RenaissanceRe Holdings Ltd. (NYSE:RNR)‘s stock had its “hold” rating reiterated by equities research analysts at Keefe, Bruyette & Woods in a research report issued on Monday, October 16th. They currently have a $136.00 price objective on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target indicates a potential downside of 2.07% from the company’s current price.
Other research analysts also recently issued reports about the stock. BidaskClub downgraded shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. Wells Fargo & Company set a $140.00 target price on shares of RenaissanceRe Holdings and gave the stock a “hold” rating in a research report on Wednesday, October 4th. Zacks Investment Research downgraded shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. ValuEngine downgraded shares of RenaissanceRe Holdings from a “buy” rating to a “hold” rating in a research report on Friday, October 6th. Finally, J P Morgan Chase & Co downgraded shares of RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $165.00 to $145.00 in a research report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. RenaissanceRe Holdings has a consensus rating of “Hold” and an average price target of $142.58.
RenaissanceRe Holdings (NYSE RNR) opened at 138.87 on Monday. The company has a 50-day moving average price of $135.35 and a 200-day moving average price of $140.23. RenaissanceRe Holdings has a 52 week low of $120.55 and a 52 week high of $152.00. The stock has a market cap of $5.59 billion, a price-to-earnings ratio of 11.85 and a beta of 0.65.
RenaissanceRe Holdings (NYSE:RNR) last announced its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.33 by $0.46. The company had revenue of $555.75 million for the quarter, compared to analysts’ expectations of $540.65 million. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. The business’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.55 EPS. Equities research analysts anticipate that RenaissanceRe Holdings will post ($5.39) EPS for the current year.
RenaissanceRe Holdings announced that its Board of Directors has initiated a stock buyback plan on Wednesday, August 2nd that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the insurance provider to reacquire up to 8.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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In other RenaissanceRe Holdings news, CEO Kevin Odonnell sold 5,000 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $134.89, for a total value of $674,450.00. Following the sale, the chief executive officer now owns 197,904 shares of the company’s stock, valued at approximately $26,695,270.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.80% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. State Board of Administration of Florida Retirement System grew its holdings in shares of RenaissanceRe Holdings by 2.6% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 69,320 shares of the insurance provider’s stock worth $9,639,000 after purchasing an additional 1,788 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in shares of RenaissanceRe Holdings by 16.0% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 12,740 shares of the insurance provider’s stock worth $1,771,000 after purchasing an additional 1,761 shares during the last quarter. ARGA Investment Management LP grew its holdings in shares of RenaissanceRe Holdings by 5.1% in the 2nd quarter. ARGA Investment Management LP now owns 12,380 shares of the insurance provider’s stock worth $1,721,000 after purchasing an additional 600 shares during the last quarter. Great Lakes Advisors LLC grew its holdings in shares of RenaissanceRe Holdings by 22.2% in the 2nd quarter. Great Lakes Advisors LLC now owns 17,029 shares of the insurance provider’s stock worth $2,368,000 after purchasing an additional 3,096 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in RenaissanceRe Holdings by 3.9% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 158,425 shares of the insurance provider’s stock worth $22,029,000 after buying an additional 5,975 shares in the last quarter. 91.72% of the stock is currently owned by institutional investors and hedge funds.
About RenaissanceRe Holdings
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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