RenaissanceRe Holdings Ltd. (NYSE:RNR) had its target price dropped by analysts at UBS AG from $145.00 to $136.00 in a research report issued to clients and investors on Tuesday. The firm currently has a “neutral” rating on the insurance provider’s stock. UBS AG’s target price points to a potential upside of 4.31% from the stock’s previous close.
Other analysts also recently issued reports about the company. ValuEngine upgraded RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Buckingham Research started coverage on RenaissanceRe Holdings in a research report on Monday, September 11th. They issued a “buy” rating and a $165.00 price objective on the stock. Morgan Stanley restated an “equal weight” rating and issued a $144.00 price objective (up from $138.00) on shares of RenaissanceRe Holdings in a research report on Friday, July 7th. Wells Fargo & Company restated a “hold” rating and issued a $140.00 price objective on shares of RenaissanceRe Holdings in a research report on Wednesday, July 26th. Finally, Zacks Investment Research downgraded RenaissanceRe Holdings from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $144.48.
RenaissanceRe Holdings (NYSE:RNR) last issued its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The business had revenue of $555.75 million for the quarter, compared to the consensus estimate of $540.65 million. During the same period in the prior year, the business earned $1.55 earnings per share. The business’s revenue was up 6.9% on a year-over-year basis.
RenaissanceRe Holdings declared that its board has approved a stock buyback plan on Wednesday, August 2nd that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the insurance provider to purchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
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In related news, SVP Ross Curtis sold 5,300 shares of the company’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total value of $785,619.00. Following the completion of the transaction, the senior vice president now directly owns 98,564 shares in the company, valued at $14,610,141.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin Odonnell sold 38,344 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $147.93, for a total value of $5,672,227.92. Following the completion of the transaction, the chief executive officer now owns 208,150 shares of the company’s stock, valued at $30,791,629.50. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in RNR. BlackRock Inc. increased its stake in RenaissanceRe Holdings by 4,513.2% in the first quarter. BlackRock Inc. now owns 4,001,408 shares of the insurance provider’s stock valued at $578,804,000 after purchasing an additional 3,914,669 shares during the last quarter. Janus Henderson Group PLC increased its stake in RenaissanceRe Holdings by 53,631.6% in the second quarter. Janus Henderson Group PLC now owns 1,290,632 shares of the insurance provider’s stock valued at $179,463,000 after purchasing an additional 1,288,230 shares during the last quarter. Renaissance Technologies LLC increased its stake in RenaissanceRe Holdings by 85.1% in the second quarter. Renaissance Technologies LLC now owns 692,497 shares of the insurance provider’s stock valued at $96,292,000 after purchasing an additional 318,282 shares during the last quarter. JPMorgan Chase & Co. increased its stake in RenaissanceRe Holdings by 213.0% in the first quarter. JPMorgan Chase & Co. now owns 459,902 shares of the insurance provider’s stock valued at $66,524,000 after purchasing an additional 312,987 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in RenaissanceRe Holdings by 5.5% in the first quarter. Vanguard Group Inc. now owns 3,981,921 shares of the insurance provider’s stock valued at $575,984,000 after purchasing an additional 206,444 shares during the last quarter. Hedge funds and other institutional investors own 91.70% 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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