RenaissanceRe Holdings Ltd. (RNR) Given Consensus Rating of “Hold” by Analysts
Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have earned an average recommendation of “Hold” from the eleven analysts that are presently covering the company, MarketBeat Ratings reports. Ten analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $141.35.
RNR has been the topic of a number of research reports. Zacks Investment Research cut RenaissanceRe Holdings from a “hold” rating to a “strong sell” rating in a research report on Friday, May 5th. J P Morgan Chase & Co cut RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $165.00 to $145.00 in a research report on Friday, July 28th. BidaskClub upgraded RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. ValuEngine upgraded RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $144.00 price target (up from $138.00) on shares of RenaissanceRe Holdings in a research report on Friday, July 7th.
In related news, SVP Stephen Howard Weinstein sold 14,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $143.19, for a total value of $2,004,660.00. Following the sale, the senior vice president now directly owns 75,162 shares in the company, valued at approximately $10,762,446.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Kevin Odonnell sold 38,344 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $147.93, for a total value of $5,672,227.92. Following the completion of the sale, the chief executive officer now owns 208,150 shares in the company, valued at $30,791,629.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,644 shares of company stock worth $8,462,507. 1.80% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of RNR. Shell Asset Management Co. boosted its stake in RenaissanceRe Holdings by 2.8% in the first quarter. Shell Asset Management Co. now owns 11,536 shares of the insurance provider’s stock valued at $1,669,000 after buying an additional 310 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of RenaissanceRe Holdings during the first quarter worth about $467,000. Glen Harbor Capital Management LLC raised its position 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 worth $290,000 after buying an additional 88 shares during the last quarter. Howard Hughes Medical Institute raised its position 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 worth $4,095,000 after buying an additional 7,346 shares during the last quarter. Finally, ProShare Advisors LLC raised its position 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 worth $10,910,000 after buying an additional 13,249 shares during the last quarter. Hedge funds and other institutional investors own 92.83% of the company’s stock.
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RenaissanceRe Holdings (RNR) opened at 146.26 on Friday. The stock has a market capitalization of $5.89 billion, a P/E ratio of 12.48 and a beta of 0.65. RenaissanceRe Holdings has a 52 week low of $116.28 and a 52 week high of $152.00. The firm has a 50 day moving average price of $144.51 and a 200 day moving average price of $143.10.
RenaissanceRe Holdings (NYSE:RNR) last announced its quarterly earnings results on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share for the quarter, topping analysts’ consensus estimates of $2.33 by $0.46. The business had revenue of $555.75 million for the quarter, compared to analysts’ expectations of $540.65 million. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.55 EPS. Equities research analysts predict that RenaissanceRe Holdings will post $8.66 earnings per share for the current year.
RenaissanceRe Holdings announced that its board has approved a stock repurchase plan on Wednesday, May 17th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the insurance provider to repurchase up to 99% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend is Thursday, September 14th. RenaissanceRe Holdings’s dividend payout ratio is currently 10.90%.
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.
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