RenaissanceRe Holdings Ltd. (RNR) Price Target Lowered to $142.00 at Morgan Stanley
RenaissanceRe Holdings Ltd. (NYSE:RNR) had its price target trimmed by Morgan Stanley from $144.00 to $142.00 in a report released on Thursday morning. The brokerage currently has an equal weight rating on the insurance provider’s stock.
Other equities analysts also recently issued research reports about the company. Zacks Investment Research downgraded RenaissanceRe Holdings from a hold rating to a sell rating in a report on Wednesday. Citigroup Inc. upgraded RenaissanceRe Holdings from a neutral rating to a buy rating and upped their target price for the company from $151.00 to $157.00 in a report on Thursday. UBS AG reiterated a neutral rating and issued a $145.00 target price (up previously from $139.00) on shares of RenaissanceRe Holdings in a report on Tuesday, August 1st. Keefe, Bruyette & Woods reiterated a hold rating and issued a $143.00 target price on shares of RenaissanceRe Holdings in a report on Thursday, September 21st. Finally, ValuEngine upgraded RenaissanceRe Holdings from a hold rating to a buy rating in a report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $143.48.
RenaissanceRe Holdings (RNR) traded up $3.29 during mid-day trading on Thursday, reaching $139.37. 634,400 shares of the company’s stock were exchanged, compared to its average volume of 393,144. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.00 and a current ratio of 1.66.
RenaissanceRe Holdings (NYSE:RNR) last issued its earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($12.25) by ($1.56). The business had revenue of $483.22 million during the quarter, compared to analyst estimates of $300.46 million. RenaissanceRe Holdings had a negative net margin of 7.60% and a negative return on equity of 5.82%. RenaissanceRe Holdings’s revenue for the quarter was up 70.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.09 EPS. equities research analysts predict that RenaissanceRe Holdings will post -6.7 EPS for the current fiscal year.
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RenaissanceRe Holdings declared that its board has approved a share repurchase program on Wednesday, August 2nd that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the insurance provider to buy up to 8.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In related news, CEO Kevin Odonnell sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $135.58, for a total value of $677,900.00. Following the transaction, the chief executive officer now owns 193,447 shares in the company, valued at $26,227,544.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.80% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in RNR. OppenheimerFunds Inc. increased its holdings in RenaissanceRe Holdings by 4.2% in the first quarter. OppenheimerFunds Inc. now owns 2,870 shares of the insurance provider’s stock worth $415,000 after buying an additional 116 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in RenaissanceRe Holdings by 1.0% in the first quarter. PNC Financial Services Group Inc. now owns 2,019 shares of the insurance provider’s stock worth $294,000 after buying an additional 19 shares during the last quarter. Thrivent Financial For Lutherans increased its holdings in RenaissanceRe Holdings by 10.0% in the first quarter. Thrivent Financial For Lutherans now owns 7,710 shares of the insurance provider’s stock worth $1,115,000 after buying an additional 700 shares during the last quarter. UBS Group AG increased its holdings in RenaissanceRe Holdings by 36.3% in the first quarter. UBS Group AG now owns 3,234 shares of the insurance provider’s stock worth $468,000 after buying an additional 861 shares during the last quarter. Finally, KCG Holdings Inc. acquired a new position in RenaissanceRe Holdings in the first quarter worth approximately $644,000. Hedge funds and other institutional investors own 92.06% 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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