Brokerages Set RenaissanceRe Holdings Ltd. (NYSE:RNR) PT at $116.80
RenaissanceRe Holdings Ltd. (NYSE:RNR) has earned an average recommendation of “Hold” from the eight brokerages that are presently covering the company. Two equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $116.80.
Several research firms recently commented on RNR. Keefe, Bruyette & Woods increased their price objective on RenaissanceRe Holdings from $130.00 to $134.00 and gave the company a “market perform” rating in a research report on Thursday, July 28th. Zacks Investment Research cut RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research report on Tuesday, July 5th. Finally, Citigroup Inc. reaffirmed a “neutral” rating on shares of RenaissanceRe Holdings in a research report on Tuesday, June 21st.
In other news, COO Jeffrey D. Kelly sold 12,000 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $117.31, for a total value of $1,407,720.00. Following the transaction, the chief operating officer now owns 70,728 shares of the company’s stock, valued at $8,297,101.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kevin Odonnell sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $116.97, for a total value of $350,910.00. Following the completion of the transaction, the chief executive officer now directly owns 273,944 shares in the company, valued at approximately $32,043,229.68. The disclosure for this sale can be found here. 2.40% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of RNR. Meeder Asset Management Inc. increased its position in RenaissanceRe Holdings by 265.7% in the first quarter. Meeder Asset Management Inc. now owns 13,659 shares of the company’s stock valued at $1,636,000 after buying an additional 9,924 shares during the period. Rafferty Asset Management LLC increased its position in RenaissanceRe Holdings by 285.9% in the first quarter. Rafferty Asset Management LLC now owns 33,505 shares of the company’s stock valued at $4,015,000 after buying an additional 24,822 shares during the period. State Street Corp increased its position in RenaissanceRe Holdings by 23.5% in the first quarter. State Street Corp now owns 2,477,658 shares of the company’s stock valued at $296,905,000 after buying an additional 471,491 shares during the period. Bessemer Group Inc. increased its position in RenaissanceRe Holdings by 124.8% in the first quarter. Bessemer Group Inc. now owns 184,600 shares of the company’s stock valued at $22,121,000 after buying an additional 102,491 shares during the period. Finally, NN Investment Partners Holdings N.V. bought a new position in RenaissanceRe Holdings during the first quarter valued at approximately $2,187,000. 94.78% of the stock is currently owned by hedge funds and other institutional investors.
Shares of RenaissanceRe Holdings (NYSE:RNR) opened at 120.41 on Monday. The company has a market capitalization of $4.96 billion, a PE ratio of 12.21 and a beta of 0.49. RenaissanceRe Holdings has a 12 month low of $107.27 and a 12 month high of $122.97. The stock’s 50 day moving average price is $119.27 and its 200 day moving average price is $116.50.
RenaissanceRe Holdings (NYSE:RNR) last released its quarterly earnings data on Tuesday, July 26th. The company reported $1.55 EPS for the quarter, missing the consensus estimate of $1.92 by $0.37. RenaissanceRe Holdings had a net margin of 27.26% and a return on equity of 9.41%. The business had revenue of $483.30 million for the quarter, compared to analysts’ expectations of $410.83 million. During the same period last year, the business earned $2.18 earnings per share. The company’s quarterly revenue was up 21.6% on a year-over-year basis. On average, analysts forecast that RenaissanceRe Holdings will post $7.36 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were given a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $1.24 annualized dividend and a yield of 1.03%. RenaissanceRe Holdings’s payout ratio is 12.50%.
RenaissanceRe Holdings Company Profile
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services. The Company’s core products include property catastrophe reinsurance and specialty reinsurance risks. The Company’s segments include Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s. Catastrophe Reinsurance includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit.
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