RenaissanceRe’s (RNR) “Hold” Rating Reiterated at Wells Fargo & Co
Several other analysts have also recently commented on RNR. Buckingham Research initiated coverage on RenaissanceRe in a report on Monday, September 11th. They set a buy rating and a $165.00 target price on the stock. UBS Group decreased their target price on RenaissanceRe from $145.00 to $136.00 and set a neutral rating on the stock in a report on Tuesday, September 19th. Keefe, Bruyette & Woods restated a hold rating and set a $143.00 target price on shares of RenaissanceRe in a report on Thursday, September 21st. Citigroup decreased their target price on RenaissanceRe from $148.00 to $146.00 and set a neutral rating on the stock in a report on Monday, October 2nd. Finally, Zacks Investment Research lowered RenaissanceRe from a hold rating to a sell rating in a research note on Wednesday, October 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $148.38.
Shares of RenaissanceRe (NYSE:RNR) opened at $125.59 on Thursday. RenaissanceRe has a 1 year low of $120.55 and a 1 year high of $152.00. The firm has a market capitalization of $5,030.00, a price-to-earnings ratio of -28.22 and a beta of 0.67. 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 (NYSE:RNR) last announced its quarterly earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($12.25) by ($1.56). RenaissanceRe had a negative net margin of 7.60% and a negative return on equity of 5.82%. The company had revenue of $483.22 million during the quarter, compared to the consensus estimate of $300.46 million. During the same quarter last year, the company earned $2.09 earnings per share. The business’s revenue was up 70.0% on a year-over-year basis. equities research analysts anticipate that RenaissanceRe will post -8.85 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 1.02%. The ex-dividend date of this dividend was Thursday, December 14th. RenaissanceRe’s payout ratio is -28.76%.
RenaissanceRe announced that its board has approved a share buyback program on Friday, November 10th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
In related news, 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 transaction of $658,250.00. Following the completion of the transaction, the chief executive officer now directly owns 190,707 shares in the company, valued at $25,106,576.55. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 value of $188,800.43. Following the transaction, the senior vice president now owns 8,405 shares of the company’s stock, valued at $1,140,810.65. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,391 shares of company stock worth $2,199,400. 1.80% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of RNR. Americafirst Capital Management LLC bought a new position in RenaissanceRe in the second quarter valued at approximately $161,000. Nomura Holdings Inc. bought a new position in RenaissanceRe in the second quarter valued at approximately $212,000. Citigroup Inc. lifted its position in shares of RenaissanceRe by 262.5% in the second quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock valued at $218,000 after buying an additional 1,134 shares during the last quarter. Cadence Capital Management LLC acquired a new stake in shares of RenaissanceRe in the third quarter valued at approximately $219,000. Finally, Pacad Investment Ltd. acquired a new stake in shares of RenaissanceRe in the second quarter valued at approximately $222,000. Institutional investors and hedge funds own 93.33% of the company’s stock.
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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