RenaissanceRe Holdings Ltd. (NYSE:RNR) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a report released on Friday.
Other research analysts also recently issued reports about the company. Buckingham Research started coverage on RenaissanceRe Holdings in a research note on Monday, September 11th. They set a “buy” rating and a $165.00 target price for the company. Morgan Stanley reiterated an “equal weight” rating and set a $144.00 target price (up from $138.00) on shares of RenaissanceRe Holdings in a research note on Friday, July 7th. Wells Fargo & Company reiterated a “hold” rating and set a $140.00 target price on shares of RenaissanceRe Holdings in a research note on Wednesday, July 26th. Zacks Investment Research downgraded RenaissanceRe Holdings from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $143.00 target price on shares of RenaissanceRe Holdings in a research note on Wednesday, June 28th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company’s stock. RenaissanceRe Holdings has an average rating of “Hold” and a consensus target price of $143.28.
Shares of RenaissanceRe Holdings (RNR) opened at 137.72 on Friday. The stock has a 50 day moving average price of $136.41 and a 200 day moving average price of $140.84. RenaissanceRe Holdings has a 52-week low of $120.51 and a 52-week high of $152.00. The company has a market capitalization of $5.55 billion, a PE ratio of 11.75 and a beta of 0.65.
RenaissanceRe Holdings (NYSE:RNR) last issued its earnings results on Tuesday, July 25th. The insurance provider reported $2.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The company had revenue of $555.75 million during the quarter, compared to the consensus estimate of $540.65 million. During the same period in the previous year, the company posted $1.55 EPS. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, analysts predict that RenaissanceRe Holdings will post ($4.66) earnings per share for the current fiscal year.
RenaissanceRe Holdings announced that its board has initiated a stock buyback plan on Wednesday, August 2nd that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the insurance provider to purchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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In related news, SVP Ross Curtis sold 5,300 shares of the business’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total value of $785,619.00. Following the completion of the sale, the senior vice president now directly owns 98,564 shares in the company, valued at approximately $14,610,141.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin Odonnell sold 38,344 shares of the business’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $147.93, for a total value of $5,672,227.92. Following the completion of the sale, the chief executive officer now owns 208,150 shares of the company’s stock, valued at $30,791,629.50. The disclosure for this sale can be found here. Insiders sold a total of 48,644 shares of company stock valued at $7,132,297 over the last 90 days. 1.80% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Americafirst Capital Management LLC bought a new stake in RenaissanceRe Holdings in the 2nd quarter valued at $161,000. Nomura Holdings Inc. bought a new stake in RenaissanceRe Holdings in the 2nd quarter valued at $212,000. Citigroup Inc. boosted its stake in RenaissanceRe Holdings by 262.5% in the 2nd 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. Parametrica Management Ltd bought a new stake in RenaissanceRe Holdings in the 2nd quarter valued at $220,000. Finally, Pacad Investment Ltd. bought a new stake in RenaissanceRe Holdings in the 2nd quarter valued at $222,000. Institutional investors and hedge funds own 91.70% of the company’s stock.
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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