RenaissanceRe Holdings Ltd. (RNR) Shares Gap Down to $116.17
RenaissanceRe Holdings Ltd. (NYSE:RNR) gapped down before the market opened on Friday . The stock had previously closed at $115.95, but opened at $116.17. RenaissanceRe Holdings shares last traded at $117.59, with a volume of 35,913 shares.
RNR has been the subject of several recent analyst reports. Citigroup Inc. raised their target price on RenaissanceRe Holdings from $130.00 to $138.00 and gave the stock a “buy” rating in a research note on Friday, April 8th. Zacks Investment Research cut RenaissanceRe Holdings from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 14th. Finally, Keefe, Bruyette & Woods cut RenaissanceRe Holdings from an “outperform” rating to a “market perform” rating in a research note on Monday, July 11th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $117.50.
The firm’s 50-day moving average price is $114.93 and its 200-day moving average price is $114.36. The company has a market cap of $5.04 billion and a P/E ratio of 14.20.
RenaissanceRe Holdings (NYSE:RNR) last released its earnings results on Tuesday, April 26th. The company reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.66 by $1.15. The firm earned $448.10 million during the quarter, compared to the consensus estimate of $401.66 million. During the same period in the previous year, the business posted $3.10 earnings per share. The company’s revenue was up 17.3% compared to the same quarter last year. Equities research analysts forecast that RenaissanceRe Holdings Ltd. will post $7.61 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date was Monday, June 13th.
In other RenaissanceRe Holdings news, SVP Rider Fonner Todd sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $115.21, for a total transaction of $172,815.00. Following the completion of the transaction, the senior vice president now owns 71,253 shares of the company’s stock, valued at approximately $8,209,058.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kevin Odonnell sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $114.81, for a total value of $344,430.00. Following the transaction, the chief executive officer now directly owns 279,944 shares of the company’s stock, valued at approximately $32,140,370.64. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have added to or reduced their stakes in the company. KBC Group NV raised its position in RenaissanceRe Holdings by 493.8% in the fourth quarter. KBC Group NV now owns 14,927 shares of the company’s stock worth $1,690,000 after buying an additional 12,413 shares during the last quarter. State of Tennessee Treasury Department raised its position in RenaissanceRe Holdings by 600.0% in the fourth quarter. State of Tennessee Treasury Department now owns 70,000 shares of the company’s stock worth $7,923,000 after buying an additional 60,000 shares during the last quarter. Dimensional Fund Advisors LP raised its position in RenaissanceRe Holdings by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,093,449 shares of the company’s stock worth $123,774,000 after buying an additional 25,043 shares during the last quarter. Catalyst Capital Advisors LLC acquired a new position in RenaissanceRe Holdings during the fourth quarter worth approximately $7,923,000. Finally, US Bancorp DE raised its position in RenaissanceRe Holdings by 26.4% in the fourth quarter. US Bancorp DE now owns 9,181 shares of the company’s stock worth $1,039,000 after buying an additional 1,919 shares during the last quarter.
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services. The Company’s core products include property catastrophe reinsurance and specialty reinsurance risks. The Company’s segments include Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s. Catastrophe Reinsurance includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit.
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