RenaissanceRe Holdings Ltd. (RNR) Receives Consensus Recommendation of “Hold” from Brokerages
Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) have been given an average rating of “Hold” by the five research firms that are covering the firm. Five equities research analysts have rated the stock with a hold rating. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $133.45.
Several research firms recently weighed in on RNR. Zacks Investment Research upgraded shares of RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research note on Monday, February 27th. Citigroup Inc began coverage on shares of RenaissanceRe Holdings in a research note on Tuesday, November 22nd. They set a “neutral” rating and a $143.00 price objective on the stock. Finally, Deutsche Bank AG lowered shares of RenaissanceRe Holdings from a “buy” rating to a “hold” rating and set a $131.78 price objective on the stock. in a research note on Monday, November 21st.
Shares of RenaissanceRe Holdings (NYSE:RNR) opened at 147.34 on Thursday. The stock’s 50 day moving average is $145.21 and its 200-day moving average is $132.20. The firm has a market capitalization of $6.03 billion, a P/E ratio of 12.89 and a beta of 0.52. RenaissanceRe Holdings has a 52-week low of $107.27 and a 52-week high of $150.74.
RenaissanceRe Holdings (NYSE:RNR) last released its quarterly earnings data on Tuesday, January 31st. The company reported $2.92 earnings per share for the quarter, topping the consensus estimate of $1.22 by $1.70. The firm had revenue of $353.97 million for the quarter, compared to analyst estimates of $431.41 million. RenaissanceRe Holdings had a net margin of 29.11% and a return on equity of 7.99%. RenaissanceRe Holdings’s quarterly revenue was down 6.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.07 earnings per share. On average, equities analysts forecast that RenaissanceRe Holdings will post $9.57 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be given a $0.32 dividend. This is a boost from RenaissanceRe Holdings’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Monday, March 13th. This represents a $1.28 annualized dividend and a yield of 0.87%. RenaissanceRe Holdings’s dividend payout ratio is 10.86%.
In other RenaissanceRe Holdings news, SVP Ross Curtis sold 21,097 shares of the company’s stock in a transaction dated Wednesday, December 21st. The shares were sold at an average price of $134.46, for a total value of $2,836,702.62. Following the completion of the transaction, the senior vice president now owns 93,201 shares in the company, valued at approximately $12,531,806.46. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Rider Fonner Todd sold 6,000 shares of the company’s stock in a transaction dated Wednesday, February 15th. The stock was sold at an average price of $141.18, for a total transaction of $847,080.00. Following the completion of the transaction, the senior vice president now owns 65,730 shares of the company’s stock, valued at approximately $9,279,761.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 44,146 shares of company stock valued at $6,050,878. 2.40% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new position in RenaissanceRe Holdings during the fourth quarter valued at approximately $69,073,000. WFG Advisors LP purchased a new position in RenaissanceRe Holdings during the fourth quarter valued at approximately $1,284,000. Assenagon Asset Management S.A. purchased a new position in RenaissanceRe Holdings during the fourth quarter valued at approximately $2,014,000. Thrivent Financial for Lutherans boosted its position in RenaissanceRe Holdings by 8.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,010 shares of the company’s stock valued at $955,000 after buying an additional 550 shares during the period. Finally, Cigna Investments Inc. New purchased a new position in RenaissanceRe Holdings during the fourth quarter valued at approximately $224,000. Hedge funds and other institutional investors own 94.24% of the company’s stock.
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RenaissanceRe Holdings Company Profile
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services. The Company’s core products include property catastrophe reinsurance and specialty reinsurance risks. The Company’s segments include Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s. Catastrophe Reinsurance includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit.
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