Citigroup Downgrades RenaissanceRe (NYSE:RNR) to Neutral

RenaissanceRe (NYSE:RNR) was downgraded by Citigroup from a “buy” rating to a “neutral” rating in a research report issued on Monday. They presently have a $328.00 target price on the insurance provider’s stock. Citigroup’s price target indicates a potential upside of 8.90% from the stock’s current price.

Several other research firms also recently issued reports on RNR. Barclays upped their price objective on RenaissanceRe from $278.00 to $304.00 and gave the company an “equal weight” rating in a research note on Thursday, January 8th. Zacks Research cut shares of RenaissanceRe from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Keefe, Bruyette & Woods increased their price objective on RenaissanceRe from $270.00 to $314.00 and gave the company a “market perform” rating in a report on Tuesday, January 6th. JPMorgan Chase & Co. lifted their target price on RenaissanceRe from $303.00 to $329.00 and gave the stock a “neutral” rating in a report on Wednesday, January 7th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of RenaissanceRe in a research report on Monday, December 29th. Four analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $306.00.

RenaissanceRe Trading Down 1.3%

Shares of RNR stock opened at $301.19 on Monday. The stock has a 50 day simple moving average of $276.11 and a 200 day simple moving average of $259.36. The stock has a market cap of $13.89 billion, a P/E ratio of 5.31, a price-to-earnings-growth ratio of 0.74 and a beta of 0.24. The company has a current ratio of 1.43, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21. RenaissanceRe has a 1 year low of $219.00 and a 1 year high of $310.80.

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

Insider Buying and Selling at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the completion of the transaction, the executive vice president directly owned 73,023 shares of the company’s stock, valued at approximately $22,326,782.25. This trade represents a 6.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On RenaissanceRe

A number of hedge funds have recently added to or reduced their stakes in the company. Lightrock Netherlands B.V. lifted its holdings in shares of RenaissanceRe by 4,690.1% in the 4th quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock worth $286,083,000 after purchasing an additional 996,266 shares in the last quarter. Norges Bank acquired a new position in RenaissanceRe during the second quarter worth $139,543,000. M&T Bank Corp lifted its stake in shares of RenaissanceRe by 8,296.5% in the fourth quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider’s stock valued at $81,635,000 after buying an additional 286,894 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of RenaissanceRe by 154.5% during the third quarter. AQR Capital Management LLC now owns 397,027 shares of the insurance provider’s stock valued at $99,769,000 after buying an additional 241,001 shares during the last quarter. Finally, Millennium Management LLC increased its position in shares of RenaissanceRe by 347.6% during the third quarter. Millennium Management LLC now owns 236,919 shares of the insurance provider’s stock worth $60,161,000 after acquiring an additional 183,988 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

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.