Buckingham Research initiated coverage on shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in a research note published on Monday, September 11th, Marketbeat reports. The brokerage issued a buy rating and a $165.00 price objective on the insurance provider’s stock.
Several other brokerages have also commented on RNR. ValuEngine upgraded shares of RenaissanceRe Holdings from a hold rating to a buy rating in a report on Friday, June 2nd. Morgan Stanley reissued an equal weight rating and set a $144.00 target price (up from $138.00) on shares of RenaissanceRe Holdings in a research report on Friday, July 7th. Wells Fargo & Company reissued a hold rating and set a $140.00 target price on shares of RenaissanceRe Holdings in a research report on Wednesday, July 26th. Zacks Investment Research cut shares of RenaissanceRe Holdings from a buy rating to a hold rating in a research report on Friday, July 14th. Finally, Keefe, Bruyette & Woods reissued a hold rating and set a $143.00 target price on shares of RenaissanceRe Holdings in a research report on Wednesday, June 28th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. RenaissanceRe Holdings has a consensus rating of Hold and a consensus price target of $144.48.
Shares of RenaissanceRe Holdings (NYSE:RNR) traded up 1.02% during mid-day trading on Monday, reaching $135.14. 549,402 shares of the company’s stock traded hands. The stock has a market capitalization of $5.44 billion, a PE ratio of 11.53 and a beta of 0.65. RenaissanceRe Holdings has a 12-month low of $117.36 and a 12-month high of $152.00. The company’s 50-day moving average price is $141.42 and its 200-day moving average price is $142.04.
RenaissanceRe Holdings (NYSE:RNR) last posted its earnings results on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.46. The company had revenue of $555.75 million for the quarter, compared to analyst estimates of $540.65 million. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. RenaissanceRe Holdings’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.55 EPS. Analysts anticipate that RenaissanceRe Holdings will post $8.64 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.95%. RenaissanceRe Holdings’s dividend payout ratio (DPR) is presently 10.90%.
RenaissanceRe Holdings announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 2nd that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the insurance provider to buy up to 8.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In related news, SVP Ross Curtis sold 5,300 shares of RenaissanceRe Holdings stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $148.23, for a total value of $785,619.00. Following the completion of the sale, the senior vice president now owns 98,564 shares in the company, valued at $14,610,141.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Kevin Odonnell sold 38,344 shares of RenaissanceRe Holdings stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $147.93, for a total transaction of $5,672,227.92. Following the completion of the sale, the chief executive officer now owns 208,150 shares of the company’s stock, valued at approximately $30,791,629.50. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in RNR. BlackRock Inc. increased its stake in RenaissanceRe Holdings by 4,513.2% during the first quarter. BlackRock Inc. now owns 4,001,408 shares of the insurance provider’s stock valued at $578,804,000 after purchasing an additional 3,914,669 shares during the last quarter. Janus Henderson Group PLC increased its stake in RenaissanceRe Holdings by 53,631.6% during the second quarter. Janus Henderson Group PLC now owns 1,290,632 shares of the insurance provider’s stock valued at $179,463,000 after purchasing an additional 1,288,230 shares during the last quarter. Renaissance Technologies LLC increased its stake in RenaissanceRe Holdings by 85.1% during the second quarter. Renaissance Technologies LLC now owns 692,497 shares of the insurance provider’s stock valued at $96,292,000 after purchasing an additional 318,282 shares during the last quarter. JPMorgan Chase & Co. increased its stake in RenaissanceRe Holdings by 213.0% during the first quarter. JPMorgan Chase & Co. now owns 459,902 shares of the insurance provider’s stock valued at $66,524,000 after purchasing an additional 312,987 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in RenaissanceRe Holdings by 5.5% during the first quarter. Vanguard Group Inc. now owns 3,981,921 shares of the insurance provider’s stock valued at $575,984,000 after purchasing an additional 206,444 shares during the last quarter. Hedge funds and other institutional investors own 91.70% 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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