RenaissanceRe Holdings Ltd. (RNR) Upgraded at ValuEngine
ValuEngine upgraded shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) from a hold rating to a buy rating in a research report report published on Friday.
Several other brokerages also recently issued reports on RNR. Zacks Investment Research raised shares of RenaissanceRe Holdings from a sell rating to a hold rating and set a $158.00 price objective on the stock in a research report on Friday, July 7th. Morgan Stanley reissued an equal weight rating and set a $144.00 price objective (up from $138.00) on shares of RenaissanceRe Holdings in a research report on Friday, July 7th. Wells Fargo & Company reissued a hold rating on shares of RenaissanceRe Holdings in a research report on Sunday, April 16th. Citigroup Inc. raised their price objective on shares of RenaissanceRe Holdings from $150.00 to $157.00 and gave the stock a neutral rating in a research report on Friday, April 7th. Finally, Keefe, Bruyette & Woods reissued a hold rating and set a $143.00 price objective on shares of RenaissanceRe Holdings in a research report on Wednesday, June 28th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $142.97.
RenaissanceRe Holdings (RNR) opened at 146.91 on Friday. RenaissanceRe Holdings has a 52-week low of $116.10 and a 52-week high of $152.00. The company’s 50-day moving average is $141.77 and its 200-day moving average is $142.21. The firm has a market capitalization of $5.92 billion, a P/E ratio of 12.54 and a beta of 0.64.
RenaissanceRe Holdings (NYSE:RNR) last issued its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. The company had revenue of $555.75 million for the quarter, compared to the consensus estimate of $540.65 million. During the same period last year, the firm posted $1.55 EPS. RenaissanceRe Holdings’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, analysts predict that RenaissanceRe Holdings will post $8.58 EPS for the current year.
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RenaissanceRe Holdings announced that its board has approved a stock buyback program on Wednesday, May 17th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the insurance provider to buy up to 99% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In other news, SVP Ross Curtis sold 5,300 shares of the firm’s 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 approximately $14,610,141.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Stephen Howard Weinstein sold 14,000 shares of the firm’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $143.19, for a total transaction of $2,004,660.00. Following the completion of the sale, the senior vice president now owns 75,162 shares of the company’s stock, valued at approximately $10,762,446.78. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in RenaissanceRe Holdings by 4,513.2% in the first quarter. BlackRock Inc. now owns 4,001,408 shares of the insurance provider’s stock valued at $578,804,000 after buying an additional 3,914,669 shares during the period. Vanguard Group Inc. boosted its stake in shares of RenaissanceRe Holdings by 5.5% in the first quarter. Vanguard Group Inc. now owns 3,981,921 shares of the insurance provider’s stock valued at $575,984,000 after buying an additional 206,444 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of RenaissanceRe Holdings by 20.2% in the first quarter. Bank of New York Mellon Corp now owns 644,447 shares of the insurance provider’s stock valued at $93,219,000 after buying an additional 108,425 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of RenaissanceRe Holdings by 213.0% in the first quarter. JPMorgan Chase & Co. now owns 459,902 shares of the insurance provider’s stock valued at $66,524,000 after buying an additional 312,987 shares during the period. Finally, AQR Capital Management LLC boosted its stake in shares of RenaissanceRe Holdings by 13.8% in the first quarter. AQR Capital Management LLC now owns 384,427 shares of the insurance provider’s stock valued at $55,607,000 after buying an additional 46,610 shares during the period. Institutional investors own 92.56% 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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