Mizuho Upgrades RenaissanceRe (NYSE:RNR) to “Hold”

RenaissanceRe (NYSE:RNR) was upgraded by equities researchers at Mizuho to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Several other equities analysts have also weighed in on RNR. Zacks Research upgraded shares of RenaissanceRe from a “hold” rating to a “strong-buy” rating in a report on Monday, December 8th. Morgan Stanley reiterated an “overweight” rating and issued a $300.00 price objective on shares of RenaissanceRe in a report on Tuesday. UBS Group raised their target price on RenaissanceRe from $265.00 to $272.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 8th. Weiss Ratings restated a “buy (b)” rating on shares of RenaissanceRe in a research report on Monday. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $303.00 price target on shares of RenaissanceRe in a report on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $286.29.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock traded up $0.79 on Monday, hitting $273.23. 37,078 shares of the company were exchanged, compared to its average volume of 462,505. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.21. The company has a 50-day moving average price of $259.82 and a 200 day moving average price of $249.49. The stock has a market capitalization of $12.60 billion, a price-to-earnings ratio of 7.59, a price-to-earnings-growth ratio of 1.59 and a beta of 0.26. RenaissanceRe has a 1-year low of $219.00 and a 1-year high of $275.27.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share for the quarter, topping analysts’ consensus estimates of $9.49 by $6.13. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the previous year, the company posted $10.23 earnings per share. The firm’s revenue for the quarter was down 4.8% compared to the same quarter last year. As a group, sell-side analysts predict that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

Institutional Trading of RenaissanceRe

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Hantz Financial Services Inc. boosted its stake in shares of RenaissanceRe by 707.1% in the second quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock valued at $27,000 after purchasing an additional 99 shares during the period. Financial Consulate Inc. acquired a new position in RenaissanceRe during the 3rd quarter worth $29,000. IFP Advisors Inc increased its holdings in RenaissanceRe by 160.0% during the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 72 shares during the period. Huntington National Bank raised its position in RenaissanceRe by 80.9% in the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 55 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in shares of RenaissanceRe by 151.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock valued at $33,000 after buying an additional 79 shares during the period. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, 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 reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as 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, binding facilities, and regional U.S.