RenaissanceRe (NYSE:RNR)‘s stock had its “hold” rating restated by analysts at Wells Fargo & Co in a research note issued on Friday, December 22nd.
Other analysts have also recently issued reports about the stock. Citigroup upgraded shares of RenaissanceRe from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $151.00 to $157.00 in a research note on Thursday, November 2nd. Buckingham Research assumed coverage on shares of RenaissanceRe in a research report on Monday, September 11th. They set a “buy” rating and a $165.00 price target for the company. Morgan Stanley cut their target price on shares of RenaissanceRe from $144.00 to $142.00 and set an “equal weight” rating for the company in a report on Thursday, November 2nd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $136.00 target price on shares of RenaissanceRe in a report on Monday, October 16th. Finally, ValuEngine lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Friday, October 6th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $146.50.
Shares of RenaissanceRe (RNR) traded up $1.74 on Friday, hitting $120.51. 397,544 shares of the stock traded hands, compared to its average volume of 363,367. The stock has a market capitalization of $4,754.26, a P/E ratio of -26.37, a P/E/G ratio of 1.29 and a beta of 0.67. RenaissanceRe has a 1-year low of $116.50 and a 1-year high of $152.00. 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 (NYSE:RNR) last posted its earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) EPS for the quarter, missing analysts’ consensus estimates of ($12.25) by ($1.56). RenaissanceRe had a negative net margin of 7.60% and a negative return on equity of 5.82%. The business had revenue of $483.22 million for the quarter, compared to analysts’ expectations of $300.46 million. During the same period last year, the business posted $2.09 EPS. The company’s revenue for the quarter was up 70.0% on a year-over-year basis. sell-side analysts forecast that RenaissanceRe will post -8.83 EPS for the current year.
RenaissanceRe declared that its board has approved a share buyback plan on Friday, November 10th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
In related news, SVP Sean G. Brosnan sold 1,391 shares of the company’s stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 8,405 shares of the company’s stock, valued at $1,140,810.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin Odonnell sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $135.58, for a total value of $677,900.00. Following the completion of the transaction, the chief executive officer now directly owns 193,447 shares of the company’s stock, valued at $26,227,544.26. The disclosure for this sale can be found here. Insiders have sold 11,391 shares of company stock worth $1,524,950 over the last quarter. Insiders own 1.80% of the company’s stock.
Several hedge funds have recently bought and sold shares of RNR. Americafirst Capital Management LLC acquired a new stake in shares of RenaissanceRe in the second quarter valued at approximately $161,000. Nomura Holdings Inc. acquired a new stake in shares of RenaissanceRe during the second quarter worth $212,000. Citigroup Inc. lifted its holdings in shares of RenaissanceRe by 262.5% during the second quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock worth $218,000 after purchasing an additional 1,134 shares during the period. Cadence Capital Management LLC acquired a new stake in shares of RenaissanceRe during the third quarter worth $219,000. Finally, Pacad Investment Ltd. acquired a new stake in shares of RenaissanceRe during the second quarter worth $222,000. 93.33% of the stock is owned by institutional investors and hedge funds.
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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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