Buckingham Research Initiates Coverage on RenaissanceRe Holdings Ltd. (RNR)

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.

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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.

Analyst Recommendations for RenaissanceRe Holdings (NYSE:RNR)

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