RenaissanceRe (NYSE:RNR) Lowered to Neutral Rating by Citigroup

Citigroup lowered shares of RenaissanceRe (NYSE:RNR) from a buy rating to a neutral rating in a research note published on Monday morning, Marketbeat.com reports. They currently have $328.00 price objective on the insurance provider’s stock.

A number of other brokerages have also recently weighed in on RNR. JPMorgan Chase & Co. boosted their price target on shares of RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a research report on Wednesday, January 7th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $267.00 price objective on shares of RenaissanceRe in a research report on Wednesday, January 7th. Barclays upped their price objective on shares of RenaissanceRe from $278.00 to $304.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 8th. BMO Capital Markets reiterated an “outperform” rating and set a $303.00 target price on shares of RenaissanceRe in a research report on Friday, December 5th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of RenaissanceRe in a report on Monday, December 29th. Four research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $309.27.

RenaissanceRe Stock Performance

NYSE:RNR opened at $288.92 on Monday. The firm has a market capitalization of $13.32 billion, a PE ratio of 5.10, a price-to-earnings-growth ratio of 0.74 and a beta of 0.24. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 1.40. The business’s fifty day moving average price is $276.62 and its 200 day moving average price is $259.71. RenaissanceRe has a 12 month low of $219.00 and a 12 month high of $310.80.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 EPS for the quarter, beating analysts’ consensus estimates of $10.59 by $2.75. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $1.73 billion. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The business’s revenue for the quarter was up 29.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $8.06 EPS. On average, sell-side analysts anticipate that RenaissanceRe will post 26.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the completion of the sale, the executive vice president owned 73,023 shares of the company’s stock, valued at approximately $22,326,782.25. The trade was a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Several hedge funds and other institutional investors have recently bought and sold shares of RNR. Asset Management One Co. Ltd. bought a new stake in shares of RenaissanceRe in the 3rd quarter worth approximately $1,564,000. Y Intercept Hong Kong Ltd grew its position in shares of RenaissanceRe by 812.8% during the third quarter. Y Intercept Hong Kong Ltd now owns 17,078 shares of the insurance provider’s stock worth $4,337,000 after acquiring an additional 15,207 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of RenaissanceRe by 0.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 334,326 shares of the insurance provider’s stock worth $81,208,000 after acquiring an additional 3,070 shares during the period. Nordea Investment Management AB increased its holdings in shares of RenaissanceRe by 207.2% in the 3rd quarter. Nordea Investment Management AB now owns 41,871 shares of the insurance provider’s stock worth $10,539,000 after acquiring an additional 28,241 shares during the period. Finally, Daiwa Securities Group Inc. bought a new stake in RenaissanceRe in the 2nd quarter valued at about $4,980,000. 99.97% of the stock is owned by institutional investors and hedge funds.

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.