RenaissanceRe Holdings Ltd. (RNR) Stock Rating Reaffirmed by Keefe, Bruyette & Woods
RenaissanceRe Holdings Ltd. (NYSE:RNR)‘s stock had its “hold” rating reissued by analysts at Keefe, Bruyette & Woods in a report issued on Thursday. They presently have a $143.00 price target on the insurance provider’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 8.27% from the stock’s previous close.
Several other equities analysts have also recently issued reports on RNR. UBS AG decreased their price objective on RenaissanceRe Holdings from $145.00 to $136.00 and set a “neutral” rating for the company in a research note on Tuesday. BidaskClub upgraded RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research note on Thursday, August 3rd. J P Morgan Chase & Co cut RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $165.00 to $145.00 in a research note on Friday, July 28th. ValuEngine upgraded RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research note on Friday, July 28th. Finally, Zacks Investment Research upgraded RenaissanceRe Holdings from a “sell” rating to a “hold” rating and set a $158.00 price objective for the company in a research note on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. RenaissanceRe Holdings has a consensus rating of “Hold” and a consensus target price of $144.48.
RenaissanceRe Holdings (NYSE:RNR) opened at 132.08 on Thursday. The firm has a 50-day moving average of $141.42 and a 200-day moving average of $142.04. The company has a market capitalization of $5.32 billion, a P/E ratio of 11.27 and a beta of 0.65. RenaissanceRe Holdings has a one year low of $117.36 and a one year high of $152.00.
RenaissanceRe Holdings (NYSE:RNR) last announced its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.46. The business had revenue of $555.75 million during the quarter, compared to analysts’ expectations of $540.65 million. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.55 EPS. On average, analysts anticipate that RenaissanceRe Holdings will post $8.64 earnings per share for the current year.
RenaissanceRe Holdings announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 2nd that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the insurance provider to reacquire up to 8.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In other RenaissanceRe Holdings news, SVP Ross Curtis sold 5,300 shares of RenaissanceRe Holdings stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total transaction of $785,619.00. Following the transaction, the senior vice president now owns 98,564 shares of the company’s stock, valued at $14,610,141.72. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Kevin Odonnell sold 38,344 shares of RenaissanceRe Holdings stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $147.93, for a total value of $5,672,227.92. Following the transaction, the chief executive officer now directly owns 208,150 shares in the company, valued at approximately $30,791,629.50. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in RenaissanceRe Holdings by 16.0% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 12,740 shares of the insurance provider’s stock worth $1,771,000 after buying an additional 1,761 shares during the period. State Board of Administration of Florida Retirement System increased its position in RenaissanceRe Holdings by 2.6% during the second quarter. State Board of Administration of Florida Retirement System now owns 69,320 shares of the insurance provider’s stock worth $9,639,000 after buying an additional 1,788 shares during the period. American International Group Inc. increased its position in RenaissanceRe Holdings by 2.9% during the first quarter. American International Group Inc. now owns 86,937 shares of the insurance provider’s stock worth $12,575,000 after buying an additional 2,429 shares during the period. Allen Investment Management LLC acquired a new position in RenaissanceRe Holdings during the second quarter worth approximately $771,000. Finally, ARGA Investment Management LP increased its position in RenaissanceRe Holdings by 5.1% during the second quarter. ARGA Investment Management LP now owns 12,380 shares of the insurance provider’s stock worth $1,721,000 after buying an additional 600 shares during the period. 91.70% of the stock is currently owned by institutional investors.
About RenaissanceRe Holdings
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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