RenaissanceRe’s (RNR) “Market Perform” Rating Reaffirmed at Wells Fargo & Co

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.

COPYRIGHT VIOLATION WARNING: This story was reported by Stock Observer and is the property of of Stock Observer. If you are accessing this story on another publication, it was stolen and republished in violation of United States and international trademark & copyright laws. The original version of this story can be accessed at https://www.thestockobserver.com/2018/01/13/renaissanceres-rnr-market-perform-rating-reaffirmed-at-wells-fargo-co.html.

About RenaissanceRe

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.

The Fly

Analyst Recommendations for RenaissanceRe (NYSE:RNR)

Receive News & Ratings for RenaissanceRe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RenaissanceRe and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply