RenaissanceRe (NYSE:RNR) Stock Rating Lowered by StockNews.com

RenaissanceRe (NYSE:RNR) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

Several other research firms also recently commented on RNR. Bank of America raised their price objective on RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Morgan Stanley cut their price target on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Wells Fargo & Company cut their price target on RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating on the stock in a report on Friday, July 26th. Barclays started coverage on RenaissanceRe in a report on Wednesday. They issued an “equal weight” rating and a $287.00 price target on the stock. Finally, UBS Group cut their price target on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, RenaissanceRe presently has a consensus rating of “Hold” and an average price target of $265.55.

RenaissanceRe Trading Down 0.6 %

RNR opened at $258.27 on Friday. The stock’s fifty day moving average is $234.13 and its two-hundred day moving average is $228.86. The company has a market capitalization of $13.47 billion, a P/E ratio of 5.71, a PEG ratio of 1.42 and a beta of 0.38. RenaissanceRe has a 52 week low of $188.24 and a 52 week high of $261.62. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, topping the consensus estimate of $10.88 by $1.53. The company had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. Analysts forecast that RenaissanceRe will post 39.01 earnings per share for the current year.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the completion of the sale, the chief financial officer now owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the sale, the executive vice president now owns 85,544 shares of the company’s stock, valued at approximately $19,675,120. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $224.56, for a total value of $561,400.00. Following the sale, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors and hedge funds have recently modified their holdings of RNR. Riverview Trust Co acquired a new position in shares of RenaissanceRe in the 1st quarter valued at about $26,000. Blue Trust Inc. acquired a new position in shares of RenaissanceRe in the 2nd quarter valued at about $27,000. Rise Advisors LLC acquired a new position in shares of RenaissanceRe in the 1st quarter valued at about $31,000. V Square Quantitative Management LLC acquired a new position in shares of RenaissanceRe in the 2nd quarter valued at about $31,000. Finally, Mather Group LLC. acquired a new position in shares of RenaissanceRe in the 1st quarter valued at about $34,000. Institutional investors and hedge funds 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.