RenaissanceRe (NYSE:RNR) Raised to Hold at Royal Bank Of Canada

RenaissanceRe (NYSE:RNR) was upgraded by equities research analysts at Royal Bank Of Canada to a “hold” rating in a research note issued on Tuesday, Zacks reports.

Other research analysts have also issued reports about the stock. Weiss Ratings lowered shares of RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, August 17th. Evercore set a $330.00 price target on shares of RenaissanceRe in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods lifted their price objective on shares of RenaissanceRe from $342.00 to $350.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Wolfe Research set a $315.00 price target on RenaissanceRe in a research report on Tuesday, July 7th. Finally, Bank of America upped their price objective on RenaissanceRe from $410.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Six equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, RenaissanceRe has an average rating of “Hold” and a consensus target price of $338.12.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $328.36 on Tuesday. The company has a market cap of $13.64 billion, a P/E ratio of 5.64, a P/E/G ratio of 1.19 and a beta of 0.17. RenaissanceRe has a 52-week low of $231.17 and a 52-week high of $340.24. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The firm’s fifty day moving average is $325.01 and its two-hundred day moving average is $309.81.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The firm had revenue of $2.77 billion for the quarter. As a group, analysts anticipate that RenaissanceRe will post 42.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total value of $1,665,150.00. Following the transaction, the executive vice president directly owned 72,907 shares in the company, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of RenaissanceRe

Several hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of RenaissanceRe in the 2nd quarter valued at $1,319,724,000. Boston Partners increased its holdings in RenaissanceRe by 9.9% in the 4th quarter. Boston Partners now owns 1,423,483 shares of the insurance provider’s stock worth $400,150,000 after buying an additional 128,245 shares during the period. Lightrock Netherlands B.V. raised its position in RenaissanceRe by 15.8% during the 1st quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock worth $350,263,000 after buying an additional 160,915 shares during the last quarter. Dimensional Fund Advisors LP raised its position in RenaissanceRe by 5.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider’s stock worth $322,603,000 after buying an additional 52,371 shares during the last quarter. Finally, GQG Partners LLC acquired a new stake in RenaissanceRe during the 2nd quarter valued at approximately $185,351,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a Bermuda-based global reinsurance and specialty insurance company. Founded in 1993, the company initially focused on property catastrophe reinsurance and has expanded its operations to serve insurers, businesses and other risk-bearing organizations worldwide.

RenaissanceRe provides reinsurance and insurance solutions covering property, casualty and specialty risks. Its property business includes protection against hurricanes, earthquakes, severe weather and other catastrophe-related events, while its casualty and specialty operations address risks such as liability, professional lines and other complex commercial exposures.

The company also manages and supports insurance-linked securities and other third-party capital strategies, allowing investors to participate in selected insurance risks.