RenaissanceRe Holdings Ltd. (NYSE:RNR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “RenaissanceRe’s strength lies in its inorganic growth initiatives and efficient capital management strategies. A modest financial position has paved the way for those capital deployment activities that include share buy back programs and dividend payments at regular intervals. However, year to date, the shares have gained 3% only compared with 5.6% increase of the Zacks categorized Property & Casualty Insurance industry. This underperformance might have stemmed from the company’s exposure to pricing pressures over the past few quarters due to a challenging reinsurance market that has been affecting top-line growth. Also, the company's weak investment portfolio raises caution. As a property & casualty insurer, it remains exposed to catastrophe losses. The company has scheduled to report its second quarter earnings results after the market closes on Jul 25, 2017.”
A number of other brokerages have also commented on RNR. ValuEngine upgraded RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Morgan Stanley reiterated an “equal weight” rating and issued a $144.00 price objective (up from $138.00) on shares of RenaissanceRe Holdings in a research report on Friday. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $143.00 price objective on shares of RenaissanceRe Holdings in a research report on Wednesday, June 28th. Wells Fargo & Company reiterated a “hold” rating on shares of RenaissanceRe Holdings in a research report on Sunday, April 16th. Finally, Citigroup Inc. lifted their price objective on RenaissanceRe Holdings from $150.00 to $157.00 and gave the stock a “neutral” rating in a research report on Friday, April 7th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $140.16.
Shares of RenaissanceRe Holdings (NYSE:RNR) opened at 140.92 on Friday. The company has a 50-day moving average of $140.21 and a 200 day moving average of $141.03. RenaissanceRe Holdings has a 12-month low of $114.34 and a 12-month high of $150.74. The firm has a market cap of $5.72 billion, a P/E ratio of 13.13 and a beta of 0.64.
The business also recently announced a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Thursday, June 15th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date of this dividend was Tuesday, June 13th. RenaissanceRe Holdings’s dividend payout ratio (DPR) is currently 11.94%.
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In other RenaissanceRe Holdings news, SVP Stephen Howard Weinstein sold 14,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $143.19, for a total transaction of $2,004,660.00. Following the transaction, the senior vice president now owns 75,162 shares in the company, valued at $10,762,446.78. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Kevin Odonnell sold 7,000 shares of the firm’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $141.64, for a total value of $991,480.00. Following the transaction, the chief executive officer now owns 222,854 shares in the company, valued at approximately $31,565,040.56. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the company. Quadrant Capital Group LLC boosted its position in shares of RenaissanceRe Holdings by 7.6% in the first quarter. Quadrant Capital Group LLC now owns 826 shares of the insurance provider’s stock worth $114,000 after buying an additional 58 shares during the period. Macquarie Group Ltd. boosted its position in shares of RenaissanceRe Holdings by 28.5% in the fourth quarter. Macquarie Group Ltd. now owns 1,414 shares of the insurance provider’s stock worth $193,000 after buying an additional 314 shares during the period. Neuburgh Advisers LLC boosted its position in shares of RenaissanceRe Holdings by 4.6% in the first quarter. Neuburgh Advisers LLC now owns 1,456 shares of the insurance provider’s stock worth $211,000 after buying an additional 64 shares during the period. Engineers Gate Manager LP bought a new position in shares of RenaissanceRe Holdings during the first quarter worth about $231,000. Finally, Lbmc Investment Advisors LLC bought a new position in shares of RenaissanceRe Holdings during the first quarter worth about $253,000. Hedge funds and other institutional investors own 93.03% of the company’s stock.
RenaissanceRe Holdings 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.
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