RenaissanceRe Holdings Ltd. (RNR) PT Lowered to $142.00 at Morgan Stanley
RenaissanceRe Holdings Ltd. (NYSE:RNR) had its target price lowered by Morgan Stanley from $144.00 to $142.00 in a report released on Thursday. The firm currently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s target price suggests a potential upside of 2.63% from the company’s previous close.
Other research analysts have also issued reports about the company. Zacks Investment Research lowered RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research report on Wednesday. Citigroup Inc. raised RenaissanceRe Holdings from a “neutral” rating to a “buy” rating and increased their target price for the stock from $151.00 to $157.00 in a research report on Thursday. UBS AG reaffirmed a “neutral” rating and issued a $145.00 target price (up from $139.00) on shares of RenaissanceRe Holdings in a research report on Tuesday, August 1st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $143.00 target price on shares of RenaissanceRe Holdings in a research report on Thursday, September 21st. Finally, ValuEngine raised RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. RenaissanceRe Holdings has a consensus rating of “Hold” and an average price target of $143.48.
RenaissanceRe Holdings (NYSE:RNR) last issued its earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share for the quarter, missing the consensus estimate of ($12.25) by ($1.56). The firm had revenue of $483.22 million during the quarter, compared to analysts’ expectations of $300.46 million. RenaissanceRe Holdings had a negative return on equity of 5.66% and a negative net margin of 7.60%. The company’s quarterly revenue was up 70.0% compared to the same quarter last year. During the same period last year, the business posted $2.09 earnings per share.
RenaissanceRe Holdings announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 2nd that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
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In related news, CEO Kevin Odonnell sold 5,000 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $135.58, for a total value of $677,900.00. Following the completion of the sale, the chief executive officer now directly owns 193,447 shares in the company, valued at approximately $26,227,544.26. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.80% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Americafirst Capital Management LLC acquired a new stake in RenaissanceRe Holdings in the 2nd quarter valued at $161,000. Nomura Holdings Inc. acquired a new stake in RenaissanceRe Holdings in the 2nd quarter valued at $212,000. Citigroup Inc. increased its holdings in RenaissanceRe Holdings by 262.5% in the 2nd quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock valued at $218,000 after purchasing an additional 1,134 shares in the last quarter. Parametrica Management Ltd acquired a new stake in RenaissanceRe Holdings in the 2nd quarter valued at $220,000. Finally, Pacad Investment Ltd. acquired a new stake in RenaissanceRe Holdings in the 2nd quarter valued at $222,000. Hedge funds and other institutional investors own 92.06% 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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