RenaissanceRe Holdings Ltd. (NYSE:RNR) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a report issued on Friday.
Several other equities research analysts have also recently issued reports on the company. Morgan Stanley reaffirmed an “equal weight” rating and issued a $144.00 target price (up from $138.00) on shares of RenaissanceRe Holdings in a report on Friday, July 7th. Zacks Investment Research raised RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a report on Wednesday, April 5th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $143.00 target price on shares of RenaissanceRe Holdings in a report on Wednesday, June 28th. Wells Fargo & Company reaffirmed a “hold” rating and issued a $140.00 target price on shares of RenaissanceRe Holdings in a report on Wednesday. Finally, Citigroup Inc. lifted their target price on RenaissanceRe Holdings from $150.00 to $157.00 and gave the stock a “neutral” rating in a report on Friday, April 7th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $142.68.
Shares of RenaissanceRe Holdings (NYSE RNR) traded up 1.34% during trading on Friday, reaching $144.94. The company’s stock had a trading volume of 246,493 shares. The company has a market cap of $5.84 billion, a PE ratio of 12.37 and a beta of 0.64. RenaissanceRe Holdings has a 12-month low of $116.10 and a 12-month high of $152.00. The company has a 50 day moving average of $141.65 and a 200 day moving average of $142.08.
RenaissanceRe Holdings (NYSE:RNR) last announced its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 EPS for the quarter, beating 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 business had revenue of $555.75 million for the quarter, compared to the consensus estimate of $540.65 million. During the same period in the previous year, the business earned $1.55 earnings per share. The business’s revenue was up 6.9% on a year-over-year basis. On average, analysts anticipate that RenaissanceRe Holdings will post $8.58 EPS for the current fiscal year.
RenaissanceRe Holdings announced that its Board of Directors has initiated a stock buyback program on Wednesday, May 17th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the insurance provider to repurchase up to 99% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
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In other RenaissanceRe Holdings news, SVP Ross Curtis sold 5,300 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total transaction of $785,619.00. Following the sale, the senior vice president now directly owns 98,564 shares of the company’s stock, valued at $14,610,141.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Kevin Odonnell sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $141.64, for a total value of $991,480.00. Following the sale, the chief executive officer now directly owns 222,854 shares in the company, valued at $31,565,040.56. The disclosure for this sale can be found here. Insiders sold 26,300 shares of company stock worth $3,781,759 over the last ninety days. Insiders own 1.80% of the company’s stock.
A number of large investors have recently modified their holdings of the company. Glen Harbor Capital Management LLC boosted its stake in shares of RenaissanceRe Holdings by 4.6% in the first quarter. Glen Harbor Capital Management LLC now owns 2,002 shares of the insurance provider’s stock valued at $290,000 after buying an additional 88 shares during the last quarter. Howard Hughes Medical Institute boosted its stake in shares of RenaissanceRe Holdings by 35.0% in the first quarter. Howard Hughes Medical Institute now owns 28,308 shares of the insurance provider’s stock valued at $4,095,000 after buying an additional 7,346 shares during the last quarter. ProShare Advisors LLC boosted its stake in shares of RenaissanceRe Holdings by 21.3% in the first quarter. ProShare Advisors LLC now owns 75,426 shares of the insurance provider’s stock valued at $10,910,000 after buying an additional 13,249 shares during the last quarter. Korea Investment CORP boosted its stake in shares of RenaissanceRe Holdings by 84.8% in the first quarter. Korea Investment CORP now owns 14,600 shares of the insurance provider’s stock valued at $2,112,000 after buying an additional 6,700 shares during the last quarter. Finally, First Manhattan Co. bought a new stake in shares of RenaissanceRe Holdings during the first quarter valued at $1,699,000. 92.58% of the stock is currently owned by institutional investors.
RenaissanceRe Holdings Company Profile
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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