RenaissanceRe (NYSE:RNR) Price Target Raised to $306.00 at Wells Fargo & Company

Key Points

• Wells Fargo raised its price target on RenaissanceRe from $305 to $306 and maintained an "equal weight" rating, implying roughly a 0.06% upside versus the stock's current price (~$305.83).
• Analysts' consensus remains a Hold with an average price target of $321.79; the coverage breakdown is four Buys, twelve Holds and one Sell.
• RenaissanceRe posted an earnings beat with EPS of $13.75 versus $11.07 expected, but revenue missed at $2.19B (vs. $2.86B) and fell 36.8% year‑over‑year; the company reported a 20.88% net margin and 18.29% ROE.

RenaissanceRe (NYSE:RNR - Get Free Report) had its price target lifted by stock analysts at Wells Fargo & Company from $305.00 to $306.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an "equal weight" rating on the insurance provider's stock. Wells Fargo & Company's target price would suggest a potential upside of 0.06% from the company's current price.

A number of other equities research analysts have also weighed in on the company. UBS Group lifted their price objective on RenaissanceRe from $312.00 to $319.00 and gave the company a "neutral" rating in a report on Wednesday, April 8th. Mizuho raised their price target on RenaissanceRe from $313.00 to $318.00 and gave the company a "neutral" rating in a report on Monday, April 13th. Keefe, Bruyette & Woods lifted their price target on RenaissanceRe from $323.00 to $327.00 and gave the company a "market perform" rating in a research note on Tuesday, April 7th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of RenaissanceRe in a report on Friday, March 27th. Finally, Citigroup increased their price objective on RenaissanceRe from $328.00 to $333.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 18th. Four 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 company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $321.79.

RenaissanceRe Stock Up 0.7%

Shares of RenaissanceRe stock opened at $305.83 on Thursday. RenaissanceRe has a one year low of $231.17 and a one year high of $318.20. The company has a market cap of $13.20 billion, a P/E ratio of 5.37, a PEG ratio of 0.73 and a beta of 0.24. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.43 and a current ratio of 1.43. The firm has a fifty day moving average of $301.33 and a two-hundred day moving average of $281.73.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its earnings results on Tuesday, April 28th. The insurance provider reported $13.75 earnings per share for the quarter, beating the consensus estimate of $11.07 by $2.68. The business had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.86 billion. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The business's quarterly revenue was down 36.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.49) earnings per share. On average, analysts forecast that RenaissanceRe will post 37.85 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Robert Qutub sold 5,000 shares of the firm's stock in a transaction on Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the completion of the transaction, the executive vice president owned 73,023 shares in the company, valued at $22,326,782.25. This trade represents a 6.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On RenaissanceRe

A number of large investors have recently added to or reduced their stakes in RNR. Financial Consulate Inc. purchased a new stake in shares of RenaissanceRe in the third quarter valued at about $29,000. Kingdom Financial Group LLC. purchased a new position in shares of RenaissanceRe during the 4th quarter worth approximately $36,000. Farther Finance Advisors LLC raised its position in shares of RenaissanceRe by 151.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider's stock worth $33,000 after purchasing an additional 79 shares during the last quarter. Quarry LP raised its position in shares of RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider's stock worth $34,000 after purchasing an additional 52 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its stake in RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock valued at $34,000 after buying an additional 94 shares in 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 solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.

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