ValuEngine lowered shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) from a buy rating to a hold rating in a research note issued to investors on Friday morning.

A number of other analysts have also issued reports on RNR. UBS AG cut their price target on shares of RenaissanceRe Holdings from $136.00 to $135.00 and set a neutral rating on the stock in a research note on Monday, October 2nd. BidaskClub upgraded shares of RenaissanceRe Holdings from a sell rating to a hold rating in a research note on Thursday, August 3rd. Citigroup Inc. cut their target price on shares of RenaissanceRe Holdings from $148.00 to $146.00 and set a neutral rating on the stock in a research note on Monday, October 2nd. Wells Fargo & Company set a $140.00 target price on shares of RenaissanceRe Holdings and gave the stock a hold rating in a research note on Wednesday, October 4th. Finally, Zacks Investment Research lowered shares of RenaissanceRe Holdings from a hold rating to a sell rating in a research note on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $143.28.

RenaissanceRe Holdings (RNR) opened at 137.72 on Friday. The stock has a market cap of $5.55 billion, a P/E ratio of 11.75 and a beta of 0.65. The firm’s 50-day moving average is $136.41 and its 200-day moving average is $140.84. RenaissanceRe Holdings has a 52-week low of $118.03 and a 52-week high of $152.00.

RenaissanceRe Holdings (NYSE:RNR) last issued its quarterly earnings results on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.33 by $0.46. The company had revenue of $555.75 million for the quarter, compared to analyst estimates of $540.65 million. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.55 earnings per share. Equities research analysts predict that RenaissanceRe Holdings will post ($4.66) earnings per share for the current year.

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RenaissanceRe Holdings announced that its board has authorized a share buyback program on Wednesday, August 2nd that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the insurance provider to purchase up to 8.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were paid a dividend of $0.32 per share. The ex-dividend date was Thursday, September 14th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.93%. RenaissanceRe Holdings’s payout ratio is 10.90%.

In related news, CEO Kevin Odonnell sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $134.89, for a total transaction of $674,450.00. Following the sale, the chief executive officer now directly owns 197,904 shares in the company, valued at $26,695,270.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Ross Curtis sold 5,300 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total transaction of $785,619.00. Following the sale, the senior vice president now owns 98,564 shares in the company, valued at $14,610,141.72. The disclosure for this sale can be found here. Insiders have sold 48,644 shares of company stock worth $7,132,297 over the last 90 days. Insiders own 1.80% of the company’s stock.

A number of institutional investors have recently made changes to their positions in RNR. Americafirst Capital Management LLC purchased a new position in RenaissanceRe Holdings in the second quarter valued at approximately $161,000. Nomura Holdings Inc. purchased a new position in RenaissanceRe Holdings in the second quarter valued at approximately $212,000. Citigroup Inc. increased its stake in RenaissanceRe Holdings by 262.5% in the second quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock valued at $218,000 after purchasing an additional 1,134 shares during the last quarter. Parametrica Management Ltd purchased a new position in RenaissanceRe Holdings in the second quarter valued at approximately $220,000. Finally, Pacad Investment Ltd. purchased a new position in RenaissanceRe Holdings in the second quarter valued at approximately $222,000. Institutional investors own 91.70% of the company’s stock.

About RenaissanceRe Holdings

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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