RenaissanceRe Holdings Ltd. (RNR) Price Target Lowered to $146.00 at Citigroup Inc.
RenaissanceRe Holdings Ltd. (NYSE:RNR) had its target price decreased by Citigroup Inc. from $148.00 to $146.00 in a report released on Monday, October 2nd. Citigroup Inc. currently has a neutral rating on the insurance provider’s stock.
Several other equities research analysts have also commented on RNR. UBS AG decreased their price target on 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 raised RenaissanceRe Holdings from a sell rating to a hold rating in a research note on Thursday, August 3rd. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $143.00 target price on shares of RenaissanceRe Holdings in a research note on Thursday, September 21st. J P Morgan Chase & Co lowered RenaissanceRe Holdings from an overweight rating to a neutral rating and reduced their target price for the company from $165.00 to $145.00 in a research note on Friday, July 28th. Finally, ValuEngine raised RenaissanceRe Holdings from a hold rating to a buy rating in a research note on Friday, July 28th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $143.28.
RenaissanceRe Holdings (RNR) traded up 0.51% during mid-day trading on Monday, reaching $139.55. The company’s stock had a trading volume of 387,885 shares. The company has a market cap of $5.62 billion, a PE ratio of 11.91 and a beta of 0.65. The firm’s 50 day moving average is $135.33 and its 200-day moving average is $140.54. RenaissanceRe Holdings has a 12-month low of $120.55 and a 12-month high of $152.00.
RenaissanceRe Holdings (NYSE:RNR) last announced its quarterly earnings results on Tuesday, July 25th. The insurance provider reported $2.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.33 by $0.46. The business had revenue of $555.75 million for the quarter, compared to analyst estimates of $540.65 million. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.55 EPS. Equities analysts anticipate that RenaissanceRe Holdings will post ($5.29) earnings per share for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.92%. RenaissanceRe Holdings’s payout ratio is 10.90%.
RenaissanceRe Holdings announced that its board has approved a share repurchase program on Wednesday, August 2nd that permits the company to buyback $500.00 million in 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 generally an indication that the company’s leadership believes its stock is undervalued.
In other RenaissanceRe Holdings news, SVP Ross Curtis sold 5,300 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president now directly owns 98,564 shares of the company’s stock, valued at approximately $14,610,141.72. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Kevin Odonnell sold 38,344 shares of the stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $147.93, for a total transaction of $5,672,227.92. Following the transaction, the chief executive officer now directly owns 208,150 shares in the company, valued at approximately $30,791,629.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,644 shares of company stock valued at $7,132,297. Insiders own 1.80% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. increased 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 acquiring an additional 19 shares during the period. Stifel Financial Corp boosted its holdings in RenaissanceRe Holdings by 1.0% during the first quarter. Stifel Financial Corp now owns 2,255 shares of the insurance provider’s stock worth $324,000 after buying an additional 22 shares in the last quarter. Moon Capital Management LLC boosted its holdings in RenaissanceRe Holdings by 0.3% during the second quarter. Moon Capital Management LLC now owns 17,786 shares of the insurance provider’s stock worth $2,473,000 after buying an additional 55 shares in the last quarter. M&T Bank Corp boosted its holdings in RenaissanceRe Holdings by 0.9% during the second quarter. M&T Bank Corp now owns 8,215 shares of the insurance provider’s stock worth $1,142,000 after buying an additional 74 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its holdings in RenaissanceRe Holdings by 2.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 2,807 shares of the insurance provider’s stock worth $390,000 after buying an additional 75 shares in the last quarter. Institutional investors and hedge funds own 91.70% 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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