Morgan Stanley Lowers RenaissanceRe (NYSE:RNR) Price Target to $245.00

RenaissanceRe (NYSE:RNR) had its price objective lowered by analysts at Morgan Stanley from $265.00 to $245.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s price objective suggests a potential upside of 5.37% from the stock’s previous close.

RNR has been the topic of several other research reports. Barclays cut RenaissanceRe from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $284.00 to $234.00 in a research report on Monday, January 6th. JMP Securities reissued a “market perform” rating on shares of RenaissanceRe in a report on Thursday. Wells Fargo & Company lowered 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. Evercore ISI increased their price target on shares of RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research note on Thursday, November 7th. Finally, Bank of America boosted their price objective on shares of RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $283.45.

RenaissanceRe Trading Down 2.5 %

NYSE:RNR opened at $232.52 on Friday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18. RenaissanceRe has a twelve month low of $208.98 and a twelve month high of $300.00. The company has a market cap of $12.08 billion, a P/E ratio of 6.64, a price-to-earnings-growth ratio of 1.75 and a beta of 0.44. The business has a 50 day moving average price of $259.85 and a two-hundred day moving average price of $257.40.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share for the quarter, beating analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.51%. As a group, analysts expect that RenaissanceRe will post 34.22 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total value of $254,160.00. Following the transaction, the executive vice president now directly owns 79,392 shares in the company, valued at approximately $20,178,270.72. This represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.30% of the company’s stock.

Institutional Trading of RenaissanceRe

A number of institutional investors have recently bought and sold shares of the business. Marshall Wace LLP boosted its stake in shares of RenaissanceRe by 1,066.1% in the second quarter. Marshall Wace LLP now owns 11,661 shares of the insurance provider’s stock valued at $2,606,000 after buying an additional 10,661 shares during the period. The Manufacturers Life Insurance Company raised its holdings in RenaissanceRe by 5.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 46,487 shares of the insurance provider’s stock valued at $10,390,000 after acquiring an additional 2,459 shares in the last quarter. Algert Global LLC bought a new stake in shares of RenaissanceRe during the 2nd quarter valued at $1,186,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of RenaissanceRe by 23.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock worth $76,000 after purchasing an additional 64 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in shares of RenaissanceRe in the second quarter worth $229,000. Institutional investors 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.