RenaissanceRe (NYSE:RNR) has been given a $140.00 price target by analysts at Wells Fargo & Company in a note issued to investors on Wednesday. The brokerage currently has a “hold” rating on the insurance provider’s stock. Wells Fargo & Company’s price target points to a potential upside of 8.24% from the company’s current price.

RNR has been the topic of a number of other reports. BidaskClub downgraded shares of RenaissanceRe from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. Zacks Investment Research upgraded shares of RenaissanceRe from a “sell” rating to a “hold” rating in a report on Friday, November 10th. ValuEngine cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Friday, October 6th. Citigroup upgraded shares of RenaissanceRe from a “neutral” rating to a “buy” rating and boosted their target price for the company from $151.00 to $157.00 in a report on Thursday, November 2nd. Finally, UBS boosted their target price on shares of RenaissanceRe from $135.00 to $144.00 and gave the company a “neutral” rating in a report on Monday, November 6th. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. RenaissanceRe presently has a consensus rating of “Hold” and a consensus target price of $148.38.

Shares of RenaissanceRe (NYSE:RNR) traded down $2.52 during trading on Wednesday, reaching $129.34. 551,600 shares of the company’s stock were exchanged, 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 fifty-two week low of $120.55 and a fifty-two week high of $152.00.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($12.25) by ($1.56). The company had revenue of $483.22 million for the quarter, compared to analysts’ expectations of $300.46 million. RenaissanceRe had a negative net margin of 7.60% and a negative return on equity of 5.82%. The firm’s revenue for the quarter was up 70.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.09 earnings per share. analysts forecast that RenaissanceRe will post -7.02 earnings per share for the current year.

RenaissanceRe announced that its Board of Directors has approved a share buyback plan on Friday, November 10th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

In related news, CEO Kevin Odonnell sold 5,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $134.89, for a total value of $674,450.00. Following the transaction, the chief executive officer now owns 197,904 shares in the company, valued at approximately $26,695,270.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Sean G. Brosnan sold 1,391 shares of the company’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $135.73, for a total transaction of $188,800.43. Following the completion of the transaction, the senior vice president now owns 8,405 shares in the company, valued at approximately $1,140,810.65. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,391 shares of company stock worth $2,199,400. 1.80% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the stock. Neuberger Berman Group LLC boosted its stake in RenaissanceRe by 54.2% in the 3rd quarter. Neuberger Berman Group LLC now owns 85,044 shares of the insurance provider’s stock worth $11,493,000 after purchasing an additional 29,910 shares in the last quarter. California Public Employees Retirement System boosted its stake in RenaissanceRe by 3.6% in the 3rd quarter. California Public Employees Retirement System now owns 96,302 shares of the insurance provider’s stock worth $13,014,000 after purchasing an additional 3,315 shares in the last quarter. AlphaStar Capital Management LLC bought a new position in RenaissanceRe in the 3rd quarter worth about $430,000. Nepsis Capital Management Inc. raised its position in RenaissanceRe by 29.4% in the 3rd quarter. Nepsis Capital Management Inc. now owns 58,577 shares of the insurance provider’s stock worth $7,916,000 after buying an additional 13,297 shares during the last quarter. Finally, Lagoda Investment Management L.P. raised its position in RenaissanceRe by 0.6% in the 3rd quarter. Lagoda Investment Management L.P. now owns 149,087 shares of the insurance provider’s stock worth $20,148,000 after buying an additional 847 shares during the last quarter. Institutional investors own 93.44% of the company’s stock.

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RenaissanceRe Company Profile

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.

Analyst Recommendations for RenaissanceRe (NYSE:RNR)

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