RenaissanceRe Holdings Ltd. (RNR) Receives “Hold” Rating from Keefe, Bruyette & Woods
Keefe, Bruyette & Woods restated their hold rating on shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in a research report report published on Monday. The brokerage currently has a $136.00 price objective on the insurance provider’s stock.
A number of other brokerages have also recently commented on RNR. Wells Fargo & Company set a $140.00 target price on shares of RenaissanceRe Holdings and gave the company a hold rating in a report on Wednesday, October 4th. UBS AG dropped their target price on shares of RenaissanceRe Holdings from $136.00 to $135.00 and set a neutral rating on the stock in a report on Monday, October 2nd. Zacks Investment Research upgraded shares of RenaissanceRe Holdings from a sell rating to a hold rating and set a $158.00 target price on the stock in a report on Friday, July 7th. Buckingham Research started coverage on shares of RenaissanceRe Holdings in a report on Monday, September 11th. They set a buy rating and a $165.00 target price on the stock. Finally, BidaskClub cut shares of RenaissanceRe Holdings from a hold rating to a sell rating in a report on Friday, August 25th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $142.58.
RenaissanceRe Holdings (NYSE RNR) opened at 138.21 on Monday. The firm’s 50-day moving average is $135.06 and its 200 day moving average is $140.47. RenaissanceRe Holdings has a 12-month low of $120.55 and a 12-month high of $152.00. The firm has a market cap of $5.57 billion, a P/E ratio of 11.80 and a beta of 0.65.
RenaissanceRe Holdings (NYSE:RNR) last announced its earnings results on Tuesday, July 25th. The insurance provider reported $2.79 EPS for the quarter, beating the Zacks’ consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. The firm had revenue of $555.75 million for the quarter, compared to analysts’ expectations of $540.65 million. During the same quarter in the previous year, the business posted $1.55 EPS. The company’s quarterly revenue was up 6.9% on a year-over-year basis. Equities analysts forecast that RenaissanceRe Holdings will post ($5.29) earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend was Thursday, September 14th. RenaissanceRe Holdings’s payout ratio is 10.90%.
RenaissanceRe Holdings declared that its Board of Directors has initiated a share buyback program on Wednesday, August 2nd that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the insurance provider to buy up to 8.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
In other RenaissanceRe Holdings news, SVP Ross Curtis sold 5,300 shares of the business’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total value of $785,619.00. Following the completion of the transaction, the senior vice president now owns 98,564 shares of the company’s stock, valued at approximately $14,610,141.72. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Kevin Odonnell sold 5,000 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $134.89, for a total value of $674,450.00. Following the completion of the transaction, the chief executive officer now directly owns 197,904 shares of the company’s stock, valued at approximately $26,695,270.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,644 shares of company stock worth $7,132,297. 1.80% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the business. Americafirst Capital Management LLC purchased a new position in RenaissanceRe Holdings in the 2nd quarter worth about $161,000. Nomura Holdings Inc. purchased a new position in RenaissanceRe Holdings in the 2nd quarter worth about $212,000. Citigroup Inc. raised its position in RenaissanceRe Holdings by 262.5% in the 2nd quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock worth $218,000 after buying an additional 1,134 shares during the last quarter. Parametrica Management Ltd purchased a new position in RenaissanceRe Holdings in the 2nd quarter worth about $220,000. Finally, Pacad Investment Ltd. purchased a new position in RenaissanceRe Holdings in the 2nd quarter worth about $222,000. 91.67% of the stock is owned by institutional investors and hedge funds.
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.
Receive News & Ratings for RenaissanceRe Holdings Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RenaissanceRe Holdings Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.