RenaissanceRe Holdings Ltd. (NYSE:RNR) has been assigned an average rating of “Hold” from the nine brokerages that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $197.57.
RNR has been the subject of several recent analyst reports. Citigroup cut their target price on RenaissanceRe from $192.00 to $158.00 and set a “neutral” rating for the company in a research note on Tuesday, April 21st. Deutsche Bank reduced their target price on shares of RenaissanceRe from $195.00 to $185.00 and set a “hold” rating on the stock in a report on Friday, May 15th. Wells Fargo & Co upped their price target on RenaissanceRe from $190.00 to $229.00 and gave the company an “overweight” rating in a research report on Thursday, June 4th. TheStreet upgraded shares of RenaissanceRe from a “c+” rating to a “b” rating in a research report on Tuesday, July 28th. Finally, Morgan Stanley raised their target price on RenaissanceRe from $205.00 to $220.00 and gave the stock an “equal weight” rating in a research note on Friday.
Several institutional investors have recently made changes to their positions in the company. Harbor Investment Advisory LLC purchased a new stake in RenaissanceRe in the first quarter valued at approximately $25,000. C M Bidwell & Associates Ltd. purchased a new stake in shares of RenaissanceRe during the 1st quarter valued at $31,000. Creative Financial Designs Inc. ADV bought a new stake in shares of RenaissanceRe during the 2nd quarter worth $33,000. Signaturefd LLC lifted its holdings in shares of RenaissanceRe by 43.8% during the 2nd quarter. Signaturefd LLC now owns 210 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 64 shares during the last quarter. Finally, AIA Investment Management Private Ltd purchased a new position in RenaissanceRe in the first quarter worth $96,000. 91.43% of the stock is currently owned by hedge funds and other institutional investors.
RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, July 28th. The insurance provider reported $4.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.68 by $1.38. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.19 billion. RenaissanceRe had a return on equity of 5.21% and a net margin of 13.02%. The firm’s revenue for the quarter was up 15.4% compared to the same quarter last year. During the same period last year, the firm posted $4.78 EPS. Sell-side analysts predict that RenaissanceRe will post 8.05 EPS for the current fiscal year.
RenaissanceRe Holdings Ltd. provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, and binding facilities and regional U.S.
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