RenaissanceRe (NYSE:RNR) Stock Rating Lowered by Morgan Stanley

RenaissanceRe (NYSE:RNR) was downgraded by equities researchers at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Thursday,Finviz reports. They currently have a $310.00 target price on the insurance provider’s stock. Morgan Stanley’s price target points to a potential upside of 3.91% from the stock’s previous close.

RNR has been the subject of a number of other reports. The Goldman Sachs Group reissued a “sell” rating and set a $267.00 price objective on shares of RenaissanceRe in a research report on Wednesday, January 7th. Barclays boosted their target price on RenaissanceRe from $278.00 to $304.00 and gave the company an “equal weight” rating in a report on Thursday, January 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of RenaissanceRe in a research report on Monday, December 29th. Keefe, Bruyette & Woods upped their target price on RenaissanceRe from $314.00 to $323.00 and gave the company a “market perform” rating in a research note on Monday, February 9th. Finally, TD Cowen reaffirmed a “hold” rating on shares of RenaissanceRe in a research note on Thursday, January 8th. Three research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and an average target price of $309.60.

RenaissanceRe Trading Down 2.3%

Shares of NYSE:RNR opened at $298.32 on Thursday. The business’s 50 day moving average price is $284.76 and its 200-day moving average price is $264.61. RenaissanceRe has a 1 year low of $219.00 and a 1 year high of $315.88. The firm has a market capitalization of $12.97 billion, a price-to-earnings ratio of 5.26, a price-to-earnings-growth ratio of 0.75 and a beta of 0.24. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 1.43.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, topping analysts’ consensus estimates of $10.59 by $2.75. The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $1.73 billion. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The business’s revenue was up 29.6% on a year-over-year basis. During the same period last year, the company posted $8.06 EPS. On average, equities research analysts forecast that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

Insider Activity at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the completion of the sale, the executive vice president owned 73,023 shares in the company, valued at $22,326,782.25. This represents a 6.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

A number of hedge funds have recently modified their holdings of RNR. Hantz Financial Services Inc. lifted its position in shares of RenaissanceRe by 707.1% during the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 99 shares during the last quarter. Financial Consulate Inc. bought a new position in RenaissanceRe during the third quarter worth $29,000. Huntington National Bank grew its position in RenaissanceRe by 80.9% in the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 55 shares during the last quarter. Farther Finance Advisors LLC grew its position in RenaissanceRe by 151.9% during the third quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock worth $33,000 after buying an additional 79 shares in the last quarter. Finally, Quarry LP grew its holdings in shares of RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 52 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.