RenaissanceRe Holdings Ltd. (NYSE:RNR) was upgraded by BidaskClub from a “sell” rating to a “hold” rating in a report issued on Thursday.
A number of other research firms also recently issued reports on RNR. UBS AG reissued a “neutral” rating and issued a $145.00 price objective (up previously from $139.00) on shares of RenaissanceRe Holdings in a report on Tuesday, August 1st. Wells Fargo & Company reissued a “hold” rating and issued a $140.00 price objective on shares of RenaissanceRe Holdings in a report on Wednesday, July 26th. ValuEngine raised shares of RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Zacks Investment Research raised shares of RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a report on Wednesday, April 5th. Finally, J P Morgan Chase & Co downgraded shares of RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $165.00 to $145.00 in a report on Friday, July 28th. Ten equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $143.20.
RenaissanceRe Holdings (NYSE RNR) traded down 0.24% during mid-day trading on Thursday, hitting $147.87. 80,888 shares of the stock traded hands. RenaissanceRe Holdings has a 52 week low of $116.10 and a 52 week high of $152.00. The firm has a market cap of $5.95 billion, a P/E ratio of 12.62 and a beta of 0.65. The firm’s 50-day moving average price is $141.99 and its 200-day moving average price is $142.29.
RenaissanceRe Holdings (NYSE:RNR) last posted its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.33 by $0.46. The firm had revenue of $555.75 million during the quarter, compared to the consensus estimate of $540.65 million. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.55 EPS. On average, equities analysts forecast that RenaissanceRe Holdings will post $8.66 earnings per share for the current fiscal year.
RenaissanceRe Holdings announced that its Board of Directors has authorized a share buyback program on Wednesday, May 17th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the insurance provider to reacquire up to 99% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
In other news, SVP Stephen Howard Weinstein sold 14,000 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $143.19, for a total transaction of $2,004,660.00. Following the completion of the sale, the senior vice president now owns 75,162 shares of the company’s stock, valued at approximately $10,762,446.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Kevin Odonnell sold 38,344 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $147.93, for a total transaction of $5,672,227.92. Following the sale, the chief executive officer now directly owns 208,150 shares of the company’s stock, valued at approximately $30,791,629.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 57,644 shares of company stock valued at $8,462,507. 1.80% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC boosted its position in RenaissanceRe Holdings by 7.6% in the first quarter. Quadrant Capital Group LLC now owns 826 shares of the insurance provider’s stock worth $114,000 after buying an additional 58 shares in the last quarter. Macquarie Group Ltd. boosted its position in RenaissanceRe Holdings by 28.5% in the fourth quarter. Macquarie Group Ltd. now owns 1,414 shares of the insurance provider’s stock worth $193,000 after buying an additional 314 shares in the last quarter. Neuburgh Advisers LLC boosted its position in RenaissanceRe Holdings by 4.6% in the first quarter. Neuburgh Advisers LLC now owns 1,456 shares of the insurance provider’s stock worth $211,000 after buying an additional 64 shares in the last quarter. Parametrica Management Ltd bought a new position in RenaissanceRe Holdings during the second quarter worth about $220,000. Finally, Engineers Gate Manager LP bought a new position in RenaissanceRe Holdings during the first quarter worth about $231,000. Institutional investors and hedge funds own 92.56% 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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