Wells Fargo & Co Reiterates Hold Rating for RenaissanceRe (RNR)

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.

ILLEGAL ACTIVITY WARNING: This news story was originally reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are reading this news story on another domain, it was stolen and republished in violation of United States and international copyright & trademark laws. The correct version of this news story can be viewed at https://ledgergazette.com/2018/01/13/renaissancere-rnr-stock-rating-reaffirmed-by-wells-fargo-co.html.

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.

Analyst Recommendations for RenaissanceRe (NYSE:RNR)

Receive News & Ratings for RenaissanceRe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RenaissanceRe and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply