RenaissanceRe's (RNR) Equal Weight Rating Reiterated at Wells Fargo & Company

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

Several other research firms have also recently issued reports on RNR. JMP Securities reiterated a "market perform" rating on shares of RenaissanceRe in a research note on Thursday, April 24th. Barclays upgraded shares of RenaissanceRe from an "underweight" rating to an "equal weight" rating and boosted their target price for the company from $231.00 to $256.00 in a research note on Monday. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $268.00 target price (down from $282.00) on shares of RenaissanceRe in a research note on Wednesday. JPMorgan Chase & Co. upgraded shares of 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. Finally, Bank of America reduced their price objective on shares of RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a research report on Wednesday, March 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $288.56.

RenaissanceRe Stock Performance

NYSE:RNR traded down $0.28 during trading hours on Thursday, hitting $238.16. 126,122 shares of the company were exchanged, compared to its average volume of 444,583. The stock has a market capitalization of $11.59 billion, a price-to-earnings ratio of 7.60, a PEG ratio of 2.89 and a beta of 0.30. RenaissanceRe has a 52-week low of $210.51 and a 52-week high of $300.00. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.36. The company's 50 day moving average price is $244.11 and its 200-day moving average price is $242.40.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share 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 company had revenue of $3.44 billion for the quarter, compared to analysts' expectations of $3.36 billion. During the same period 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. As a group, research analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

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

Insiders Place Their Bets

In other RenaissanceRe news, CAO James Christopher Fraser sold 332 shares of the business's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total transaction of $82,847.28. Following the sale, the chief accounting officer directly owned 27,154 shares in the company, valued at approximately $6,776,009.16. The trade was a 1.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. First Trust Advisors LP grew its position in RenaissanceRe by 462.8% in the fourth quarter. First Trust Advisors LP now owns 864,252 shares of the insurance provider's stock valued at $215,035,000 after acquiring an additional 710,698 shares in the last quarter. Norges Bank bought a new stake in RenaissanceRe in the fourth quarter valued at $173,530,000. Price T Rowe Associates Inc. MD raised its stake in shares of RenaissanceRe by 37.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider's stock valued at $599,049,000 after purchasing an additional 676,125 shares in the last quarter. Boston Partners raised its stake in shares of RenaissanceRe by 28.5% during the fourth quarter. Boston Partners now owns 2,013,382 shares of the insurance provider's stock valued at $500,991,000 after purchasing an additional 446,781 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of RenaissanceRe by 33,487.8% during the first quarter. GAMMA Investing LLC now owns 396,000 shares of the insurance provider's stock valued at $95,040,000 after purchasing an additional 394,821 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company's stock.

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.