RenaissanceRe Holdings Ltd. (RNR) Given Neutral Rating at UBS AG

RenaissanceRe Holdings Ltd. (NYSE:RNR)‘s stock had its “neutral” rating restated by analysts at UBS AG in a research note issued to investors on Tuesday, August 1st, www.flashratings.com reports. They presently have a $145.00 target price on the insurance provider’s stock, up from their prior target price of $139.00. UBS AG’s price objective would suggest a potential downside of 0.37% from the company’s current price.

A number of other equities research analysts have also issued reports on the company. J P Morgan Chase & Co lowered RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $165.00 to $145.00 in a research report on Friday, July 28th. ValuEngine raised RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, July 28th. Wells Fargo & Company reissued a “hold” rating and set a $140.00 target price on shares of RenaissanceRe Holdings in a research report on Wednesday, July 26th. Zacks Investment Research lowered RenaissanceRe Holdings from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $144.00 target price (up previously from $138.00) on shares of RenaissanceRe Holdings in a research report on Friday, July 7th. Ten equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $143.20.

Shares of RenaissanceRe Holdings (NYSE:RNR) traded down 0.49% during trading on Tuesday, reaching $145.54. 210,749 shares of the company’s stock were exchanged. RenaissanceRe Holdings has a 12-month low of $116.28 and a 12-month high of $152.00. The company has a market capitalization of $5.86 billion, a P/E ratio of 12.42 and a beta of 0.65. The stock has a 50-day moving average price of $144.66 and a 200 day moving average price of $143.17.

RenaissanceRe Holdings (NYSE:RNR) last posted its quarterly earnings results on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.46. The company 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%. RenaissanceRe Holdings’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.55 EPS. Equities analysts expect that RenaissanceRe Holdings will post $8.66 EPS for the current fiscal year.

RenaissanceRe Holdings declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, May 17th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to purchase up to 99% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

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In other RenaissanceRe Holdings news, SVP Stephen Howard Weinstein sold 14,000 shares of RenaissanceRe Holdings stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $143.19, for a total value of $2,004,660.00. Following the transaction, the senior vice president now directly owns 75,162 shares in the company, valued at approximately $10,762,446.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Ross Curtis sold 5,300 shares of RenaissanceRe Holdings 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 transaction, the senior vice president now owns 98,564 shares in the company, valued at $14,610,141.72. The disclosure for this sale can be found here. Insiders sold a total of 57,644 shares of company stock worth $8,462,507 over the last quarter. Company insiders own 1.80% of the company’s stock.

Several hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in RenaissanceRe Holdings by 4,513.2% in the first quarter. BlackRock Inc. now owns 4,001,408 shares of the insurance provider’s stock worth $578,804,000 after buying an additional 3,914,669 shares during the period. Janus Henderson Group PLC increased its stake in RenaissanceRe Holdings by 53,631.6% in the second quarter. Janus Henderson Group PLC now owns 1,290,632 shares of the insurance provider’s stock worth $179,463,000 after buying an additional 1,288,230 shares during the period. Renaissance Technologies LLC increased its stake in RenaissanceRe Holdings by 85.1% in the second quarter. Renaissance Technologies LLC now owns 692,497 shares of the insurance provider’s stock worth $96,292,000 after buying an additional 318,282 shares during the period. JPMorgan Chase & Co. increased its stake in RenaissanceRe Holdings by 213.0% in the first quarter. JPMorgan Chase & Co. now owns 459,902 shares of the insurance provider’s stock worth $66,524,000 after buying an additional 312,987 shares during the period. Finally, Karp Capital Management Corp acquired a new stake in RenaissanceRe Holdings during the first quarter worth $36,703,000. Hedge funds and other institutional investors own 92.83% 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.

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