RenaissanceRe (NYSE:RNR) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of RenaissanceRe (NYSE:RNR) from a strong-buy rating to a hold rating in a research note released on Tuesday morning,Zacks.com reports.

RNR has been the subject of several other research reports. UBS Group upped their target price on shares of RenaissanceRe from $265.00 to $272.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 8th. Evercore ISI increased their price objective on RenaissanceRe from $250.00 to $283.00 and gave the stock an “in-line” rating in a report on Wednesday. Weiss Ratings restated a “buy (b)” rating on shares of RenaissanceRe in a research report on Monday, December 29th. Wolfe Research started coverage on RenaissanceRe in a research report on Monday, September 15th. They set a “peer perform” rating for the company. Finally, Keefe, Bruyette & Woods increased their price target on RenaissanceRe from $270.00 to $314.00 and gave the stock a “market perform” rating in a research note on Tuesday. Five investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, RenaissanceRe has a consensus rating of “Hold” and a consensus price target of $295.67.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $279.64 on Tuesday. RenaissanceRe has a 1-year low of $219.00 and a 1-year high of $285.26. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.40 and a quick ratio of 1.40. The business’s fifty day moving average price is $269.17 and its two-hundred day moving average price is $253.32. The firm has a market capitalization of $12.89 billion, a PE ratio of 7.77, a P/E/G ratio of 6.52 and a beta of 0.26.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.49 by $6.13. The company had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $1.97 billion. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The company’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $10.23 earnings per share. On average, research analysts expect that RenaissanceRe will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were issued a $0.40 dividend. The ex-dividend date was Monday, December 15th. This represents a $1.60 annualized dividend and a dividend yield of 0.6%. RenaissanceRe’s dividend payout ratio is 4.45%.

Institutional Investors Weigh In On RenaissanceRe

Hedge funds and other institutional investors have recently bought and sold shares of the business. Hantz Financial Services Inc. boosted its position in shares of RenaissanceRe by 707.1% during the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock valued at $27,000 after purchasing an additional 99 shares in the last quarter. Financial Consulate Inc. acquired a new stake in RenaissanceRe during the third quarter valued at approximately $29,000. IFP Advisors Inc boosted its holdings in RenaissanceRe by 160.0% during the second quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock worth $28,000 after buying an additional 72 shares in the last quarter. Huntington National Bank boosted its holdings in RenaissanceRe by 80.9% during the second quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after buying an additional 55 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in RenaissanceRe by 151.9% in the third quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock worth $33,000 after buying an additional 79 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.