RenaissanceRe (RNR) Given a $152.00 Price Target by Citigroup Analysts

Citigroup set a $152.00 target price on RenaissanceRe (NYSE:RNR) in a report released on Friday, February 9th. The brokerage currently has a buy rating on the insurance provider’s stock.

A number of other equities research analysts have also commented on RNR. Wells Fargo & Co reiterated a hold rating on shares of RenaissanceRe in a research report on Thursday, December 28th. Zacks Investment Research downgraded RenaissanceRe from a hold rating to a sell rating in a research note on Tuesday, January 9th. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $136.00 price target on shares of RenaissanceRe in a research note on Monday, October 16th. Morgan Stanley lowered their price objective on RenaissanceRe from $144.00 to $142.00 and set an equal weight rating for the company in a research note on Thursday, November 2nd. Finally, UBS Group increased their price objective on RenaissanceRe from $135.00 to $144.00 and gave the stock a neutral rating in a research note on Monday, November 6th. One 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. RenaissanceRe has a consensus rating of Hold and a consensus price target of $145.88.

RenaissanceRe (RNR) traded up $1.31 during trading on Friday, hitting $131.29. The stock had a trading volume of 428,283 shares, compared to its average volume of 478,835. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.77 and a quick ratio of 1.66. RenaissanceRe has a 12 month low of $116.50 and a 12 month high of $152.00. The firm has a market cap of $5,260.00, a PE ratio of -21.07, a P/E/G ratio of 1.39 and a beta of 0.63.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Wednesday, January 31st. The insurance provider reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.29. The company had revenue of $288.22 million during the quarter, compared to analysts’ expectations of $227.65 million. RenaissanceRe had a negative return on equity of 7.68% and a negative net margin of 10.57%. RenaissanceRe’s revenue was up 31.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.66 EPS. research analysts anticipate that RenaissanceRe will post 9.95 earnings per share for the current year.

RenaissanceRe declared that its board has approved a share buyback program 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. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be issued a $0.33 dividend. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.32. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend is Wednesday, March 14th. RenaissanceRe’s dividend payout ratio (DPR) is presently -20.55%.

In other RenaissanceRe news, SVP Sean G. Brosnan sold 1,391 shares of the firm’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 sale, the senior vice president now 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 available at the SEC website. Also, CEO Kevin Odonnell sold 5,000 shares of RenaissanceRe stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $131.65, for a total value of $658,250.00. Following the completion of the transaction, the chief executive officer now owns 190,707 shares in the company, valued at approximately $25,106,576.55. The disclosure for this sale can be found here. 1.80% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of RNR. Advisor Group Inc. boosted its position in RenaissanceRe by 89.6% during the 4th quarter. Advisor Group Inc. now owns 1,117 shares of the insurance provider’s stock valued at $140,000 after acquiring an additional 528 shares in the last quarter. Americafirst Capital Management LLC bought a new stake in RenaissanceRe during the 2nd quarter valued at approximately $161,000. Fuller & Thaler Asset Management Inc. bought a new stake in RenaissanceRe during the 4th quarter valued at approximately $176,000. Nomura Holdings Inc. bought a new stake in RenaissanceRe during the 2nd quarter valued at approximately $212,000. Finally, Citigroup Inc. boosted its position in RenaissanceRe by 262.5% during the 2nd quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock valued at $218,000 after acquiring an additional 1,134 shares in the last quarter. 89.80% of the stock is currently owned by institutional investors.

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About RenaissanceRe

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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