Wells Fargo & Company Reaffirms “Hold” Rating for RenaissanceRe (RNR)

RenaissanceRe (NYSE:RNR)‘s stock had its “hold” rating reaffirmed by investment analysts at Wells Fargo & Company in a research note issued to investors on Friday.

Several other analysts also recently weighed in on the stock. Buckingham Research started coverage on shares of RenaissanceRe in a report on Monday, September 11th. They issued a “buy” rating and a $165.00 target price for the company. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $136.00 target price on shares of RenaissanceRe in a report on Monday, October 16th. Zacks Investment Research downgraded shares of RenaissanceRe from a “hold” rating to a “sell” rating in a report on Tuesday, October 24th. Citigroup upgraded shares of RenaissanceRe from a “neutral” rating to a “buy” rating and lifted their target price for the company from $151.00 to $157.00 in a report on Thursday, November 2nd. Finally, Morgan Stanley dropped their target price on shares of RenaissanceRe from $144.00 to $142.00 and set an “equal weight” rating for the company in a report on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $148.38.

RenaissanceRe (NYSE:RNR) traded down $1.44 during mid-day trading on Friday, hitting $125.56. 447,900 shares of the stock traded hands, compared to its average volume of 297,443. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.66 and a current ratio of 1.66. RenaissanceRe has a 1 year low of $120.55 and a 1 year high of $152.00.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($12.25) by ($1.56). The firm had revenue of $483.22 million for the quarter, compared to analysts’ expectations of $300.46 million. RenaissanceRe had a negative net margin of 7.60% and a negative return on equity of 5.82%. The firm’s quarterly revenue was up 70.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.09 EPS. analysts forecast that RenaissanceRe will post -8.85 earnings per share for the current year.

RenaissanceRe declared that its board has approved a stock buyback program on Friday, November 10th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

In other RenaissanceRe news, SVP Sean G. Brosnan sold 1,391 shares of the business’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $135.73, for a total value of $188,800.43. Following the completion of the transaction, the senior vice president now owns 8,405 shares in the company, valued at $1,140,810.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Kevin Odonnell sold 5,000 shares of the business’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $131.65, for a total transaction of $658,250.00. Following the completion of the transaction, the chief executive officer now owns 190,707 shares of the company’s stock, valued at approximately $25,106,576.55. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,391 shares of company stock valued at $2,199,400. Insiders own 1.80% of the company’s stock.

Several large investors have recently bought and sold shares of the business. Janus Henderson Group PLC grew its stake in shares of RenaissanceRe 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 acquiring an additional 1,288,230 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of RenaissanceRe by 1.1% during the second 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 stake in shares of RenaissanceRe by 41.3% during the third 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 stake in shares of RenaissanceRe by 0.6% during the second 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 stake in shares of RenaissanceRe by 6.7% during the second 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. Institutional investors and hedge funds own 93.33% of the company’s stock.

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RenaissanceRe Company Profile

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.

Analyst Recommendations for RenaissanceRe (NYSE:RNR)

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