Wells Fargo & Company Reiterates Hold Rating for RenaissanceRe (RNR)
RenaissanceRe (NYSE:RNR)‘s stock had its “hold” rating reissued by stock analysts at Wells Fargo & Company in a report released on Friday.
A number of other research firms have also recently weighed in on RNR. Zacks Investment Research cut RenaissanceRe from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. UBS lowered their price objective on RenaissanceRe from $136.00 to $135.00 and set a “neutral” rating for the company in a research report on Monday, October 2nd. Buckingham Research began coverage on RenaissanceRe in a research report on Monday, September 11th. They set a “buy” rating and a $165.00 price target for the company. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $143.00 price target on shares of RenaissanceRe in a research report on Thursday, September 21st. Finally, BidaskClub cut RenaissanceRe from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $148.38.
RenaissanceRe (RNR) traded down $1.44 during trading on Friday, hitting $125.56. The stock had a trading volume of 447,900 shares, compared to its average volume of 297,443. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.25. RenaissanceRe has a 52-week low of $120.55 and a 52-week high of $152.00.
RenaissanceRe announced that its Board of Directors has approved a share buyback program on Friday, November 10th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the insurance provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.
In other RenaissanceRe news, SVP Sean G. Brosnan sold 1,391 shares of RenaissanceRe stock in a transaction dated Monday, November 27th. The stock was 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 in the company, valued at approximately $1,140,810.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kevin Odonnell sold 5,000 shares of RenaissanceRe stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $135.58, for a total value of $677,900.00. Following the transaction, the chief executive officer now owns 193,447 shares of the company’s stock, valued at approximately $26,227,544.26. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,391 shares of company stock valued at $2,199,400. 1.80% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNR. BlackRock Inc. raised its stake in shares of RenaissanceRe by 4,513.2% during the 1st quarter. BlackRock Inc. now owns 4,001,408 shares of the insurance provider’s stock valued at $578,804,000 after buying an additional 3,914,669 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of RenaissanceRe by 53,631.6% during the 2nd quarter. Janus Henderson Group PLC now owns 1,290,632 shares of the insurance provider’s stock valued at $179,463,000 after buying an additional 1,288,230 shares during the last quarter. Norges Bank purchased a new position in shares of RenaissanceRe during the 4th quarter valued at about $69,073,000. State Street Corp raised its stake in shares of RenaissanceRe by 23.5% during the 1st quarter. State Street Corp now owns 2,477,658 shares of the insurance provider’s stock valued at $296,905,000 after buying an additional 471,491 shares during the last quarter. Finally, Hillhouse Capital Management Ltd. purchased a new position in shares of RenaissanceRe during the 3rd quarter valued at about $51,442,000. Institutional investors and hedge funds own 93.33% of the company’s stock.
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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.
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