RenaissanceRe Holdings Ltd. (RNR) Shares Gap Up to $118.05
RenaissanceRe Holdings Ltd. (NYSE:RNR)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $117.86, but opened at $118.05. RenaissanceRe Holdings shares last traded at $119.17, with a volume of 83,367 shares traded.
RNR has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods upped their price target on shares of RenaissanceRe Holdings from $130.00 to $134.00 and gave the stock a “market perform” rating in a research report on Thursday, July 28th. Zacks Investment Research upgraded shares of RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research report on Wednesday, June 29th. Finally, Citigroup Inc. restated a “neutral” rating on shares of RenaissanceRe Holdings in a research report on Tuesday, June 21st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. RenaissanceRe Holdings currently has a consensus rating of “Hold” and an average target price of $118.50.
The company’s 50-day moving average is $116.97 and its 200-day moving average is $115.47. The firm has a market capitalization of $4.92 billion and a price-to-earnings ratio of 12.12.
RenaissanceRe Holdings (NYSE:RNR) last released its quarterly earnings data on Tuesday, July 26th. The company reported $1.55 earnings per share for the quarter, missing the consensus estimate of $1.92 by $0.37. During the same quarter in the prior year, the company earned $2.18 earnings per share. The firm earned $483.30 million during the quarter, compared to analyst estimates of $410.83 million. RenaissanceRe Holdings’s quarterly revenue was up 21.6% on a year-over-year basis. Equities research analysts forecast that RenaissanceRe Holdings Ltd. will post $7.32 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.04%. The ex-dividend date of this dividend is Tuesday, September 13th.
In related news, SVP Ian D. Branagan sold 2,000 shares of the firm’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $117.32, for a total transaction of $234,640.00. Following the sale, the senior vice president now directly owns 55,589 shares in the company, valued at approximately $6,521,701.48. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Rider Fonner Todd sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of $115.21, for a total value of $172,815.00. Following the sale, the senior vice president now owns 71,253 shares in the company, valued at $8,209,058.13. The disclosure for this sale can be found here.
Several large investors recently made changes to their positions in RNR. KBC Group NV increased its stake in shares of RenaissanceRe Holdings by 493.8% in the fourth quarter. KBC Group NV now owns 14,927 shares of the company’s stock valued at $1,690,000 after buying an additional 12,413 shares during the last quarter. State of Tennessee Treasury Department increased its stake in shares of RenaissanceRe Holdings by 600.0% in the fourth quarter. State of Tennessee Treasury Department now owns 70,000 shares of the company’s stock valued at $7,923,000 after buying an additional 60,000 shares during the last quarter. US Bancorp DE increased its stake in shares of RenaissanceRe Holdings by 26.4% in the fourth quarter. US Bancorp DE now owns 9,181 shares of the company’s stock valued at $1,039,000 after buying an additional 1,919 shares during the last quarter. Finally, Morgan Stanley increased its stake in shares of RenaissanceRe Holdings by 45.0% in the fourth quarter. Morgan Stanley now owns 123,033 shares of the company’s stock valued at $13,926,000 after buying an additional 38,211 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.