RenaissanceRe (RNR) Earns “Hold” Rating from Wells Fargo & Co
Wells Fargo & Co restated their hold rating on shares of RenaissanceRe (NYSE:RNR) in a research note released on Wednesday. The firm currently has a $125.00 price target on the insurance provider’s stock.
Several other research analysts also recently weighed in on RNR. Zacks Investment Research downgraded RenaissanceRe from a hold rating to a sell rating in a research note on Wednesday, October 4th. ValuEngine downgraded RenaissanceRe from a buy rating to a hold rating in a research note on Friday, October 6th. Keefe, Bruyette & Woods reiterated a hold rating and set a $136.00 price target on shares of RenaissanceRe in a research note on Monday, October 16th. Citigroup raised RenaissanceRe from a neutral rating to a buy rating and increased their price objective for the stock from $151.00 to $157.00 in a report on Thursday, November 2nd. Finally, Morgan Stanley dropped their price objective on RenaissanceRe from $144.00 to $142.00 and set an equal weight rating on the stock in a report on Thursday, November 2nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $146.50.
RenaissanceRe (NYSE:RNR) opened at $129.90 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.66 and a current ratio of 1.77. The firm has a market capitalization of $5,231.81, a price-to-earnings ratio of -20.46, a PEG ratio of 1.41 and a beta of 0.63. RenaissanceRe has a 12 month low of $116.50 and a 12 month high of $152.00.
RenaissanceRe announced that its Board of Directors has initiated a share repurchase program on Friday, November 10th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
In related news, SVP Sean G. Brosnan sold 1,391 shares of the stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $135.73, for a total transaction of $188,800.43. Following the sale, the senior vice president now owns 8,405 shares of the company’s stock, valued at approximately $1,140,810.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin Odonnell sold 5,000 shares of the stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $131.65, for a total value of $658,250.00. Following the sale, the chief executive officer now directly owns 190,707 shares in the company, valued at approximately $25,106,576.55. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Ameriprise Financial Inc. raised its holdings in shares of RenaissanceRe by 3.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 127,336 shares of the insurance provider’s stock valued at $17,705,000 after acquiring an additional 3,809 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of RenaissanceRe by 16.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,352 shares of the insurance provider’s stock valued at $327,000 after acquiring an additional 333 shares in the last quarter. Thrivent Financial For Lutherans raised its holdings in shares of RenaissanceRe by 6.4% in the 2nd quarter. Thrivent Financial For Lutherans now owns 8,200 shares of the insurance provider’s stock valued at $1,140,000 after acquiring an additional 490 shares in the last quarter. Citigroup Inc. raised its holdings in shares of RenaissanceRe by 262.5% in the 2nd quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock valued at $218,000 after acquiring an additional 1,134 shares in the last quarter. Finally, Advisor Group Inc. raised its holdings in shares of RenaissanceRe by 981.3% in the 2nd quarter. Advisor Group Inc. now owns 3,698 shares of the insurance provider’s stock valued at $514,000 after acquiring an additional 3,356 shares in the last quarter. 92.91% of the stock is currently owned by institutional investors and hedge funds.
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RenaissanceRe 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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