RenaissanceRe (NYSE:RNR) Lowered to Hold Rating by Zacks Research

Zacks Research lowered shares of RenaissanceRe (NYSE:RNR) from a strong-buy rating to a hold rating in a report published on Tuesday morning,Zacks.com reports.

RNR has been the subject of a number of other research reports. Barclays set a $278.00 price objective on shares of RenaissanceRe in a research report on Wednesday, October 8th. Mizuho began coverage on RenaissanceRe in a report on Monday, December 15th. They issued a “neutral” rating and a $281.00 price target for the company. Wells Fargo & Company raised their target price on shares of RenaissanceRe from $278.00 to $285.00 and gave the stock an “equal weight” rating in a report on Thursday, October 30th. Wolfe Research assumed coverage on RenaissanceRe in a research note on Monday, September 15th. They set a “peer perform” rating for the company. Finally, Evercore ISI lifted their price objective on shares of RenaissanceRe from $250.00 to $283.00 and gave the stock an “in-line” rating in a research report on Wednesday. Five research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $294.93.

RenaissanceRe Price Performance

Shares of NYSE:RNR opened at $273.70 on Tuesday. RenaissanceRe has a 1-year low of $219.00 and a 1-year high of $285.26. The firm has a market capitalization of $12.62 billion, a PE ratio of 7.60, a PEG ratio of 6.47 and a beta of 0.26. The business’s 50 day moving average is $268.67 and its 200-day moving average is $253.13. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share for the quarter, beating analysts’ consensus estimates of $9.49 by $6.13. The firm had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $1.97 billion. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.The business’s revenue was down 4.8% on a year-over-year basis. During the same period last year, the firm posted $10.23 EPS. Sell-side analysts predict that RenaissanceRe will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.60 annualized dividend and a yield of 0.6%. RenaissanceRe’s payout ratio is presently 4.45%.

Institutional Trading of RenaissanceRe

A number of hedge funds have recently added to or reduced their stakes in the stock. MassMutual Private Wealth & Trust FSB boosted its position in RenaissanceRe by 20.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 230 shares of the insurance provider’s stock worth $65,000 after buying an additional 39 shares during the period. Exchange Traded Concepts LLC lifted its position in shares of RenaissanceRe by 1.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 3,355 shares of the insurance provider’s stock worth $852,000 after buying an additional 40 shares in the last quarter. AMG National Trust Bank boosted its stake in shares of RenaissanceRe by 0.7% in the 3rd quarter. AMG National Trust Bank now owns 5,787 shares of the insurance provider’s stock worth $1,469,000 after buying an additional 40 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in shares of RenaissanceRe by 10.5% in the first quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider’s stock valued at $106,000 after acquiring an additional 42 shares in the last quarter. Finally, Benedict Financial Advisors Inc. increased its position in shares of RenaissanceRe by 0.3% during the second quarter. Benedict Financial Advisors Inc. now owns 12,577 shares of the insurance provider’s stock valued at $3,055,000 after acquiring an additional 42 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.