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.

Several large investors have recently modified their holdings of the company. M&T Bank Corp raised its position in shares of RenaissanceRe by 0.9% during the second quarter. M&T Bank Corp now owns 8,215 shares of the insurance provider’s stock worth $1,142,000 after purchasing an additional 74 shares during the period. Oppenheimer Asset Management Inc. raised its position in shares of RenaissanceRe by 2.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 2,807 shares of the insurance provider’s stock worth $390,000 after purchasing an additional 75 shares during the period. ETRADE Capital Management LLC raised its position in shares of RenaissanceRe by 5.2% during the second quarter. ETRADE Capital Management LLC now owns 1,637 shares of the insurance provider’s stock worth $228,000 after purchasing an additional 81 shares during the period. Mutual of America Capital Management LLC raised its position in shares of RenaissanceRe by 0.8% during the second quarter. Mutual of America Capital Management LLC now owns 32,614 shares of the insurance provider’s stock worth $4,535,000 after purchasing an additional 263 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in shares of RenaissanceRe by 16.5% during the second quarter. PNC Financial Services Group Inc. now owns 2,352 shares of the insurance provider’s stock worth $327,000 after purchasing an additional 333 shares during the period. 93.38% of the stock is currently owned by institutional investors.

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%.

TRADEMARK VIOLATION WARNING: “RenaissanceRe Holdings Ltd. (RNR) Given Consensus Rating of “Hold” by Brokerages” was originally posted by American Banking News and is the sole property of of American Banking News. If you are accessing this piece of content on another site, it was copied illegally and reposted in violation of U.S. and international copyright and trademark laws. The correct version of this piece of content can be viewed at https://www.americanbankingnews.com/2018/01/15/renaissancere-holdings-ltd-rnr-given-consensus-rating-of-hold-by-brokerages.html.

About RenaissanceRe

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.

Analyst Recommendations for RenaissanceRe (NYSE:RNR)

Receive News & Ratings for RenaissanceRe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RenaissanceRe and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply