RenaissanceRe (NYSE:RNR) Lowered to “Underweight” Rating by Barclays

RenaissanceRe (NYSE:RNR) was downgraded by equities research analysts at Barclays from an “equal weight” rating to an “underweight” rating in a note issued to investors on Monday, MarketBeat Ratings reports. They presently have a $234.00 price objective on the insurance provider’s stock, down from their prior price objective of $284.00. Barclays‘s price objective suggests a potential downside of 7.79% from the company’s current price.

A number of other equities research analysts also recently commented on the stock. StockNews.com downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Wells Fargo & Company raised their price target on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Jefferies Financial Group reaffirmed a “hold” rating and set a $282.00 price objective (down from $304.00) on shares of RenaissanceRe in a research report on Wednesday, December 18th. Citigroup raised their target price on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Finally, Bank of America upped their price target on RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $285.64.

RenaissanceRe Trading Up 2.1 %

RNR opened at $253.77 on Monday. The business has a fifty day moving average price of $264.53 and a 200 day moving average price of $253.62. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.43. RenaissanceRe has a 12 month low of $197.49 and a 12 month high of $300.00. The stock has a market capitalization of $13.18 billion, a price-to-earnings ratio of 3.66, a PEG ratio of 1.31 and a beta of 0.44.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.35 billion. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The business’s revenue for the quarter was up 52.1% on a year-over-year basis. During the same period in the previous year, the company posted $8.33 earnings per share. Sell-side analysts expect that RenaissanceRe will post 41.94 earnings per share for the current fiscal year.

Institutional Trading of RenaissanceRe

Institutional investors and hedge funds have recently bought and sold shares of the business. V Square Quantitative Management LLC grew its position in RenaissanceRe by 29.5% during the 3rd quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 41 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of RenaissanceRe by 19.8% during the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock worth $63,000 after buying an additional 45 shares during the last quarter. First Citizens Bank & Trust Co. increased its position in RenaissanceRe by 4.6% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 1,073 shares of the insurance provider’s stock valued at $292,000 after acquiring an additional 47 shares during the period. CIBC Asset Management Inc raised its stake in RenaissanceRe by 3.6% during the 3rd quarter. CIBC Asset Management Inc now owns 1,530 shares of the insurance provider’s stock valued at $417,000 after acquiring an additional 53 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in RenaissanceRe by 23.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock valued at $76,000 after acquiring an additional 64 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, 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 reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as 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, binding facilities, and regional U.S.