Wells Fargo & Company Reiterates “$140.00” Price Target for RenaissanceRe (RNR)
Other equities analysts also recently issued research reports about the company. UBS dropped their price objective on RenaissanceRe from $136.00 to $135.00 and set a neutral rating on the stock in a research note on Monday, October 2nd. Zacks Investment Research downgraded RenaissanceRe from a hold rating to a sell rating in a research note on Wednesday, November 1st. Keefe, Bruyette & Woods reiterated a hold rating and issued a $143.00 price objective on shares of RenaissanceRe in a research note on Thursday, September 21st. Morgan Stanley dropped their price objective on RenaissanceRe from $144.00 to $142.00 and set an equal weight rating on the stock in a research note on Thursday, November 2nd. Finally, Buckingham Research began coverage on RenaissanceRe in a research note on Monday, September 11th. They issued a buy rating and a $165.00 price objective on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. RenaissanceRe presently has a consensus rating of Hold and a consensus price target of $148.38.
RenaissanceRe (NYSE:RNR) opened at $126.72 on Wednesday. RenaissanceRe has a 12 month low of $120.55 and a 12 month high of $152.00. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.25.
RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, October 31st. The insurance provider reported ($13.81) EPS for the quarter, missing the consensus estimate of ($12.25) by ($1.56). RenaissanceRe had a negative net margin of 7.60% and a negative return on equity of 5.82%. The firm had revenue of $483.22 million during the quarter, compared to analysts’ expectations of $300.46 million. During the same quarter in the previous year, the company posted $2.09 EPS. RenaissanceRe’s revenue for the quarter was up 70.0% on a year-over-year basis. research analysts anticipate that RenaissanceRe will post -6.99 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a dividend of $0.32 per share. The ex-dividend date is Thursday, December 14th. This represents a $1.28 annualized dividend and a dividend yield of 1.01%. RenaissanceRe’s dividend payout ratio is currently -28.01%.
RenaissanceRe announced that its board has initiated a stock repurchase program on Friday, November 10th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
In other RenaissanceRe news, CEO Kevin Odonnell sold 5,000 shares of the stock in a transaction on Friday, December 1st. The stock was sold at an average price of $131.65, for a total transaction of $658,250.00. Following the sale, the chief executive officer now owns 190,707 shares in the company, valued at $25,106,576.55. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Sean G. Brosnan sold 1,391 shares of the stock in a transaction on Monday, November 27th. The stock was sold at an average price of $135.73, for a total value of $188,800.43. Following the sale, the senior vice president now owns 8,405 shares in the company, valued at approximately $1,140,810.65. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,391 shares of company stock worth $2,199,400. Company insiders own 1.80% of the company’s stock.
Several large investors have recently bought and sold shares of RNR. Americafirst Capital Management LLC bought a new position in shares of RenaissanceRe in the second quarter worth $161,000. Nomura Holdings Inc. bought a new position in shares of RenaissanceRe in the second quarter worth $212,000. Citigroup Inc. increased its holdings in shares of RenaissanceRe by 262.5% in the second quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock worth $218,000 after purchasing an additional 1,134 shares during the period. Cadence Capital Management LLC bought a new position in shares of RenaissanceRe in the third quarter worth $219,000. Finally, Pacad Investment Ltd. bought a new position in shares of RenaissanceRe in the second quarter worth $222,000. Hedge funds and other institutional investors own 93.44% of the company’s stock.
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RenaissanceRe Company Profile
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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