RenaissanceRe (NYSE:RNR) was downgraded by analysts at Deutsche Bank from a “buy” rating to a “hold” rating in a research report issued on Monday, The Fly reports. They currently have a $186.00 price target on the insurance provider’s stock. Deutsche Bank’s price objective points to a potential upside of 1.11% from the company’s previous close. The analysts noted that the move was a valuation call.
RNR has been the subject of several other reports. Wells Fargo & Co set a $33.00 target price on Matador Resources and gave the company a “hold” rating in a research note on Thursday, July 11th. Zacks Investment Research lowered Hudson Technologies from a “hold” rating to a “sell” rating in a research note on Monday, April 1st. UBS Group upped their price target on Verisk Analytics from $106.00 to $111.00 and gave the stock a “sell” rating in a research note on Tuesday, April 9th. ValuEngine lowered Zosano Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Finally, Barclays restated a “sell” rating on shares of RenaissanceRe in a research note on Tuesday, July 2nd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $160.00.
RenaissanceRe stock opened at $183.95 on Monday. The firm has a market capitalization of $8.12 billion, a price-to-earnings ratio of 20.06, a P/E/G ratio of 1.45 and a beta of 0.35. The firm has a fifty day simple moving average of $179.36. RenaissanceRe has a 52 week low of $118.28 and a 52 week high of $187.58. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.49 and a quick ratio of 1.49.
RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, May 7th. The insurance provider reported $3.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.20 by $0.40. The firm had revenue of $929.00 million during the quarter, compared to analyst estimates of $738.70 million. RenaissanceRe had a return on equity of 9.25% and a net margin of 18.18%. The business’s quarterly revenue was up 40.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.42 earnings per share. As a group, equities research analysts forecast that RenaissanceRe will post 13.37 EPS for the current fiscal year.
In other news, SVP Ross Curtis sold 7,500 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $156.00, for a total value of $1,170,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Aditya Dutt sold 15,000 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $176.44, for a total value of $2,646,600.00. Following the completion of the sale, the insider now owns 65,556 shares of the company’s stock, valued at approximately $11,566,700.64. The disclosure for this sale can be found here. Insiders have sold 29,500 shares of company stock valued at $5,016,600 over the last 90 days. 1.60% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of RNR. First Trust Advisors LP raised its position in shares of RenaissanceRe by 159.1% during the fourth quarter. First Trust Advisors LP now owns 14,776 shares of the insurance provider’s stock valued at $1,976,000 after buying an additional 9,073 shares during the last quarter. PNC Financial Services Group Inc. increased its position in RenaissanceRe by 17.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,540 shares of the insurance provider’s stock worth $340,000 after purchasing an additional 384 shares during the last quarter. Raymond James & Associates bought a new stake in RenaissanceRe in the fourth quarter worth $200,000. Advisor Group Inc. increased its position in RenaissanceRe by 23.2% in the fourth quarter. Advisor Group Inc. now owns 1,574 shares of the insurance provider’s stock worth $211,000 after purchasing an additional 296 shares during the last quarter. Finally, Standard Life Aberdeen plc increased its position in RenaissanceRe by 17.1% in the fourth quarter. Standard Life Aberdeen plc now owns 6,230 shares of the insurance provider’s stock worth $815,000 after purchasing an additional 908 shares during the last quarter. Institutional investors and hedge funds own 94.95% of the company’s stock.
RenaissanceRe Company Profile
RenaissanceRe Holdings Ltd. provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, and binding facilities and regional U.S.
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