RenaissanceRe (NYSE:RNR) Downgraded by Wall Street Zen to Hold

Wall Street Zen lowered shares of RenaissanceRe (NYSE:RNR) from a buy rating to a hold rating in a report released on Saturday.

RNR has been the subject of a number of other research reports. TD Cowen lifted their price objective on shares of RenaissanceRe from $280.00 to $290.00 and gave the company a “hold” rating in a report on Thursday, February 26th. UBS Group lifted their price objective on shares of RenaissanceRe from $312.00 to $319.00 and gave the company a “neutral” rating in a report on Wednesday, April 8th. Bank of America decreased their price objective on shares of RenaissanceRe to $426.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. Barclays cut their target price on shares of RenaissanceRe from $341.00 to $328.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Finally, Wells Fargo & Company raised their target price on shares of RenaissanceRe from $305.00 to $306.00 and gave the company an “equal weight” rating in a research report on Thursday. Four research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $321.93.

RenaissanceRe Trading Down 2.7%

Shares of RNR opened at $298.83 on Friday. RenaissanceRe has a 1-year low of $231.17 and a 1-year high of $318.20. The company has a 50-day moving average of $301.47 and a 200 day moving average of $282.04. The firm has a market capitalization of $12.74 billion, a price-to-earnings ratio of 4.98, a PEG ratio of 0.82 and a beta of 0.23. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.43.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, April 28th. The insurance provider reported $13.75 earnings per share for the quarter, beating analysts’ consensus estimates of $11.07 by $2.68. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The company had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.84 billion. During the same quarter last year, the business posted ($1.49) EPS. The firm’s revenue for the quarter was down 36.8% on a year-over-year basis. On average, research analysts expect that RenaissanceRe will post 38.28 EPS for the current year.

RenaissanceRe Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were given a dividend of $0.41 per share. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. RenaissanceRe’s payout ratio is 2.73%.

Insider Buying and Selling

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the transaction, the executive vice president owned 73,023 shares of the company’s stock, valued at approximately $22,326,782.25. This trade represents a 6.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Y Intercept Hong Kong Ltd grew its position in shares of RenaissanceRe by 812.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 17,078 shares of the insurance provider’s stock worth $4,337,000 after buying an additional 15,207 shares during the last quarter. Asset Management One Co. Ltd. purchased a new position in shares of RenaissanceRe in the 3rd quarter worth approximately $1,564,000. Nordea Investment Management AB grew its position 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 buying an additional 28,241 shares during the last quarter. Diamond Hill Capital Management Inc. grew its position in shares of RenaissanceRe by 16.0% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 119,240 shares of the insurance provider’s stock worth $30,279,000 after buying an additional 16,448 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of RenaissanceRe by 4.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,001,410 shares of the insurance provider’s stock worth $254,273,000 after buying an additional 45,936 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Company Profile

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.