RenaissanceRe (RNR) Rating Increased to Neutral at Bank of America

RenaissanceRe (NYSE:RNR) was upgraded by analysts at Bank of America from an “underperform” rating to a “neutral” rating in a report released on Monday, The Fly reports.

RNR has been the subject of a number of other research reports. Morgan Stanley lowered their price target on RenaissanceRe from $142.00 to $136.00 and set a “hold” rating for the company in a research report on Wednesday, November 14th. Citigroup downgraded RenaissanceRe from a “buy” rating to a “neutral” rating in a research report on Thursday, November 8th. Zacks Investment Research raised RenaissanceRe from a “hold” rating to a “strong-buy” rating and set a $160.00 price target for the company in a research report on Thursday, October 4th. Deutsche Bank raised RenaissanceRe from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a research report on Wednesday, November 7th. Finally, Buckingham Research upped their target price on RenaissanceRe from $145.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 3rd. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $142.86.

RNR stock opened at $132.61 on Monday. RenaissanceRe has a 12-month low of $116.50 and a 12-month high of $142.56. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.23. The stock has a market cap of $5.34 billion, a price-to-earnings ratio of -15.88, a PEG ratio of 1.33 and a beta of 0.67.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, October 30th. The insurance provider reported $0.52 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.42. RenaissanceRe had a return on equity of 10.52% and a net margin of 15.07%. The firm had revenue of $453.30 million during the quarter, compared to the consensus estimate of $416.49 million. During the same quarter in the previous year, the business earned ($13.81) earnings per share. The firm’s quarterly revenue was down 6.2% compared to the same quarter last year. On average, research analysts anticipate that RenaissanceRe will post 9.94 earnings per share for the current year.

In related news, Director Henry Klehm III sold 810 shares of the business’s stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $128.00, for a total value of $103,680.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in RNR. Bank of Montreal Can raised its stake in RenaissanceRe by 29.3% during the second quarter. Bank of Montreal Can now owns 36,873 shares of the insurance provider’s stock valued at $4,436,000 after buying an additional 8,361 shares in the last quarter. BNP Paribas Arbitrage SA grew its holdings in RenaissanceRe by 45.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 17,308 shares of the insurance provider’s stock worth $2,082,000 after buying an additional 5,398 shares in the last quarter. TD Asset Management Inc. grew its holdings in RenaissanceRe by 65.2% in the 2nd quarter. TD Asset Management Inc. now owns 20,060 shares of the insurance provider’s stock worth $2,414,000 after buying an additional 7,917 shares in the last quarter. Crossmark Global Holdings Inc. grew its holdings in RenaissanceRe by 7.9% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 5,872 shares of the insurance provider’s stock worth $707,000 after buying an additional 430 shares in the last quarter. Finally, First Trust Advisors LP bought a new position in RenaissanceRe in the 2nd quarter worth approximately $5,697,000. Hedge funds and other institutional investors own 96.65% of the company’s stock.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance coverages in the United States and internationally. Its 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, such as 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, including proportional reinsurance, property per risk, property reinsurance, and binding facilities and regional U.S.

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