RenaissanceRe Holdings Ltd. (RNR) Given Consensus Rating of “Hold” by Brokerages
Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have been given an average rating of “Hold” by the ten research firms that are presently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $144.86.
Several equities analysts have issued reports on the company. Wells Fargo & Co reissued a “market perform” rating and issued a $125.00 price target (down from $140.00) on shares of RenaissanceRe in a research note on Tuesday, January 9th. Citigroup dropped their price target on RenaissanceRe from $148.00 to $146.00 and set a “neutral” rating on the stock in a research note on Monday, October 2nd. Zacks Investment Research raised RenaissanceRe from a “sell” rating to a “hold” rating in a research note on Friday, November 10th. UBS Group boosted their price target on RenaissanceRe from $135.00 to $144.00 and gave the company a “neutral” rating in a research note on Monday, November 6th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $136.00 price target on shares of RenaissanceRe in a research note on Monday, October 16th.
In other news, CEO Kevin Odonnell sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $131.65, for a total transaction of $658,250.00. Following the transaction, the chief executive officer now directly owns 190,707 shares of the company’s stock, valued at $25,106,576.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Sean G. Brosnan sold 1,391 shares of the company’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $135.73, for a total value of $188,800.43. Following the transaction, the senior vice president now directly owns 8,405 shares in the company, valued at $1,140,810.65. The disclosure for this sale can be found here. Insiders have sold 11,391 shares of company stock worth $1,524,950 over the last ninety days. 1.80% of the stock is owned by insiders.
RenaissanceRe (RNR) opened at $120.51 on Monday. RenaissanceRe has a 12 month low of $116.50 and a 12 month high of $152.00. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $4,823.91, a P/E ratio of -26.37, a price-to-earnings-growth ratio of 1.31 and a beta of 0.67.
RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($12.25) by ($1.56). RenaissanceRe had a negative net margin of 7.60% and a negative return on equity of 5.82%. The business had revenue of $483.22 million during the quarter, compared to analyst estimates of $300.46 million. During the same period last year, the firm posted $2.09 earnings per share. RenaissanceRe’s quarterly revenue was up 70.0% compared to the same quarter last year. equities research analysts anticipate that RenaissanceRe will post -8.83 EPS for the current year.
RenaissanceRe declared that its Board of Directors has authorized a share repurchase program on Friday, November 10th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the insurance provider to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date was Thursday, December 14th. RenaissanceRe’s payout ratio is -28.01%.
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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