RenaissanceRe (NYSE:RNR) Stock Rating Lowered by Morgan Stanley

RenaissanceRe (NYSE:RNR) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Thursday, MarketBeat Ratings reports. They currently have a $310.00 price objective on the insurance provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 2.57% from the stock’s current price.

RNR has been the subject of a number of other reports. BMO Capital Markets reaffirmed an “outperform” rating and set a $303.00 price objective on shares of RenaissanceRe in a report on Friday, December 5th. JPMorgan Chase & Co. lifted their price objective on RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a report on Wednesday, January 7th. UBS Group reiterated a “neutral” rating and issued a $312.00 price objective on shares of RenaissanceRe in a research note on Monday, February 9th. Zacks Research cut RenaissanceRe from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. Finally, Mizuho boosted their price target on RenaissanceRe from $277.00 to $313.00 and gave the company a “neutral” rating in a research note on Friday, February 6th. Three equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $310.27.

RenaissanceRe Trading Up 1.3%

RenaissanceRe stock opened at $302.24 on Thursday. RenaissanceRe has a 12 month low of $219.00 and a 12 month high of $315.88. The stock has a market cap of $13.14 billion, a price-to-earnings ratio of 5.33, a price-to-earnings-growth ratio of 0.73 and a beta of 0.24. The business has a 50 day moving average price of $285.71 and a two-hundred day moving average price of $265.27. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.59 by $2.75. The business had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $1.73 billion. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.RenaissanceRe’s quarterly revenue was up 29.6% on a year-over-year basis. During the same period in the previous year, the business posted $8.06 earnings per share. As a group, equities analysts forecast that RenaissanceRe will post 26.04 EPS for the current year.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the transaction, the executive vice president owned 73,023 shares of the company’s stock, valued at approximately $22,326,782.25. The trade was a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in RenaissanceRe by 39.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock worth $2,325,000 after buying an additional 2,737 shares in the last quarter. Millennium Management LLC bought a new position in shares of RenaissanceRe in the first quarter worth about $15,289,000. Jones Financial Companies Lllp lifted its position in shares of RenaissanceRe by 900.0% during the first quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock worth $324,000 after purchasing an additional 1,215 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of RenaissanceRe by 72.5% during the first quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock worth $13,725,000 after purchasing an additional 24,027 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in shares of RenaissanceRe by 0.3% during the second quarter. Envestnet Asset Management Inc. now owns 106,248 shares of the insurance provider’s stock valued at $25,808,000 after purchasing an additional 328 shares during the last quarter. 99.97% of the stock is owned by institutional investors.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.