded up $2.63 on Monday, reaching $240.09. 655,860 shares of the company were exchanged, compared to its average volume of 490,085. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.36. RenaissanceRe has a 1-year low of $210.51 and a 1-year high of $300.00. The company has a market cap of $11.68 billion, a P/E ratio of 7.66, a price-to-earnings-growth ratio of 2.86 and a beta of 0.30. The stock's 50 day moving average price is $244.00 and its 200-day moving average price is $242.20.

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

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a $0.40 dividend. The ex-dividend date was Friday, June 13th. This represents a $1.60 dividend on an annualized basis and a yield of 0.67%. RenaissanceRe's payout ratio is currently 5.10%.

Insider Buying and Selling at RenaissanceRe

In related news, CAO James Christopher Fraser sold 332 shares of the business's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total value of $82,847.28. Following the transaction, the chief accounting officer owned 27,154 shares in the company, valued at approximately $6,776,009.16. The trade was a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RenaissanceRe

Hedge funds and other institutional investors have recently bought and sold shares of the business. Aster Capital Management DIFC Ltd bought a new stake in RenaissanceRe during the fourth quarter valued at $27,000. Jones Financial Companies Lllp increased its stake in shares of RenaissanceRe by 1,587.5% in the fourth quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider's stock valued at $34,000 after purchasing an additional 127 shares during the period. Brooklyn Investment Group raised its stake in RenaissanceRe by 151.7% during the 1st 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 bought a new stake in shares of RenaissanceRe during the first quarter valued at about $40,000. Finally, MassMutual Private Wealth & Trust FSB raised its position in shares of RenaissanceRe by 43.1% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 186 shares of the insurance provider's stock worth $45,000 after buying an additional 56 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Company Profile

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.