Buckingham Research initiated coverage on shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in a research report issued to clients and investors on Monday. The firm set a “buy” rating and a $165.00 price target on the insurance provider’s stock. Buckingham Research’s price target indicates a potential upside of 20.54% from the company’s previous close.
Several other research firms also recently issued reports on RNR. Zacks Investment Research upgraded shares of RenaissanceRe Holdings from a “sell” rating to a “hold” rating and set a $158.00 price objective on the stock in a report on Friday, July 7th. UBS AG restated a “neutral” rating and set a $145.00 price objective (up previously from $139.00) on shares of RenaissanceRe Holdings in a report on Tuesday, August 1st. BidaskClub downgraded shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a report on Friday, August 25th. Morgan Stanley restated an “equal weight” rating and set a $144.00 price objective (up previously from $138.00) on shares of RenaissanceRe Holdings in a report on Friday, July 7th. Finally, J P Morgan Chase & Co downgraded shares of RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $165.00 to $145.00 in a report on Friday, July 28th. One analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. RenaissanceRe Holdings presently has a consensus rating of “Hold” and a consensus price target of $145.38.
Shares of RenaissanceRe Holdings (RNR) opened at 136.88 on Monday. The stock has a market cap of $5.51 billion, a P/E ratio of 11.68 and a beta of 0.65. RenaissanceRe Holdings has a one year low of $117.24 and a one year high of $152.00. The stock’s 50 day moving average is $143.28 and its 200-day moving average is $142.62.
RenaissanceRe Holdings (NYSE:RNR) last posted its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. The firm 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 company posted $1.55 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities analysts forecast that RenaissanceRe Holdings will post $8.69 EPS for the current year.
RenaissanceRe Holdings announced that its Board of Directors has approved a share buyback plan on Wednesday, May 17th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the insurance provider to buy up to 99% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, CEO Kevin Odonnell sold 38,344 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $147.93, for a total value of $5,672,227.92. Following the sale, the chief executive officer now owns 208,150 shares in the company, valued at $30,791,629.50. The sale was disclosed in a legal filing with the SEC, which is available 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 shares were sold at an average price of $148.23, for a total value of $785,619.00. Following the completion of the sale, the senior vice president now owns 98,564 shares in the company, valued at approximately $14,610,141.72. The disclosure for this sale can be found here. 1.80% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in RNR. Janney Montgomery Scott LLC purchased a new stake in RenaissanceRe Holdings in the 1st quarter worth approximately $467,000. First Trust Advisors LP boosted its position in RenaissanceRe Holdings by 5.2% in the 1st quarter. First Trust Advisors LP now owns 113,849 shares of the insurance provider’s stock worth $16,468,000 after purchasing an additional 5,603 shares in the last quarter. US Bancorp DE boosted its position in RenaissanceRe Holdings by 6.8% in the 1st quarter. US Bancorp DE now owns 11,247 shares of the insurance provider’s stock worth $1,627,000 after purchasing an additional 713 shares in the last quarter. Elkfork Partners LLC boosted its position in RenaissanceRe Holdings by 4.6% in the 1st quarter. Elkfork Partners LLC now owns 2,548 shares of the insurance provider’s stock worth $369,000 after purchasing an additional 112 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in RenaissanceRe Holdings by 20.2% in the 1st quarter. Bank of New York Mellon Corp now owns 644,447 shares of the insurance provider’s stock worth $93,219,000 after purchasing an additional 108,425 shares in the last quarter. Institutional investors and hedge funds own 91.75% 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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