RenaissanceRe (NYSE:RNR) received a $152.00 price target from stock analysts at Citigroup in a report released on Friday. The firm currently has a “buy” rating on the insurance provider’s stock. Citigroup’s price target indicates a potential upside of 17.27% from the stock’s current price.
Several other brokerages also recently issued reports on RNR. UBS Group upped their price target on shares of RenaissanceRe from $135.00 to $144.00 and gave the stock a “neutral” rating in a report on Monday, November 6th. Zacks Investment Research upgraded shares of RenaissanceRe from a “sell” rating to a “hold” rating in a report on Friday, November 10th. Morgan Stanley lowered their price target 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. Wells Fargo & Co set a $140.00 price target on shares of RenaissanceRe and gave the stock a “hold” rating in a report on Tuesday, October 31st. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $136.00 price target on shares of RenaissanceRe in a report on Monday, October 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $145.88.
RenaissanceRe (NYSE:RNR) opened at $129.61 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.66 and a current ratio of 1.77. RenaissanceRe has a 1-year low of $116.50 and a 1-year high of $152.00.
RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Wednesday, January 31st. The insurance provider reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.29. The company had revenue of $288.22 million during the quarter, compared to the consensus estimate of $227.65 million. RenaissanceRe had a negative net margin of 10.57% and a negative return on equity of 7.68%. The company’s revenue for the quarter was up 31.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.66 earnings per share. equities research analysts expect that RenaissanceRe will post 9.95 earnings per share for the current fiscal year.
RenaissanceRe announced that its board has authorized a share buyback plan on Friday, November 10th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the insurance provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
In related news, SVP Sean G. Brosnan sold 1,391 shares of the 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 $1,140,810.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin Odonnell sold 5,000 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $131.65, for a total value of $658,250.00. Following the completion of the sale, the chief executive officer now owns 190,707 shares of the company’s stock, valued at $25,106,576.55. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of RNR. PNC Financial Services Group Inc. increased its holdings in RenaissanceRe by 16.5% in the second quarter. PNC Financial Services Group Inc. now owns 2,352 shares of the insurance provider’s stock valued at $327,000 after purchasing an additional 333 shares during the period. Citigroup Inc. increased its holdings in RenaissanceRe by 262.5% in the second quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock valued at $218,000 after purchasing an additional 1,134 shares during the period. Macquarie Group Ltd. increased its holdings in RenaissanceRe by 2,958.5% in the second quarter. Macquarie Group Ltd. now owns 37,130 shares of the insurance provider’s stock valued at $5,163,000 after purchasing an additional 35,916 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in RenaissanceRe in the second quarter valued at $8,317,000. Finally, Americafirst Capital Management LLC acquired a new stake in RenaissanceRe in the second quarter valued at $161,000. Institutional investors and hedge funds own 90.46% 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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