RenaissanceRe (RNR) Lifted to “Neutral” at Bank of America

Bank of America upgraded shares of RenaissanceRe (NYSE:RNR) from an underperform rating to a neutral rating in a research report released on Monday, Marketbeat Ratings reports. Bank of America currently has $144.00 price target on the insurance provider’s stock, up from their previous price target of $125.00.

A number of other equities analysts also recently issued reports on the stock. Zacks Investment Research reissued a hold rating on shares of RenaissanceRe in a report on Thursday, November 15th. Morgan Stanley dropped their price objective on shares of RenaissanceRe from $142.00 to $136.00 and set a hold rating on the stock in a report on Wednesday, November 14th. Citigroup downgraded shares of RenaissanceRe from a buy rating to a neutral rating in a report on Thursday, November 8th. Deutsche Bank raised shares of RenaissanceRe from a hold rating to a buy rating and set a $150.00 price objective on the stock in a report on Wednesday, November 7th. Finally, Wells Fargo & Co dropped their price objective on shares of RenaissanceRe from $130.00 to $125.00 and set a market perform rating on the stock in a report on Thursday, November 1st. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $143.00.

RNR opened at $133.85 on Monday. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $5.39 billion, a P/E ratio of -16.03, a price-to-earnings-growth ratio of 1.47 and a beta of 0.67. RenaissanceRe has a 12-month low of $116.50 and a 12-month high of $142.56.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, October 30th. The insurance provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.42. The company had revenue of $453.30 million for the quarter, compared to the consensus estimate of $416.49 million. RenaissanceRe had a net margin of 15.07% and a return on equity of 10.52%. The firm’s revenue was down 6.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($13.81) earnings per share. On average, equities research analysts predict that RenaissanceRe will post 9.12 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 14th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 0.99%. The ex-dividend date of this dividend is Thursday, December 13th. RenaissanceRe’s dividend payout ratio is currently -15.81%.

In other RenaissanceRe 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 sale was disclosed in a filing with the SEC, which is accessible through this link. 1.50% of the stock is owned by insiders.

Large investors have recently modified their holdings of the business. BlueMountain Capital Management LLC lifted its holdings in RenaissanceRe by 1,331.5% during the second quarter. BlueMountain Capital Management LLC now owns 1,274 shares of the insurance provider’s stock valued at $153,000 after purchasing an additional 1,185 shares in the last quarter. Korea Investment CORP bought a new stake in shares of RenaissanceRe during the second quarter valued at approximately $168,000. Guyasuta Investment Advisors Inc. bought a new stake in shares of RenaissanceRe during the third quarter valued at approximately $200,000. Engineers Gate Manager LP bought a new stake in shares of RenaissanceRe during the third quarter valued at approximately $200,000. Finally, IFM Investors Pty Ltd bought a new stake in shares of RenaissanceRe during the third quarter valued at approximately $210,000. 96.65% of the stock is currently owned by institutional investors and hedge funds.

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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