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

Key Points

• Royal Bank of Canada upgraded RenaissanceRe to “Hold.” The broader analyst consensus remains “Hold,” with six Buy ratings, eleven Holds, one Sell, and an average price target of $338.12.
• RenaissanceRe shares were trading at $328.36, up 0.8%, near their 12-month high of $340.24. The company reported quarterly EPS of $12.92 on $2.77 billion in revenue, with a 23.65% net margin and 23.10% return on equity.
• Executive Vice President Robert Qutub sold 5,000 shares for approximately $1.67 million, reducing his ownership by 6.42%; institutional investors own 99.97% of the stock.

RenaissanceRe (NYSE:RNR - Get Free Report) was upgraded by investment analysts at Royal Bank Of Canada to a "hold" rating in a research report issued on Tuesday, Zacks reports.

RNR has been the subject of several other reports. Bank of America lifted their target price on shares of RenaissanceRe from $410.00 to $438.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. Cantor Fitzgerald restated an "overweight" rating on shares of RenaissanceRe in a research note on Thursday, July 23rd. Morgan Stanley raised their price objective on RenaissanceRe from $310.00 to $320.00 and gave the company an "equal weight" rating in a research report on Monday, July 6th. Evercore set a $330.00 price objective on RenaissanceRe in a research note on Thursday, July 23rd. Finally, Citigroup raised RenaissanceRe from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $335.00 to $345.00 in a report on Wednesday, June 10th. Six equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $338.12.

RenaissanceRe Trading Up 0.8%

NYSE RNR opened at $328.36 on Tuesday. The firm has a market capitalization of $13.64 billion, a PE ratio of 5.64, a P/E/G ratio of 1.19 and a beta of 0.17. The stock's 50 day moving average is $325.01 and its 200 day moving average is $309.81. RenaissanceRe has a twelve month low of $231.17 and a twelve month high of $340.24. 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 - Get Free Report) last issued its quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. The company had revenue of $2.77 billion during the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. Research analysts forecast that RenaissanceRe will post 42.4 earnings per share for the current fiscal year.

Insider Activity at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the completion of the sale, the executive vice president owned 72,907 shares of the company's stock, valued at $24,280,218.21. This trade represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by insiders.

Institutional Trading of RenaissanceRe

Several institutional investors have recently added to or reduced their stakes in RNR. QRG Capital Management Inc. increased its holdings in shares of RenaissanceRe by 4.3% in the 2nd quarter. QRG Capital Management Inc. now owns 2,370 shares of the insurance provider's stock worth $751,000 after purchasing an additional 98 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in shares of RenaissanceRe by 0.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,405 shares of the insurance provider's stock worth $1,713,000 after purchasing an additional 32 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of RenaissanceRe by 0.5% during the second quarter. Envestnet Asset Management Inc. now owns 118,204 shares of the insurance provider's stock valued at $37,459,000 after purchasing an additional 646 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of RenaissanceRe by 2.7% during the second quarter. Sequoia Financial Advisors LLC now owns 2,722 shares of the insurance provider's stock valued at $863,000 after purchasing an additional 71 shares in the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new stake in shares of RenaissanceRe during the second quarter valued at $269,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

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.

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