RenaissanceRe (RNR) Downgraded to “Neutral” at Citigroup

Citigroup cut shares of RenaissanceRe (NYSE:RNR) from a buy rating to a neutral rating in a research note published on Thursday, Marketbeat Ratings reports.

Other analysts also recently issued research reports about the stock. Zacks Investment Research downgraded shares of RenaissanceRe from a strong-buy rating to a hold rating in a research note on Wednesday, September 26th. Wells Fargo & Co reaffirmed a hold rating and set a $130.00 price target on shares of RenaissanceRe in a research note on Wednesday, October 17th. Buckingham Research lifted their price target on shares of RenaissanceRe from $145.00 to $160.00 and gave the company a buy rating in a research note on Wednesday, October 3rd. Finally, Deutsche Bank raised shares of RenaissanceRe from a hold rating to a buy rating and set a $150.00 price target for the company in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. RenaissanceRe has a consensus rating of Hold and an average target price of $144.00.

NYSE RNR traded down $0.36 during trading on Thursday, hitting $124.92. The stock had a trading volume of 199,000 shares, compared to its average volume of 290,419. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.67 and a quick ratio of 1.67. The company has a market cap of $5.10 billion, a P/E ratio of -14.96, a PEG ratio of 1.23 and a beta of 0.65. RenaissanceRe has a one year low of $116.50 and a one year high of $142.56.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, October 30th. The insurance provider reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.42. RenaissanceRe had a net margin of 15.07% and a return on equity of 10.52%. 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 firm posted ($13.81) earnings per share. The company’s revenue was down 6.2% on a year-over-year basis. As a group, equities research analysts expect that RenaissanceRe will post 10.22 EPS for the current year.

In other news, Director Henry Klehm III sold 810 shares of RenaissanceRe stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $128.00, for a total transaction of $103,680.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.50% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Nelson Van Denburg & Campbell Wealth Management Group LLC increased its holdings in RenaissanceRe by 9.4% during the second quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 4,794 shares of the insurance provider’s stock valued at $577,000 after buying an additional 411 shares during the period. Crossmark Global Holdings Inc. increased its holdings in RenaissanceRe by 7.9% during the second quarter. Crossmark Global Holdings Inc. now owns 5,872 shares of the insurance provider’s stock valued at $707,000 after buying an additional 430 shares during the period. Oppenheimer Asset Management Inc. increased its holdings in RenaissanceRe by 13.7% during the third quarter. Oppenheimer Asset Management Inc. now owns 3,624 shares of the insurance provider’s stock valued at $484,000 after buying an additional 436 shares during the period. Daiwa SB Investments Ltd. increased its holdings in RenaissanceRe by 43.6% during the second quarter. Daiwa SB Investments Ltd. now owns 1,450 shares of the insurance provider’s stock valued at $174,000 after buying an additional 440 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its holdings in RenaissanceRe by 3.0% during the second quarter. Oregon Public Employees Retirement Fund now owns 15,673 shares of the insurance provider’s stock valued at $1,886,000 after buying an additional 451 shares during the period. 94.80% of the stock is currently owned by institutional investors.

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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