RenaissanceRe (NYSE:RNR) has been given a $140.00 target price by analysts at Wells Fargo & Company in a research note issued to investors on Wednesday. The brokerage presently has a “hold” rating on the insurance provider’s stock. Wells Fargo & Company’s price target would indicate a potential upside of 8.24% from the stock’s previous close.
Other equities analysts have also recently issued reports about the company. UBS lowered their price objective on RenaissanceRe from $136.00 to $135.00 and set a “neutral” rating on the stock in a research report on Monday, October 2nd. Zacks Investment Research cut RenaissanceRe from a “hold” rating to a “sell” rating in a research report on Wednesday, November 1st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $143.00 price objective on shares of RenaissanceRe in a research report on Thursday, September 21st. Morgan Stanley lowered their price objective on RenaissanceRe from $144.00 to $142.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 2nd. Finally, Buckingham Research assumed coverage on RenaissanceRe in a research report on Monday, September 11th. They issued a “buy” rating and a $165.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $148.38.
Shares of RenaissanceRe (NYSE RNR) traded down $2.52 on Wednesday, hitting $129.34. The stock had a trading volume of 551,600 shares, compared to its average volume of 288,681. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.25. RenaissanceRe has a 12-month low of $120.55 and a 12-month high of $152.00.
RenaissanceRe announced that its Board of Directors has authorized a share repurchase plan on Friday, November 10th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the insurance provider to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.
In other news, SVP Sean G. Brosnan sold 1,391 shares of the company’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $135.73, for a total value of $188,800.43. Following the completion of the sale, the senior vice president now directly owns 8,405 shares in the company, valued at approximately $1,140,810.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kevin Odonnell sold 5,000 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $134.89, for a total value of $674,450.00. Following the completion of the sale, the chief executive officer now owns 197,904 shares of the company’s stock, valued at $26,695,270.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,391 shares of company stock valued at $2,199,400. Company insiders own 1.80% of the company’s stock.
Several large investors have recently bought and sold shares of RNR. Janus Henderson Group PLC increased its stake in shares of RenaissanceRe by 53,631.6% in the 2nd quarter. Janus Henderson Group PLC now owns 1,290,632 shares of the insurance provider’s stock worth $179,463,000 after purchasing an additional 1,288,230 shares in the last quarter. Renaissance Technologies LLC increased its stake in RenaissanceRe by 85.1% in the 2nd quarter. Renaissance Technologies LLC now owns 692,497 shares of the insurance provider’s stock worth $96,292,000 after buying an additional 318,282 shares in the last quarter. APG Asset Management N.V. increased its stake in RenaissanceRe by 41.3% in the 3rd quarter. APG Asset Management N.V. now owns 970,002 shares of the insurance provider’s stock worth $131,086,000 after buying an additional 283,300 shares in the last quarter. Wells Fargo & Company MN increased its stake in RenaissanceRe by 29.6% in the 2nd quarter. Wells Fargo & Company MN now owns 768,954 shares of the insurance provider’s stock worth $106,923,000 after buying an additional 175,408 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in RenaissanceRe by 99.0% in the 3rd quarter. Bessemer Group Inc. now owns 336,900 shares of the insurance provider’s stock worth $45,529,000 after buying an additional 167,621 shares in the last quarter. Hedge funds and other institutional investors own 93.44% of the company’s stock.
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RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.
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