RenaissanceRe Holdings Ltd. (NYSE:RNR) has earned a consensus rating of “Hold” from the twelve ratings firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, nine have given a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $143.98.
A number of research firms have weighed in on RNR. BidaskClub downgraded RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research report on Tuesday, June 13th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $143.00 price target on shares of RenaissanceRe Holdings in a research report on Wednesday, June 28th. ValuEngine raised RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Wells Fargo & Company reaffirmed a “hold” rating and set a $140.00 price target on shares of RenaissanceRe Holdings in a research report on Wednesday, July 26th. Finally, J P Morgan Chase & Co downgraded RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $165.00 to $145.00 in a research report on Friday, July 28th.
RenaissanceRe Holdings (NYSE RNR) traded up 1.15% during mid-day trading on Tuesday, reaching $135.88. 583,271 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $142.40 and a 200 day moving average price of $142.46. The company has a market cap of $5.47 billion, a PE ratio of 11.60 and a beta of 0.65. RenaissanceRe Holdings has a 52-week low of $117.24 and a 52-week high of $152.00.
RenaissanceRe Holdings (NYSE:RNR) last released its quarterly earnings results on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share for the quarter, topping analysts’ consensus estimates of $2.33 by $0.46. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The firm had revenue of $555.75 million during the quarter, compared to the consensus estimate of $540.65 million. During the same quarter in the prior year, the firm posted $1.55 EPS. The business’s revenue was up 6.9% on a year-over-year basis. Equities analysts predict that RenaissanceRe Holdings will post $8.69 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 0.94%. The ex-dividend date is Thursday, September 14th. RenaissanceRe Holdings’s payout ratio is presently 10.90%.
RenaissanceRe Holdings announced that its board has approved a stock repurchase plan on Wednesday, August 2nd that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the insurance provider to reacquire up to 8.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
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In other news, CEO Kevin Odonnell sold 38,344 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $147.93, for a total value of $5,672,227.92. Following the completion of the sale, the chief executive officer now owns 208,150 shares of the company’s stock, valued at approximately $30,791,629.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Ross Curtis sold 5,300 shares of the stock in a transaction that occurred 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 directly owns 98,564 shares of the company’s stock, valued at approximately $14,610,141.72. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNR. Janney Montgomery Scott LLC acquired a new stake in shares of RenaissanceRe Holdings in the 1st quarter valued at approximately $467,000. First Trust Advisors LP lifted its holdings in RenaissanceRe Holdings by 5.2% during the 1st quarter. First Trust Advisors LP now owns 113,849 shares of the insurance provider’s stock valued at $16,468,000 after purchasing an additional 5,603 shares during the last quarter. US Bancorp DE lifted its holdings in RenaissanceRe Holdings by 6.8% during the 1st quarter. US Bancorp DE now owns 11,247 shares of the insurance provider’s stock valued at $1,627,000 after purchasing an additional 713 shares during the last quarter. Elkfork Partners LLC lifted its holdings in RenaissanceRe Holdings by 4.6% during the 1st quarter. Elkfork Partners LLC now owns 2,548 shares of the insurance provider’s stock valued at $369,000 after purchasing an additional 112 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in RenaissanceRe Holdings by 20.2% during the 1st quarter. Bank of New York Mellon Corp now owns 644,447 shares of the insurance provider’s stock valued at $93,219,000 after purchasing an additional 108,425 shares during the last quarter. 91.75% of the stock is owned by institutional investors.
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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