Bank of America Cuts RenaissanceRe (NYSE:RNR) Price Target to $426.00

RenaissanceRe (NYSE:RNR) had its target price decreased by research analysts at Bank of America from $437.00 to $426.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. Bank of America‘s price target would indicate a potential upside of 73.67% from the stock’s current price.

RNR has been the subject of a number of other reports. JMP Securities reaffirmed a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, January 30th. Morgan Stanley decreased their target price on RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating for the company in a research note on Friday, January 31st. Keefe, Bruyette & Woods dropped their price target on shares of RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 4th. JPMorgan Chase & Co. raised their price objective on shares of RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a research report on Friday, January 3rd. Finally, Wells Fargo & Company dropped their target price on shares of RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $283.40.

RenaissanceRe Stock Performance

RNR stock traded up $6.17 during trading on Wednesday, reaching $245.29. 39,267 shares of the company’s stock were exchanged, compared to its average volume of 540,902. The firm has a market cap of $12.08 billion, a PE ratio of 7.01, a P/E/G ratio of 2.09 and a beta of 0.38. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19. RenaissanceRe has a 1-year low of $208.98 and a 1-year high of $300.00. The company’s fifty day moving average price is $240.51 and its 200-day moving average price is $256.79.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, beating the consensus estimate of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. On average, research analysts expect that RenaissanceRe will post 26.04 EPS for the current fiscal year.

Insider Activity

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the transaction, the executive vice president now owns 79,392 shares of the company’s stock, valued at $20,178,270.72. The trade was a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Institutional Trading of RenaissanceRe

Several institutional investors have recently made changes to their positions in the stock. Lansforsakringar Fondforvaltning AB publ purchased a new stake in RenaissanceRe in the 4th quarter worth approximately $316,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in RenaissanceRe in the fourth quarter valued at about $1,508,000. Mackenzie Financial Corp raised its stake in shares of RenaissanceRe by 25.3% during the 4th quarter. Mackenzie Financial Corp now owns 16,962 shares of the insurance provider’s stock worth $4,220,000 after purchasing an additional 3,428 shares in the last quarter. Forum Financial Management LP increased its holdings in RenaissanceRe by 40.3% in the fourth quarter. Forum Financial Management LP now owns 1,392 shares of the insurance provider’s stock worth $346,000 after buying an additional 400 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in RenaissanceRe in the fourth quarter worth approximately $5,227,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

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.