RenaissanceRe (NYSE:RNR)‘s stock had its “hold” rating reiterated by stock analysts at Wells Fargo & Co in a report released on Thursday, December 28th.
RNR has been the subject of several other reports. Citigroup decreased their price objective on shares of RenaissanceRe from $148.00 to $146.00 and set a “neutral” rating for the company in a research report on Monday, October 2nd. Zacks Investment Research upgraded shares of RenaissanceRe from a “sell” rating to a “hold” rating in a research note on Friday, November 10th. UBS Group lifted their price objective on shares of RenaissanceRe from $135.00 to $144.00 and gave the company a “neutral” rating in a research note on Monday, November 6th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $136.00 price objective on shares of RenaissanceRe in a research note on Monday, October 16th. Finally, ValuEngine lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Friday, October 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. RenaissanceRe presently has a consensus rating of “Hold” and a consensus target price of $146.50.
Shares of RenaissanceRe (NYSE:RNR) opened at $120.51 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.66. RenaissanceRe has a 1-year low of $116.50 and a 1-year high of $152.00. The firm has a market cap of $4,840.00, a P/E ratio of -27.08, a P/E/G ratio of 1.34 and a beta of 0.67.
RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($12.25) by ($1.56). The business had revenue of $483.22 million during the quarter, compared to analysts’ expectations of $300.46 million. RenaissanceRe had a negative net margin of 7.60% and a negative return on equity of 5.82%. The business’s quarterly revenue was up 70.0% on a year-over-year basis. During the same period in the prior year, the business earned $2.09 EPS. equities analysts expect that RenaissanceRe will post -8.78 earnings per share for the current fiscal year.
RenaissanceRe declared that its Board of Directors has initiated a stock repurchase plan on Friday, November 10th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the insurance provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
In other news, CEO Kevin Odonnell sold 5,000 shares of the company’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $135.58, for a total value of $677,900.00. Following the completion of the transaction, the chief executive officer now directly owns 193,447 shares in the company, valued at $26,227,544.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Sean G. Brosnan sold 1,391 shares of the company’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $135.73, for a total transaction of $188,800.43. Following the completion of the transaction, the senior vice president now owns 8,405 shares of the company’s stock, valued at $1,140,810.65. The disclosure for this sale can be found here. Insiders have sold 11,391 shares of company stock valued at $1,524,950 in the last ninety days. 1.80% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of RNR. Americafirst Capital Management LLC bought a new position in shares of RenaissanceRe in the 2nd quarter worth about $161,000. Nomura Holdings Inc. bought a new position in shares of RenaissanceRe in the 2nd quarter worth about $212,000. Citigroup Inc. lifted its position in shares of RenaissanceRe by 262.5% in the 2nd quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock worth $218,000 after buying an additional 1,134 shares during the last quarter. Pacad Investment Ltd. bought a new position in shares of RenaissanceRe in the 2nd quarter worth about $222,000. Finally, Cadence Capital Management LLC bought a new position in shares of RenaissanceRe in the 3rd quarter worth about $219,000. Hedge funds and other institutional investors own 93.33% of the company’s stock.
RenaissanceRe 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.
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