RenaissanceRe Holdings Ltd. (RNR) Rating Increased to Buy at Citigroup Inc.
RenaissanceRe Holdings Ltd. (NYSE:RNR) was upgraded by research analysts at Citigroup Inc. from a “neutral” rating to a “buy” rating in a note issued to investors on Thursday. The firm presently has a $157.00 price target on the insurance provider’s stock, up from their previous price target of $151.00. Citigroup Inc.’s price objective would indicate a potential upside of 12.65% from the stock’s current price.
A number of other equities analysts have also commented on the company. Zacks Investment Research lowered RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research note on Wednesday. Wells Fargo & Company set a $140.00 price objective on RenaissanceRe Holdings and gave the company a “hold” rating in a research note on Tuesday. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $136.00 price objective on shares of RenaissanceRe Holdings in a research note on Monday, October 16th. ValuEngine lowered RenaissanceRe Holdings from a “buy” rating to a “hold” rating in a research note on Friday, October 6th. Finally, UBS AG reduced their price target on RenaissanceRe Holdings from $136.00 to $135.00 and set a “neutral” rating on the stock in a report on Monday, October 2nd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $143.48.
Shares of RenaissanceRe Holdings (RNR) traded up $3.29 during trading on Thursday, reaching $139.37. The company had a trading volume of 634,400 shares, 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 announced its quarterly earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) EPS for the quarter, missing analysts’ consensus estimates of ($12.25) by ($1.56). RenaissanceRe Holdings had a negative net margin of 7.60% and a negative return on equity of 5.82%. The firm had revenue of $483.22 million for the quarter, compared to the consensus estimate of $300.46 million. During the same period in the previous year, the company posted $2.09 earnings per share. RenaissanceRe Holdings’s quarterly revenue was up 70.0% on a year-over-year basis. equities analysts anticipate that RenaissanceRe Holdings will post -6.7 EPS for the current year.
RenaissanceRe Holdings announced that its board has authorized a share buyback program on Wednesday, August 2nd that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the insurance provider to buy up to 8.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
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In other RenaissanceRe Holdings news, CEO Kevin Odonnell sold 5,000 shares of RenaissanceRe Holdings stock in a transaction dated 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 sale, the chief executive officer now owns 193,447 shares of the company’s stock, valued at approximately $26,227,544.26. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.80% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. increased its stake 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 worth $294,000 after buying an additional 19 shares in the last quarter. Moon Capital Management LLC increased its stake in RenaissanceRe Holdings by 0.3% during the 2nd quarter. Moon Capital Management LLC now owns 17,786 shares of the insurance provider’s stock worth $2,473,000 after buying an additional 55 shares in the last quarter. M&T Bank Corp increased its stake in RenaissanceRe Holdings by 0.9% during the 2nd quarter. M&T Bank Corp now owns 8,215 shares of the insurance provider’s stock worth $1,142,000 after buying an additional 74 shares in the last quarter. Oppenheimer Asset Management Inc. increased its stake in RenaissanceRe Holdings by 2.7% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 2,807 shares of the insurance provider’s stock worth $390,000 after buying an additional 75 shares in the last quarter. Finally, ETRADE Capital Management LLC increased its stake in RenaissanceRe Holdings by 5.2% during the 2nd quarter. ETRADE Capital Management LLC now owns 1,637 shares of the insurance provider’s stock worth $228,000 after buying an additional 81 shares in the last quarter. 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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