RenaissanceRe (RNR) Downgraded by ValuEngine

RenaissanceRe (NYSE:RNR) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, April 1st, ValuEngine reports.

A number of other brokerages have also commented on RNR. Bank of America lowered shares of RenaissanceRe from a “neutral” rating to an “underperform” rating in a report on Wednesday, January 16th. Zacks Investment Research raised shares of RenaissanceRe from a “sell” rating to a “hold” rating in a research note on Tuesday, January 8th. Wells Fargo & Co reaffirmed a “hold” rating and issued a $125.00 target price on shares of RenaissanceRe in a research note on Tuesday, January 29th. TheStreet raised shares of RenaissanceRe from a “c+” rating to a “b” rating in a research note on Thursday, February 7th. Finally, Barclays lowered shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $130.00 to $125.00 in a research note on Wednesday, January 9th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. RenaissanceRe presently has a consensus rating of “Hold” and an average price target of $146.36.

Shares of RNR stock traded up $0.19 during mid-day trading on Monday, reaching $151.87. The company’s stock had a trading volume of 273,700 shares, compared to its average volume of 246,679. RenaissanceRe has a 1-year low of $117.35 and a 1-year high of $155.05. The stock has a market cap of $6.40 billion, a price-to-earnings ratio of 16.56, a P/E/G ratio of 1.40 and a beta of 0.49. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.71 and a current ratio of 1.71.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, January 29th. The insurance provider reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.93) by $1.95. The business had revenue of $633.44 million during the quarter, compared to analysts’ expectations of $545.60 million. RenaissanceRe had a net margin of 10.96% and a return on equity of 9.18%. On average, sell-side analysts predict that RenaissanceRe will post 11.52 earnings per share for the current year.

In related news, SVP Sean G. Brosnan sold 1,250 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $145.97, for a total transaction of $182,462.50. Following the transaction, the senior vice president now directly owns 10,960 shares in the company, valued at $1,599,831.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Ross Curtis sold 7,500 shares of the business’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $152.00, for a total transaction of $1,140,000.00. Following the transaction, the senior vice president now owns 105,503 shares in the company, valued at $16,036,456. The disclosure for this sale can be found here. Insiders sold 10,750 shares of company stock worth $1,628,463 over the last quarter. 1.60% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in RNR. Boston Partners boosted its position in RenaissanceRe by 144.6% during the fourth quarter. Boston Partners now owns 1,340,903 shares of the insurance provider’s stock worth $179,279,000 after purchasing an additional 792,675 shares during the period. Capital International Investors bought a new position in RenaissanceRe during the third quarter worth $90,594,000. Diamond Hill Capital Management Inc. boosted its position in RenaissanceRe by 396.7% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 430,614 shares of the insurance provider’s stock worth $57,573,000 after purchasing an additional 343,925 shares during the period. Norges Bank bought a new position in RenaissanceRe during the fourth quarter worth $40,462,000. Finally, BlackRock Inc. boosted its position in RenaissanceRe by 4.1% during the fourth quarter. BlackRock Inc. now owns 4,898,599 shares of the insurance provider’s stock worth $654,941,000 after purchasing an additional 193,506 shares during the period. 95.72% of the stock is owned by hedge funds and other institutional investors.

About RenaissanceRe

RenaissanceRe Holdings Ltd. provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The 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, including 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, such as proportional reinsurance, property per risk, property reinsurance, and binding facilities and regional U.S.

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