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 report sent to investors on Tuesday morning, The Fly reports. Wells Fargo & Co currently has a $125.00 price objective on the insurance provider’s stock, down from their previous price objective of $140.00.
Several other analysts have also issued reports on the stock. Buckingham Research initiated coverage on shares of RenaissanceRe in a research report on Monday, September 11th. They issued a buy rating and a $165.00 target price on the stock. Keefe, Bruyette & Woods restated a hold rating and set a $136.00 price target on shares of RenaissanceRe in a research report on Monday, October 16th. Zacks Investment Research lowered shares of RenaissanceRe from a hold rating to a sell rating in a research report on Tuesday, October 24th. Citigroup upgraded shares of RenaissanceRe from a neutral rating to a buy rating and boosted their price target for the stock from $151.00 to $157.00 in a research report on Thursday, November 2nd. Finally, Morgan Stanley lowered their price target on shares of RenaissanceRe from $144.00 to $142.00 and set an equal weight rating on the stock in a research report on Thursday, November 2nd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $146.50.
Shares of RenaissanceRe (RNR) traded up $1.74 during midday trading on Tuesday, hitting $120.51. 397,544 shares of the stock traded hands, compared to its average volume of 445,056. RenaissanceRe has a 1-year low of $116.50 and a 1-year high of $152.00. The firm has a market capitalization of $4,840.00, a price-to-earnings ratio of -27.08, a price-to-earnings-growth ratio of 1.34 and a beta of 0.67. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.25.
RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate 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 analyst estimates of $300.46 million. During the same quarter last year, the business earned $2.09 EPS. The firm’s revenue for the quarter was up 70.0% compared to the same quarter last year. equities analysts expect that RenaissanceRe will post -8.78 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 15th were given a dividend of $0.32 per share. The ex-dividend date was Thursday, December 14th. This represents a $1.28 dividend on an annualized basis and a yield of 1.06%. RenaissanceRe’s payout ratio is presently -28.76%.
RenaissanceRe declared that its board has authorized a share repurchase 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 repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
In other RenaissanceRe news, SVP Sean G. Brosnan sold 1,391 shares of RenaissanceRe stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $135.73, for a total transaction of $188,800.43. Following the transaction, the senior vice president now directly owns 8,405 shares of the company’s stock, valued at $1,140,810.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin Odonnell sold 5,000 shares of RenaissanceRe 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 transaction, the chief executive officer now directly owns 190,707 shares in the company, valued at $25,106,576.55. The disclosure for this sale can be found here. Insiders have sold 11,391 shares of company stock worth $1,524,950 over the last 90 days. 1.80% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of the business. M&T Bank Corp raised its stake in RenaissanceRe by 0.9% during the second quarter. M&T Bank Corp now owns 8,215 shares of the insurance provider’s stock worth $1,142,000 after purchasing an additional 74 shares during the period. Oppenheimer Asset Management Inc. raised its stake 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 purchasing an additional 75 shares during the period. ETRADE Capital Management LLC raised its stake in RenaissanceRe by 5.2% during the second quarter. ETRADE Capital Management LLC now owns 1,637 shares of the insurance provider’s stock worth $228,000 after purchasing an additional 81 shares during the period. Mutual of America Capital Management LLC raised its stake in RenaissanceRe by 0.8% during the second quarter. Mutual of America Capital Management LLC now owns 32,614 shares of the insurance provider’s stock worth $4,535,000 after purchasing an additional 263 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in RenaissanceRe by 16.5% during the second quarter. PNC Financial Services Group Inc. now owns 2,352 shares of the insurance provider’s stock worth $327,000 after purchasing an additional 333 shares during the period. 93.33% of the stock is currently owned by institutional investors.
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RenaissanceRe Company Profile
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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