RenaissanceRe Holdings Ltd. (RNR) Given a $140.00 Price Target by Wells Fargo & Company Analysts
RenaissanceRe Holdings Ltd. (NYSE:RNR) has been given a $140.00 price objective by equities researchers at Wells Fargo & Company in a report issued on Wednesday. The brokerage presently has a “hold” rating on the insurance provider’s stock. Wells Fargo & Company’s price objective would indicate a potential upside of 1.56% from the stock’s previous close.
Several other equities research analysts have also recently issued reports on RNR. UBS AG cut their price target on RenaissanceRe Holdings from $136.00 to $135.00 and set a “neutral” rating for the company in a research note on Monday. BidaskClub upgraded RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research note on Thursday, August 3rd. Citigroup Inc. cut their price target on RenaissanceRe Holdings from $148.00 to $146.00 and set a “neutral” rating for the company in a research note on Monday. Zacks Investment Research cut RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $143.00 price target on shares of RenaissanceRe Holdings in a research note on Thursday, September 21st. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $143.28.
Shares of RenaissanceRe Holdings (NYSE RNR) opened at 137.85 on Wednesday. RenaissanceRe Holdings has a 12 month low of $118.03 and a 12 month high of $152.00. The company has a market cap of $5.55 billion, a P/E ratio of 11.77 and a beta of 0.65. The firm has a 50 day moving average price of $136.65 and a 200-day moving average price of $140.90.
RenaissanceRe Holdings (NYSE:RNR) last posted its earnings results on Tuesday, July 25th. The insurance provider reported $2.79 EPS for the quarter, beating the 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 company had revenue of $555.75 million for the quarter, compared to the consensus estimate of $540.65 million. During the same quarter in the prior year, the business earned $1.55 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. Analysts anticipate that RenaissanceRe Holdings will post $2.52 earnings per share for the current fiscal year.
RenaissanceRe Holdings announced that its board has authorized a share buyback plan on Wednesday, August 2nd that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
In other news, SVP Ross Curtis sold 5,300 shares of the stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $148.23, for a total transaction of $785,619.00. Following the transaction, the senior vice president now owns 98,564 shares of the company’s stock, valued at approximately $14,610,141.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin Odonnell sold 38,344 shares of the stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $147.93, for a total transaction of $5,672,227.92. Following the transaction, the chief executive officer now directly owns 208,150 shares in the company, valued at approximately $30,791,629.50. The disclosure for this sale can be found here. Insiders sold 48,644 shares of company stock valued at $7,132,297 over the last 90 days. 1.80% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. Americafirst Capital Management LLC bought a new position in shares of RenaissanceRe Holdings during the 2nd quarter worth about $161,000. Nomura Holdings Inc. bought a new position in shares of RenaissanceRe Holdings during the 2nd quarter worth about $212,000. Citigroup Inc. boosted its position in shares of RenaissanceRe Holdings by 262.5% during the 2nd quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock worth $218,000 after purchasing an additional 1,134 shares in the last quarter. Parametrica Management Ltd bought a new position in shares of RenaissanceRe Holdings during the 2nd quarter worth about $220,000. Finally, Pacad Investment Ltd. bought a new position in shares of RenaissanceRe Holdings during the 2nd quarter worth about $222,000. 91.70% of the stock is currently owned by institutional investors.
RenaissanceRe Holdings 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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