RenaissanceRe (NYSE:RNR) Cut to Neutral at Citigroup

Citigroup lowered shares of RenaissanceRe (NYSE:RNR) from a buy rating to a neutral rating in a research note published on Monday morning, MarketBeat Ratings reports. The firm currently has $328.00 target price on the insurance provider’s stock, up from their prior target price of $298.00.

A number of other brokerages have also weighed in on RNR. TD Cowen reissued a “hold” rating on shares of RenaissanceRe in a research report on Thursday, January 8th. Zacks Research lowered RenaissanceRe from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. Morgan Stanley restated an “overweight” rating and set a $310.00 price objective on shares of RenaissanceRe in a research report on Friday, February 6th. BMO Capital Markets reissued an “outperform” rating and set a $303.00 target price on shares of RenaissanceRe in a research note on Friday, December 5th. Finally, Mizuho boosted their price target on shares of RenaissanceRe from $277.00 to $313.00 and gave the stock a “neutral” rating in a research note on Friday, February 6th. Four investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, RenaissanceRe presently has a consensus rating of “Hold” and a consensus price target of $309.27.

RenaissanceRe Trading Up 3.0%

Shares of RNR stock opened at $304.37 on Monday. The business has a 50-day moving average of $278.00 and a 200 day moving average of $260.36. RenaissanceRe has a 1-year low of $219.00 and a 1-year high of $310.80. The stock has a market capitalization of $14.03 billion, a PE ratio of 5.37, a P/E/G ratio of 0.72 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 1.40.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.59 by $2.75. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $1.73 billion. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The company’s quarterly revenue was up 29.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $8.06 EPS. As a group, sell-side analysts anticipate that RenaissanceRe will post 26.04 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president owned 73,023 shares of the company’s stock, valued at approximately $22,326,782.25. This represents a 6.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On RenaissanceRe

A number of large investors have recently made changes to their positions in RNR. Asset Management One Co. Ltd. purchased a new position in shares of RenaissanceRe during the third quarter worth about $1,564,000. Y Intercept Hong Kong Ltd lifted its holdings in RenaissanceRe by 812.8% in the third quarter. Y Intercept Hong Kong Ltd now owns 17,078 shares of the insurance provider’s stock valued at $4,337,000 after acquiring an additional 15,207 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in RenaissanceRe by 0.9% during the second quarter. Charles Schwab Investment Management Inc. now owns 334,326 shares of the insurance provider’s stock worth $81,208,000 after buying an additional 3,070 shares in the last quarter. Nordea Investment Management AB grew its holdings in shares of RenaissanceRe by 207.2% in the 3rd quarter. Nordea Investment Management AB now owns 41,871 shares of the insurance provider’s stock worth $10,539,000 after acquiring an additional 28,241 shares during the period. Finally, Daiwa Securities Group Inc. acquired a new stake in RenaissanceRe in the second quarter valued at $4,980,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

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.