RenaissanceRe (RNR) Lifted to “Neutral” at Bank of America
Bank of America upgraded shares of RenaissanceRe (NYSE:RNR) from an underperform rating to a neutral rating in a report issued on Monday, MarketBeat Ratings reports. They currently have $144.00 target price on the insurance provider’s stock, up from their prior target price of $125.00.
A number of other equities research analysts have also recently commented on the stock. Citigroup reduced their target price on shares of RenaissanceRe from $161.00 to $153.00 and set a buy rating for the company in a report on Monday, October 22nd. Wells Fargo & Co set a $130.00 target price on shares of RenaissanceRe and gave the company a hold rating in a report on Wednesday, October 31st. Zacks Investment Research cut shares of RenaissanceRe from a buy rating to a hold rating in a report on Monday, October 15th. Deutsche Bank raised shares of RenaissanceRe from a hold rating to a buy rating and set a $150.00 target price for the company in a report on Wednesday, November 7th. Finally, Buckingham Research upped their target price on shares of RenaissanceRe from $145.00 to $160.00 and gave the company a buy rating in a report on Wednesday, October 3rd. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. RenaissanceRe presently has an average rating of Hold and a consensus price target of $143.00.
Shares of RNR opened at $133.95 on Monday. RenaissanceRe has a 1-year low of $116.50 and a 1-year high of $142.56. The firm has a market capitalization of $5.34 billion, a P/E ratio of -16.04, a P/E/G ratio of 1.36 and a beta of 0.67. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.67 and a quick ratio of 1.67.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 14th will be issued a dividend of $0.33 per share. The ex-dividend date is Thursday, December 13th. This represents a $1.32 annualized dividend and a yield of 0.99%. RenaissanceRe’s dividend payout ratio is currently -15.81%.
In related news, Director Henry Klehm III sold 810 shares of the stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $128.00, for a total transaction of $103,680.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of RNR. Capital International Investors purchased a new position in RenaissanceRe during the third quarter worth about $90,594,000. Royal London Asset Management Ltd. raised its holdings in RenaissanceRe by 3,627.0% during the third quarter. Royal London Asset Management Ltd. now owns 563,934 shares of the insurance provider’s stock worth $23,142,000 after purchasing an additional 548,803 shares in the last quarter. Renaissance Technologies LLC raised its holdings in RenaissanceRe by 31.8% during the second quarter. Renaissance Technologies LLC now owns 1,389,122 shares of the insurance provider’s stock worth $167,139,000 after purchasing an additional 335,307 shares in the last quarter. Schroder Investment Management Group raised its holdings in RenaissanceRe by 135.5% during the second quarter. Schroder Investment Management Group now owns 559,896 shares of the insurance provider’s stock worth $47,620,000 after purchasing an additional 322,133 shares in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in RenaissanceRe by 13.4% during the second quarter. Janus Henderson Group PLC now owns 1,659,358 shares of the insurance provider’s stock worth $199,654,000 after purchasing an additional 196,059 shares in the last quarter. 96.65% of the stock is owned by hedge funds and other institutional investors.
RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance coverages in the United States and internationally. Its Property segment writes property catastrophe excess of loss reinsurance and excess of loss retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, such as earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, including proportional reinsurance, property per risk, property reinsurance, and binding facilities and regional U.S.
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