RenaissanceRe Holdings Ltd. (NYSE:RNR) had its price objective reduced by Morgan Stanley from $144.00 to $142.00 in a research note published on Thursday, November 2nd. They currently have an equal weight rating on the insurance provider’s stock.
A number of other equities analysts have also recently commented on RNR. BidaskClub upgraded RenaissanceRe Holdings from a sell rating to a hold rating in a report on Thursday, August 3rd. UBS AG dropped their target price on RenaissanceRe Holdings from $136.00 to $135.00 and set a neutral rating for the company in a report on Monday, October 2nd. Wells Fargo & Company set a $140.00 target price on RenaissanceRe Holdings and gave the stock a hold rating in a report on Tuesday, October 31st. Zacks Investment Research cut RenaissanceRe Holdings from a hold rating to a sell rating in a report on Wednesday, November 1st. Finally, J P Morgan Chase & Co cut RenaissanceRe Holdings from an overweight rating to a neutral rating and dropped their target price for the stock from $165.00 to $145.00 in a report on Friday, July 28th. One analyst has rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $144.38.
RenaissanceRe Holdings (RNR) traded up $0.14 during trading hours on Thursday, reaching $138.64. The company’s stock had a trading volume of 66,542 shares, compared to its average volume of 281,448. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.66 and a current ratio of 1.66. RenaissanceRe Holdings has a 1-year low of $120.55 and a 1-year high of $152.00.
RenaissanceRe Holdings (NYSE:RNR) last released its quarterly earnings data on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($12.25) by ($1.56). The firm had revenue of $483.22 million during the quarter, compared to the consensus estimate of $300.46 million. RenaissanceRe Holdings had a negative return on equity of 5.82% and a negative net margin of 7.60%. The business’s revenue was up 70.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.09 EPS. equities analysts expect that RenaissanceRe Holdings will post -6.8 earnings per share for the current fiscal year.
RenaissanceRe Holdings declared that its board has initiated a share buyback plan on Wednesday, August 2nd that allows the company to buyback $500.00 million in shares. This buyback authorization allows the insurance provider to buy up to 8.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date of this dividend is Thursday, December 14th. RenaissanceRe Holdings’s payout ratio is currently -28.01%.
In related news, CEO Kevin Odonnell sold 5,000 shares of the business’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $135.58, for a total transaction of $677,900.00. Following the completion of the transaction, the chief executive officer now owns 193,447 shares in the company, valued at approximately $26,227,544.26. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.80% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the business. OppenheimerFunds Inc. raised its position in shares of RenaissanceRe Holdings by 4.2% in the 1st quarter. OppenheimerFunds Inc. now owns 2,870 shares of the insurance provider’s stock worth $415,000 after acquiring an additional 116 shares in the last quarter. PNC Financial Services Group Inc. increased its position in RenaissanceRe Holdings by 1.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,019 shares of the insurance provider’s stock valued at $294,000 after buying an additional 19 shares in the last quarter. Thrivent Financial For Lutherans increased its position in RenaissanceRe Holdings by 10.0% during the 1st quarter. Thrivent Financial For Lutherans now owns 7,710 shares of the insurance provider’s stock valued at $1,115,000 after buying an additional 700 shares in the last quarter. UBS Group AG increased its position in RenaissanceRe Holdings by 36.3% during the 1st quarter. UBS Group AG now owns 3,234 shares of the insurance provider’s stock valued at $468,000 after buying an additional 861 shares in the last quarter. Finally, KCG Holdings Inc. acquired a new position in RenaissanceRe Holdings during the 1st quarter valued at about $644,000. Institutional investors and hedge funds own 92.69% of the company’s stock.
RenaissanceRe Holdings 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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