Morgan Stanley Issues Pessimistic Forecast for RenaissanceRe (NYSE:RNR) Stock Price

RenaissanceRe (NYSE:RNR) had its price objective lowered by investment analysts at Morgan Stanley from $285.00 to $280.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the insurance provider’s stock. Morgan Stanley’s price target suggests a potential upside of 18.59% from the company’s current price.

Other research analysts also recently issued research reports about the stock. Wells Fargo & Company reiterated an “equal weight” rating and issued a $269.00 target price (up previously from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 target price on the stock in a research note on Tuesday, April 8th. Jefferies Financial Group lowered their price objective on shares of RenaissanceRe from $266.00 to $265.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Bank of America lowered their price objective on shares of RenaissanceRe from $437.00 to $426.00 and set a “buy” rating on the stock in a research report on Wednesday, March 26th. Finally, JMP Securities restated a “market perform” rating on shares of RenaissanceRe in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $288.00.

RenaissanceRe Stock Down 1.5%

NYSE:RNR opened at $236.11 on Monday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.29. The stock has a market cap of $11.49 billion, a price-to-earnings ratio of 7.53, a PEG ratio of 2.89 and a beta of 0.30. The stock has a 50-day moving average price of $243.64 and a two-hundred day moving average price of $242.08. RenaissanceRe has a 1 year low of $210.51 and a 1 year high of $300.00.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($1.17). RenaissanceRe had a return on equity of 15.90% and a net margin of 13.26%. The firm had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.36 billion. During the same quarter last year, the firm posted $12.18 EPS. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. As a group, equities analysts expect that RenaissanceRe will post 26.04 earnings per share for the current year.

Insider Transactions at RenaissanceRe

In other news, CAO James Christopher Fraser sold 332 shares of the business’s stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total value of $82,847.28. Following the sale, the chief accounting officer owned 27,154 shares of the company’s stock, valued at $6,776,009.16. The trade was a 1.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp increased its holdings in RenaissanceRe by 1,587.5% during the fourth quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock worth $34,000 after buying an additional 127 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in RenaissanceRe during the fourth quarter worth about $8,498,000. Independent Advisor Alliance increased its holdings in RenaissanceRe by 7.7% during the fourth quarter. Independent Advisor Alliance now owns 864 shares of the insurance provider’s stock worth $215,000 after buying an additional 62 shares during the last quarter. Avantax Advisory Services Inc. increased its holdings in RenaissanceRe by 5.9% during the fourth quarter. Avantax Advisory Services Inc. now owns 2,404 shares of the insurance provider’s stock worth $598,000 after buying an additional 133 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in RenaissanceRe during the fourth quarter worth about $4,290,000. Institutional investors own 99.97% of the company’s stock.

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.