Wells Fargo & Co reissued their market perform rating on shares of RenaissanceRe (NYSE:RNR) in a research note published on Tuesday morning, The Fly reports. The firm currently has a $125.00 price target on the insurance provider’s stock, down from their previous price target of $140.00.
RNR has been the subject of a number of other research reports. Citigroup reduced their target price on RenaissanceRe from $148.00 to $146.00 and set a neutral rating for the company in a report on Monday, October 2nd. Zacks Investment Research upgraded RenaissanceRe from a sell rating to a hold rating in a report on Friday, November 10th. UBS Group increased their target price on RenaissanceRe from $135.00 to $144.00 and gave the company a neutral rating in a report on Monday, November 6th. Keefe, Bruyette & Woods restated a hold rating and issued a $136.00 target price on shares of RenaissanceRe in a report on Monday, October 16th. Finally, ValuEngine lowered RenaissanceRe from a buy rating to a hold rating in a report on Friday, October 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $146.50.
Shares of RenaissanceRe (NYSE RNR) traded up $1.74 during trading hours on Tuesday, hitting $120.51. The stock had a trading volume of 397,544 shares, compared to its average volume of 363,367. RenaissanceRe has a one year low of $116.50 and a one year high of $152.00. The firm has a market cap of $4,754.26, a P/E ratio of -26.37, a PEG ratio of 1.29 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 released its earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($12.25) by ($1.56). The business had revenue of $483.22 million during the quarter, compared to analysts’ expectations of $300.46 million. RenaissanceRe had a negative net margin of 7.60% and a negative return on equity of 5.82%. RenaissanceRe’s revenue for the quarter was up 70.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.09 EPS. research analysts expect that RenaissanceRe will post -8.83 earnings per share for the current fiscal year.
RenaissanceRe declared that its board has authorized a share buyback program on Friday, November 10th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date was Thursday, December 14th. RenaissanceRe’s dividend payout ratio (DPR) is presently -28.01%.
In other news, CEO Kevin Odonnell sold 5,000 shares of the company’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $131.65, for a total value of $658,250.00. Following the transaction, the chief executive officer now directly owns 190,707 shares of the company’s stock, valued at $25,106,576.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Sean G. Brosnan sold 1,391 shares of the company’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $135.73, for a total transaction of $188,800.43. Following the completion of the transaction, the senior vice president now directly owns 8,405 shares in the company, valued at $1,140,810.65. The disclosure for this sale can be found here. Insiders sold 11,391 shares of company stock worth $1,524,950 over the last ninety days. 1.80% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of RNR. Schwab Charles Investment Management Inc. increased its position in RenaissanceRe by 1.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 142,934 shares of the insurance provider’s stock worth $19,875,000 after buying an additional 1,670 shares during the last quarter. Prudential Financial Inc. increased its position in RenaissanceRe by 1.2% during the second quarter. Prudential Financial Inc. now owns 28,288 shares of the insurance provider’s stock worth $3,933,000 after buying an additional 341 shares during the last quarter. Principal Financial Group Inc. increased its position in RenaissanceRe by 4.8% during the second quarter. Principal Financial Group Inc. now owns 173,944 shares of the insurance provider’s stock worth $24,187,000 after buying an additional 7,978 shares during the last quarter. Pacad Investment Ltd. acquired a new position in RenaissanceRe during the second quarter worth $222,000. Finally, Oppenheimer Asset Management Inc. increased its position in RenaissanceRe by 2.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 2,807 shares of the insurance provider’s stock worth $390,000 after buying an additional 75 shares during the last quarter. 93.33% of the stock is currently owned by hedge funds and other institutional investors.
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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