RenaissanceRe Holdings Ltd. (RNR) Rating Reiterated by Keefe, Bruyette & Woods
Keefe, Bruyette & Woods reissued their hold rating on shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in a report published on Monday. The firm currently has a $136.00 target price on the insurance provider’s stock.
Several other brokerages have also recently issued reports on RNR. BidaskClub upgraded RenaissanceRe Holdings from a sell rating to a hold rating in a research note on Thursday, August 3rd. UBS AG restated a neutral rating and set a $145.00 price objective (up from $139.00) on shares of RenaissanceRe Holdings in a research note on Tuesday, August 1st. Wells Fargo & Co reiterated a hold rating and issued a $140.00 target price on shares of RenaissanceRe Holdings in a research note on Wednesday, July 26th. ValuEngine upgraded RenaissanceRe Holdings from a hold rating to a buy rating in a research note on Friday, July 28th. Finally, J P Morgan Chase & Co cut RenaissanceRe Holdings from an overweight rating to a neutral rating and cut their target price for the company from $165.00 to $145.00 in a research note on Friday, July 28th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $142.58.
RenaissanceRe Holdings (NYSE RNR) traded up 0.55% during mid-day trading on Monday, reaching $140.20. 142,208 shares of the company traded hands. The stock has a market capitalization of $5.65 billion, a PE ratio of 11.97 and a beta of 0.65. The firm’s 50-day moving average is $134.93 and its 200 day moving average is $140.36. RenaissanceRe Holdings has a 52-week low of $120.55 and a 52-week high of $152.00.
RenaissanceRe Holdings (NYSE:RNR) last announced its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $555.75 million for the quarter, compared to analysts’ expectations of $540.65 million. During the same period last year, the business posted $1.55 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, equities research analysts expect that RenaissanceRe Holdings will post ($5.29) earnings per share for the current year.
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The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date was Thursday, September 14th. RenaissanceRe Holdings’s payout ratio is 10.90%.
RenaissanceRe Holdings announced that its board has initiated a share repurchase plan on Wednesday, August 2nd that authorizes the company to repurchase $500.00 million in outstanding 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 typically a sign that the company’s board believes its stock is undervalued.
In related news, SVP Ross Curtis sold 5,300 shares of RenaissanceRe Holdings 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 sale, the senior vice president now directly owns 98,564 shares in the company, valued at $14,610,141.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Kevin Odonnell sold 5,000 shares of RenaissanceRe Holdings stock in a transaction dated 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 owns 197,904 shares in the company, valued at $26,695,270.56. The disclosure for this sale can be found here. Insiders sold 48,644 shares of company stock worth $7,132,297 over the last quarter. 1.80% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its stake in shares of RenaissanceRe Holdings by 1.0% during the first quarter. PNC Financial Services Group Inc. now owns 2,019 shares of the insurance provider’s stock valued at $294,000 after purchasing an additional 19 shares in the last quarter. Stifel Financial Corp raised its stake in shares of RenaissanceRe Holdings by 1.0% during the first quarter. Stifel Financial Corp now owns 2,255 shares of the insurance provider’s stock valued at $324,000 after purchasing an additional 22 shares in the last quarter. Moon Capital Management LLC raised its stake in shares of RenaissanceRe Holdings by 0.3% during the second quarter. Moon Capital Management LLC now owns 17,786 shares of the insurance provider’s stock valued at $2,473,000 after purchasing an additional 55 shares in the last quarter. M&T Bank Corp raised its stake in shares of RenaissanceRe Holdings by 0.9% during the second quarter. M&T Bank Corp now owns 8,215 shares of the insurance provider’s stock valued at $1,142,000 after purchasing an additional 74 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. raised its stake in shares of RenaissanceRe Holdings by 2.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 2,807 shares of the insurance provider’s stock valued at $390,000 after purchasing an additional 75 shares in the last quarter. Institutional investors and hedge funds own 91.67% of the company’s stock.
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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