RenaissanceRe Holdings Ltd. (RNR) Given “Hold” Rating at Keefe, Bruyette & Woods
RenaissanceRe Holdings Ltd. (NYSE:RNR)‘s stock had its “hold” rating reissued by investment analysts at Keefe, Bruyette & Woods in a research note issued to investors on Monday. They currently have a $136.00 price target on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price points to a potential downside of 1.60% from the stock’s current price.
RNR has been the topic of a number of other research reports. BidaskClub downgraded RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. Wells Fargo & Company set a $140.00 price target on RenaissanceRe Holdings and gave the company a “hold” rating in a research report on Wednesday, October 4th. Buckingham Research started coverage on RenaissanceRe Holdings in a research report on Monday, September 11th. They set a “buy” rating and a $165.00 price target on the stock. J P Morgan Chase & Co downgraded RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $165.00 to $145.00 in a research report on Friday, July 28th. Finally, Citigroup Inc. lowered their price target on RenaissanceRe Holdings from $148.00 to $146.00 and set a “neutral” rating on the stock in a research report on Monday, October 2nd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $142.58.
RenaissanceRe Holdings (NYSE RNR) traded down 0.96% during mid-day trading on Monday, reaching $138.21. The company had a trading volume of 311,811 shares. The stock has a 50-day moving average of $135.06 and a 200 day moving average of $140.47. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of 11.77 and a beta of 0.65. RenaissanceRe Holdings has a 12-month low of $120.55 and a 12-month high of $152.00.
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 Thomson Reuters’ consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The company had revenue of $555.75 million during the quarter, compared to analyst estimates of $540.65 million. During the same quarter last year, the company earned $1.55 earnings per share. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. On average, analysts expect that RenaissanceRe Holdings will post ($5.29) EPS for the current year.
RenaissanceRe Holdings declared that its board has approved a stock buyback program on Wednesday, August 2nd that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to buy up to 8.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
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In other news, SVP Ross Curtis sold 5,300 shares of RenaissanceRe Holdings stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total value 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 document filed with the SEC, which can be accessed through this link. Also, CEO Kevin Odonnell sold 38,344 shares of RenaissanceRe Holdings stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $147.93, for a total value of $5,672,227.92. Following the completion of the transaction, the chief executive officer now owns 208,150 shares in the company, valued at approximately $30,791,629.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,644 shares of company stock worth $7,132,297. Company insiders own 1.80% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its holdings in shares of RenaissanceRe Holdings by 1.0% in the first quarter. PNC Financial Services Group Inc. now owns 2,019 shares of the insurance provider’s stock worth $294,000 after buying an additional 19 shares during the period. Stifel Financial Corp increased its holdings in shares of RenaissanceRe Holdings by 1.0% in the first quarter. Stifel Financial Corp now owns 2,255 shares of the insurance provider’s stock worth $324,000 after buying an additional 22 shares during the period. Moon Capital Management LLC increased its holdings in shares of RenaissanceRe Holdings by 0.3% in the second quarter. Moon Capital Management LLC now owns 17,786 shares of the insurance provider’s stock worth $2,473,000 after buying an additional 55 shares during the period. M&T Bank Corp increased its holdings in shares of RenaissanceRe Holdings by 0.9% in the second quarter. M&T Bank Corp now owns 8,215 shares of the insurance provider’s stock worth $1,142,000 after buying an additional 74 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its holdings in shares of RenaissanceRe Holdings by 2.7% in the second quarter. Oppenheimer Asset Management Inc. now owns 2,807 shares of the insurance provider’s stock worth $390,000 after buying an additional 75 shares during the period. Hedge funds and other institutional investors own 91.67% 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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