RenaissanceRe Holdings Ltd. (RNR) Raised to “Buy” at Citigroup Inc.

RenaissanceRe Holdings Ltd. (NYSE:RNR) was upgraded by research analysts at Citigroup Inc. from a “neutral” rating to a “buy” rating in a research report issued on Thursday.

A number of other research firms have also issued reports on RNR. BidaskClub raised RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. UBS AG reiterated a “neutral” rating and issued a $145.00 price target (up previously from $139.00) on shares of RenaissanceRe Holdings in a research report on Tuesday, August 1st. Wells Fargo & Company reiterated a “hold” rating and issued a $140.00 price target on shares of RenaissanceRe Holdings in a research report on Wednesday, July 26th. J P Morgan Chase & Co lowered RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $165.00 to $145.00 in a research report on Friday, July 28th. Finally, ValuEngine upgraded RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $142.58.

RenaissanceRe Holdings (NYSE:RNR) last released its earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($12.25) by ($1.56). The firm had revenue of $483.22 million for the quarter, compared to analyst estimates of $300.46 million. RenaissanceRe Holdings had a negative return on equity of 5.66% and a negative net margin of 7.60%. RenaissanceRe Holdings’s revenue was up 70.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.09 earnings per share.

RenaissanceRe Holdings declared that its Board of Directors has authorized a share buyback plan on Wednesday, August 2nd that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to purchase up to 8.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

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In other RenaissanceRe Holdings news, CEO Kevin Odonnell sold 5,000 shares of RenaissanceRe Holdings stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $134.89, for a total value of $674,450.00. Following the transaction, the chief executive officer now directly owns 197,904 shares of the company’s stock, valued at approximately $26,695,270.56. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.80% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in the company. Janus Henderson Group PLC grew its holdings in shares of RenaissanceRe Holdings by 53,631.6% during the 2nd quarter. Janus Henderson Group PLC now owns 1,290,632 shares of the insurance provider’s stock worth $179,463,000 after purchasing an additional 1,288,230 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of RenaissanceRe Holdings by 1.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,217,939 shares of the insurance provider’s stock worth $169,360,000 after purchasing an additional 12,882 shares in the last quarter. APG Asset Management N.V. grew its holdings in shares of RenaissanceRe Holdings by 41.3% during the 3rd quarter. APG Asset Management N.V. now owns 970,002 shares of the insurance provider’s stock worth $131,086,000 after purchasing an additional 283,300 shares in the last quarter. Northern Trust Corp grew its holdings in shares of RenaissanceRe Holdings by 0.6% during the 2nd quarter. Northern Trust Corp now owns 808,306 shares of the insurance provider’s stock worth $112,395,000 after purchasing an additional 4,468 shares in the last quarter. Finally, TimesSquare Capital Management LLC grew its holdings in shares of RenaissanceRe Holdings by 6.7% during the 2nd quarter. TimesSquare Capital Management LLC now owns 803,900 shares of the insurance provider’s stock worth $111,782,000 after purchasing an additional 50,400 shares in the last quarter. 92.06% of the stock is currently owned by institutional investors.

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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