RenaissanceRe Holdings (NYSE:RNR) declared that its Board of Directors has initiated a share repurchase program, which allows the company to buyback $500.00 million in outstanding shares on Friday, November 10th, EventVestor reports. This buyback authorization allows the insurance provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

RenaissanceRe Holdings (NYSE:RNR) traded up $1.04 during trading hours on Monday, hitting $139.70. The stock had a trading volume of 318,400 shares, compared to its average volume of 281,703. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.66. RenaissanceRe Holdings has a fifty-two week low of $120.55 and a fifty-two week high of $152.00.

RenaissanceRe Holdings (NYSE:RNR) last released its quarterly earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($12.25) by ($1.56). The firm had revenue of $483.22 million for the quarter, compared to analyst estimates of $300.46 million. RenaissanceRe Holdings had a negative return on equity of 5.82% and a negative net margin of 7.60%. The company’s quarterly revenue was up 70.0% compared to the same quarter last year. During the same period last year, the firm earned $2.09 EPS. analysts expect that RenaissanceRe Holdings will post -6.8 EPS for the current fiscal year.

A number of brokerages have recently issued reports on RNR. UBS AG lowered their target price on shares of RenaissanceRe Holdings from $136.00 to $135.00 and set a “neutral” rating on the stock in a research report on Monday, October 2nd. Zacks Investment Research lowered shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research report on Wednesday, November 1st. ValuEngine upgraded shares of RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, July 28th. Wells Fargo & Company reiterated a “hold” rating and issued a $140.00 price objective on shares of RenaissanceRe Holdings in a research report on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $143.00 price objective on shares of RenaissanceRe Holdings in a research report on Thursday, September 21st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $144.38.

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In related news, CEO Kevin Odonnell sold 5,000 shares of the business’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $134.89, for a total value of $674,450.00. Following the completion of the transaction, the chief executive officer now owns 197,904 shares of the company’s stock, valued at approximately $26,695,270.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.80% of the company’s stock.

About RenaissanceRe Holdings

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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