Wells Fargo & Company Analysts Give RenaissanceRe Holdings Ltd. (RNR) a $140.00 Price Target
RenaissanceRe Holdings Ltd. (NYSE:RNR) has been assigned a $140.00 target price by equities researchers at Wells Fargo & Company in a research note issued to investors on Wednesday. The brokerage currently has a “hold” rating on the insurance provider’s stock. Wells Fargo & Company’s price target suggests a potential upside of 1.56% from the company’s previous close.
A number of other equities research analysts have also weighed in on RNR. BidaskClub lowered shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a report on Tuesday, June 13th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $143.00 price objective on shares of RenaissanceRe Holdings in a research note on Wednesday, June 28th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $144.00 price objective (up from $138.00) on shares of RenaissanceRe Holdings in a research note on Friday, July 7th. Zacks Investment Research raised shares of RenaissanceRe Holdings from a “sell” rating to a “hold” rating and set a $158.00 price objective on the stock in a research note on Friday, July 7th. Finally, ValuEngine raised shares of RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research note on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $143.28.
Shares of RenaissanceRe Holdings (NYSE:RNR) traded up 0.03% during trading on Wednesday, reaching $137.85. 496,102 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $136.65 and its 200-day moving average price is $140.90. RenaissanceRe Holdings has a 52-week low of $118.03 and a 52-week high of $152.00. The stock has a market cap of $5.55 billion, a PE ratio of 11.77 and a beta of 0.65.
RenaissanceRe Holdings (NYSE:RNR) last posted its earnings results on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. The firm had revenue of $555.75 million for the quarter, compared to analyst estimates of $540.65 million. During the same period in the previous year, the firm posted $1.55 EPS. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities research analysts forecast that RenaissanceRe Holdings will post $2.52 EPS for the current year.
RenaissanceRe Holdings declared that its Board of Directors has initiated a stock buyback program on Wednesday, August 2nd that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to purchase up to 8.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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In other RenaissanceRe Holdings news, SVP Ross Curtis sold 5,300 shares of the company’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $148.23, for a total transaction of $785,619.00. Following the transaction, the senior vice president now owns 98,564 shares in the company, valued at $14,610,141.72. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Kevin Odonnell sold 5,000 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $134.89, for a total transaction of $674,450.00. Following the transaction, the chief executive officer now owns 197,904 shares in the company, valued at approximately $26,695,270.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 48,644 shares of company stock worth $7,132,297. 1.80% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNR. BlackRock Inc. raised its holdings in shares of RenaissanceRe Holdings by 4,513.2% in the first quarter. BlackRock Inc. now owns 4,001,408 shares of the insurance provider’s stock valued at $578,804,000 after purchasing an additional 3,914,669 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of RenaissanceRe Holdings by 53,631.6% in the second quarter. Janus Henderson Group PLC now owns 1,290,632 shares of the insurance provider’s stock valued at $179,463,000 after purchasing an additional 1,288,230 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of RenaissanceRe Holdings by 85.1% in the second quarter. Renaissance Technologies LLC now owns 692,497 shares of the insurance provider’s stock valued at $96,292,000 after purchasing an additional 318,282 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of RenaissanceRe Holdings by 5.5% in the first quarter. Vanguard Group Inc. now owns 3,981,921 shares of the insurance provider’s stock valued at $575,984,000 after purchasing an additional 206,444 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of RenaissanceRe Holdings by 29.6% in the second quarter. Wells Fargo & Company MN now owns 768,954 shares of the insurance provider’s stock valued at $106,923,000 after purchasing an additional 175,408 shares during the last quarter. Hedge funds and other institutional investors own 91.70% of the company’s stock.
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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