RenaissanceRe (NYSE:RNR) Receives Equal Weight Rating from Wells Fargo & Company

Wells Fargo & Company reaffirmed their equal weight rating on shares of RenaissanceRe (NYSE:RNR - Free Report) in a research report released on Thursday morning, Marketbeat.com reports. Wells Fargo & Company currently has a $269.00 price target on the insurance provider's stock, up from their previous price target of $267.00.

RNR has been the subject of a number of other reports. JPMorgan Chase & Co. raised RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price target for the company in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $268.00 price objective (down from $282.00) on shares of RenaissanceRe in a research report on Wednesday. Bank of America decreased their price objective on RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a research report on Wednesday, March 26th. JMP Securities reiterated a "market perform" rating on shares of RenaissanceRe in a research report on Thursday, April 24th. Finally, Jefferies Financial Group decreased their price objective on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating for the company in a research report on Friday, April 11th. One 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. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $288.56.

RenaissanceRe Stock Performance

Shares of RNR stock traded down $1.92 during mid-day trading on Thursday, reaching $238.33. The stock had a trading volume of 398,902 shares, compared to its average volume of 445,811. The firm's 50 day simple moving average is $244.09 and its 200 day simple moving average is $242.48. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. RenaissanceRe has a one year low of $210.51 and a one year high of $300.00. The firm has a market cap of $11.59 billion, a PE ratio of 7.60, a P/E/G ratio of 2.89 and a beta of 0.30.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) EPS for the quarter, missing the consensus estimate of ($0.32) by ($1.17). RenaissanceRe had a net margin of 13.26% and a return on equity of 15.90%. The firm had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.36 billion. During the same quarter in the prior year, the firm posted $12.18 EPS. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. On average, analysts forecast 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. Investors of record on Friday, June 13th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.67%. The ex-dividend date of this dividend was Friday, June 13th. RenaissanceRe's 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 transaction, the chief accounting officer directly owned 27,154 shares in the company, valued at $6,776,009.16. This trade represents a 1.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On RenaissanceRe

Several large investors have recently bought and sold shares of RNR. Advisors Asset Management Inc. increased its holdings in RenaissanceRe by 10.5% in the 1st quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider's stock worth $106,000 after acquiring an additional 42 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in RenaissanceRe by 43.1% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 186 shares of the insurance provider's stock worth $45,000 after acquiring an additional 56 shares during the last quarter. Bessemer Group Inc. increased its holdings in RenaissanceRe by 5.8% in the 4th quarter. Bessemer Group Inc. now owns 1,106 shares of the insurance provider's stock worth $274,000 after acquiring an additional 61 shares during the last quarter. Resona Asset Management Co. Ltd. increased its holdings in RenaissanceRe by 0.8% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 8,047 shares of the insurance provider's stock worth $1,931,000 after acquiring an additional 61 shares during the last quarter. Finally, Independent Advisor Alliance increased its holdings in RenaissanceRe by 7.7% in the 4th quarter. Independent Advisor Alliance now owns 864 shares of the insurance provider's stock worth $215,000 after acquiring an additional 62 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

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.