RenaissanceRe (NYSE:RNR) Upgraded by Royal Bank Of Canada to Hold Rating

RenaissanceRe (NYSE:RNR) was upgraded by equities research analysts at Royal Bank Of Canada to a “hold” rating in a report issued on Tuesday, Zacks reports.

RNR has been the topic of a number of other reports. Citigroup upgraded RenaissanceRe from a “neutral” rating to a “buy” rating and raised their price target for the stock from $335.00 to $345.00 in a research note on Wednesday, June 10th. UBS Group set a $349.00 price objective on RenaissanceRe and gave the company a “neutral” rating in a research report on Monday, July 27th. Morgan Stanley increased their target price on RenaissanceRe from $310.00 to $320.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Bank of America raised their target price on RenaissanceRe from $410.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of RenaissanceRe in a research note on Thursday, July 23rd. Six equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $338.12.

RenaissanceRe Stock Up 0.8%

Shares of RenaissanceRe stock opened at $328.36 on Tuesday. The company has a market cap of $13.64 billion, a price-to-earnings ratio of 5.64, a price-to-earnings-growth ratio of 1.19 and a beta of 0.17. The company’s 50 day moving average is $325.01 and its 200 day moving average is $309.81. RenaissanceRe has a twelve month low of $231.17 and a twelve month high of $340.24. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The company had revenue of $2.77 billion for the quarter. Research analysts anticipate that RenaissanceRe will post 42.4 EPS for the current year.

Insider Activity

In other news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the sale, the executive vice president directly owned 72,907 shares in the company, valued at $24,280,218.21. This represents a 6.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors and hedge funds have recently bought and sold shares of RNR. QRG Capital Management Inc. grew its holdings in RenaissanceRe by 4.3% during the second quarter. QRG Capital Management Inc. now owns 2,370 shares of the insurance provider’s stock valued at $751,000 after purchasing an additional 98 shares during the period. Envestnet Portfolio Solutions Inc. increased its position in RenaissanceRe by 0.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,405 shares of the insurance provider’s stock worth $1,713,000 after buying an additional 32 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of RenaissanceRe by 0.5% in the second quarter. Envestnet Asset Management Inc. now owns 118,204 shares of the insurance provider’s stock worth $37,459,000 after buying an additional 646 shares during the period. Sequoia Financial Advisors LLC raised its stake in shares of RenaissanceRe by 2.7% in the second quarter. Sequoia Financial Advisors LLC now owns 2,722 shares of the insurance provider’s stock worth $863,000 after buying an additional 71 shares during the period. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of RenaissanceRe during the 2nd quarter valued at about $269,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a Bermuda-based global reinsurance and specialty insurance company. Founded in 1993, the company initially focused on property catastrophe reinsurance and has expanded its operations to serve insurers, businesses and other risk-bearing organizations worldwide.

RenaissanceRe provides reinsurance and insurance solutions covering property, casualty and specialty risks. Its property business includes protection against hurricanes, earthquakes, severe weather and other catastrophe-related events, while its casualty and specialty operations address risks such as liability, professional lines and other complex commercial exposures.

The company also manages and supports insurance-linked securities and other third-party capital strategies, allowing investors to participate in selected insurance risks.