Wells Fargo & Company Forecasts Strong Price Appreciation for RenaissanceRe (NYSE:RNR) Stock

Key Points

• Wells Fargo & Company raised the target price for RenaissanceRe (NYSE:RNR) from $269.00 to $278.00, suggesting a potential upside of 4.26% from its current price.
• RenaissanceRe reported earnings of $12.29 per share for the last quarter, exceeding expectations but with a 2.4% decline in quarterly revenue compared to the previous year.
• The stock has received various ratings from analysts, with five rating it a Buy and ten advising a Hold, leading to a consensus target price of $283.82.

RenaissanceRe (NYSE:RNR - Get Free Report) had its target price boosted by equities research analysts at Wells Fargo & Company from $269.00 to $278.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the insurance provider's stock. Wells Fargo & Company's price objective suggests a potential upside of 4.26% from the stock's current price.

RNR has been the subject of a number of other reports. Morgan Stanley lowered their price target on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a report on Monday, July 14th. Cowen reissued a "hold" rating on shares of RenaissanceRe in a research note on Tuesday. Cantor Fitzgerald raised RenaissanceRe to a "hold" rating in a research note on Wednesday, August 13th. Evercore ISI set a $244.00 target price on RenaissanceRe and gave the stock an "in-line" rating in a research note on Wednesday, October 1st. Finally, Barclays set a $278.00 target price on RenaissanceRe in a research note on Wednesday. Five investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $283.82.

RenaissanceRe Trading Down 0.1%

NYSE RNR traded down $0.40 during trading on Wednesday, hitting $266.64. 41,080 shares of the company's stock traded hands, compared to its average volume of 469,602. The stock has a fifty day moving average of $245.28 and a two-hundred day moving average of $242.80. RenaissanceRe has a 12-month low of $219.00 and a 12-month high of $300.00. The firm has a market cap of $12.55 billion, a P/E ratio of 6.82, a PEG ratio of 2.61 and a beta of 0.27. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, beating the consensus estimate of $10.28 by $2.01. The company had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.96 billion. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.RenaissanceRe's quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the business posted $12.41 EPS. As a group, sell-side analysts expect that RenaissanceRe will post 26.04 EPS for the current year.

Hedge Funds Weigh In On RenaissanceRe

Large investors have recently made changes to their positions in the business. Hantz Financial Services Inc. lifted its holdings in shares of RenaissanceRe by 707.1% during the second quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider's stock valued at $27,000 after purchasing an additional 99 shares during the last quarter. IFP Advisors Inc lifted its holdings in shares of RenaissanceRe by 160.0% during the second quarter. IFP Advisors Inc now owns 117 shares of the insurance provider's stock valued at $28,000 after purchasing an additional 72 shares during the last quarter. Huntington National Bank lifted its holdings in shares of RenaissanceRe by 80.9% during the second quarter. Huntington National Bank now owns 123 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 55 shares during the last quarter. Brooklyn Investment Group lifted its holdings in shares of RenaissanceRe by 151.7% during the first quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock valued at $35,000 after purchasing an additional 88 shares during the last quarter. Finally, Tsfg LLC purchased a new position in shares of RenaissanceRe during the first quarter valued at approximately $40,000. 99.97% of the stock is currently owned by hedge funds and other 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.

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