UBS AG Reiterates “Neutral” Rating for RenaissanceRe Holdings Ltd. (RNR)

RenaissanceRe Holdings Ltd. (NYSE:RNR)‘s stock had its “neutral” rating restated by investment analysts at UBS AG in a research report issued to clients and investors on Tuesday, August 1st, www.flashratings.com reports. They presently have a $145.00 price target on the insurance provider’s stock, up from their previous price target of $139.00. UBS AG’s price objective indicates a potential downside of 2.01% from the company’s current price.

Several other research firms have also recently issued reports on RNR. Wells Fargo & Company reaffirmed a “hold” rating and set a $140.00 price objective on shares of RenaissanceRe Holdings in a research report on Wednesday, July 26th. ValuEngine raised RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Zacks Investment Research raised RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research report on Wednesday, April 5th. J P Morgan Chase & Co cut RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $165.00 to $145.00 in a research report on Friday, July 28th. Finally, Citigroup Inc. upped their target price on RenaissanceRe Holdings from $150.00 to $157.00 and gave the company a “neutral” rating in a research report on Friday, April 7th. Ten equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $143.20.

Shares of RenaissanceRe Holdings (NYSE RNR) traded down 0.29% during midday trading on Tuesday, reaching $147.98. The company had a trading volume of 158,023 shares. RenaissanceRe Holdings has a 52 week low of $116.27 and a 52 week high of $152.00. The company has a market capitalization of $5.96 billion, a P/E ratio of 12.63 and a beta of 0.65. The company’s 50 day moving average price is $143.66 and its 200-day moving average price is $142.82.

RenaissanceRe Holdings (NYSE:RNR) last released its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.33 by $0.46. The business had revenue of $555.75 million during the quarter, compared to analysts’ expectations of $540.65 million. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.55 EPS. On average, equities research analysts predict that RenaissanceRe Holdings will post $8.66 earnings per share for the current fiscal year.

RenaissanceRe Holdings announced that its board has authorized a share repurchase program on Wednesday, May 17th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the insurance provider to purchase up to 99% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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In other RenaissanceRe Holdings news, CEO Kevin Odonnell sold 38,344 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 208,150 shares of the company’s stock, valued at approximately $30,791,629.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Ross Curtis sold 5,300 shares of the stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total value of $785,619.00. Following the transaction, the senior vice president now directly owns 98,564 shares of the company’s stock, valued at $14,610,141.72. The disclosure for this sale can be found here. Insiders have sold a total of 57,644 shares of company stock valued at $8,462,507 over the last ninety days. 1.80% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of RNR. Macquarie Group Ltd. increased its position in shares of RenaissanceRe Holdings by 28.5% in the fourth quarter. Macquarie Group Ltd. now owns 1,414 shares of the insurance provider’s stock worth $193,000 after buying an additional 314 shares during the period. Quadrant Capital Group LLC increased its position in shares of RenaissanceRe Holdings by 7.6% in the first quarter. Quadrant Capital Group LLC now owns 826 shares of the insurance provider’s stock worth $114,000 after buying an additional 58 shares during the period. Capstone Asset Management Co. increased its position in shares of RenaissanceRe Holdings by 1.4% in the first quarter. Capstone Asset Management Co. now owns 5,992 shares of the insurance provider’s stock worth $867,000 after buying an additional 80 shares during the period. Louisiana State Employees Retirement System increased its position in shares of RenaissanceRe Holdings by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 10,300 shares of the insurance provider’s stock worth $1,490,000 after buying an additional 100 shares during the period. Finally, Moon Capital Management LLC increased its position in shares of RenaissanceRe Holdings by 2.5% in the first quarter. Moon Capital Management LLC now owns 17,731 shares of the insurance provider’s stock worth $2,565,000 after buying an additional 434 shares during the period. 93.23% of the stock is owned by institutional investors and hedge funds.

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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