RenaissanceRe (NYSE:RNR) Lowered to "Hold" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded RenaissanceRe (RNR) from "buy" to "hold", matching a broader consensus "Hold" rating (4 Buy, 12 Hold, 1 Sell) and a consensus price target of $321.93.
• RenaissanceRe reported EPS of $13.75 that beat estimates while revenue fell 36.8% year-over-year; the stock trades around $299 with a $12.74 billion market cap and a P/E of 4.98.

RenaissanceRe (NYSE:RNR - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday.

A number of other analysts have also issued reports on RNR. UBS Group raised their target price on shares of RenaissanceRe from $312.00 to $319.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 8th. The Goldman Sachs Group reaffirmed a "sell" rating and set a $267.00 price target on shares of RenaissanceRe in a research note on Wednesday, January 7th. Wells Fargo & Company increased their price target on shares of RenaissanceRe from $305.00 to $306.00 and gave the stock an "equal weight" rating in a research note on Thursday. Evercore set a $309.00 price target on shares of RenaissanceRe in a research note on Thursday, April 9th. Finally, Keefe, Bruyette & Woods increased their price target on shares of RenaissanceRe from $323.00 to $327.00 and gave the stock a "market perform" rating in a research note on Tuesday, April 7th. Four investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $321.93.

RenaissanceRe Stock Down 2.7%

Shares of NYSE RNR opened at $298.83 on Friday. RenaissanceRe has a 1 year low of $231.17 and a 1 year high of $318.20. The firm's 50 day moving average price is $301.47 and its 200 day moving average price is $281.90. The firm has a market cap of $12.74 billion, a P/E ratio of 4.98, a price-to-earnings-growth ratio of 0.84 and a beta of 0.23. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.43 and a current ratio of 1.37.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its earnings results on Tuesday, April 28th. The insurance provider reported $13.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $11.07 by $2.68. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.84 billion. During the same quarter last year, the business earned ($1.49) earnings per share. RenaissanceRe's revenue was down 36.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that RenaissanceRe will post 38.28 earnings per share for the current year.

Insider Activity at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the firm's stock in a transaction on Friday, February 6th. The shares were sold at an average price of $305.75, for a total value of $1,528,750.00. Following the transaction, the executive vice president 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On RenaissanceRe

A number of hedge funds have recently made changes to their positions in the business. SBI Securities Co. Ltd. raised its stake in shares of RenaissanceRe by 33.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider's stock valued at $41,000 after acquiring an additional 37 shares during the period. MassMutual Private Wealth & Trust FSB increased its stake in RenaissanceRe by 20.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 230 shares of the insurance provider's stock worth $65,000 after buying an additional 39 shares during the period. AMG National Trust Bank increased its stake in RenaissanceRe by 0.7% during the 3rd quarter. AMG National Trust Bank now owns 5,787 shares of the insurance provider's stock worth $1,469,000 after buying an additional 40 shares during the period. Beacon Pointe Advisors LLC increased its stake in RenaissanceRe by 2.2% during the 4th quarter. Beacon Pointe Advisors LLC now owns 1,857 shares of the insurance provider's stock worth $522,000 after buying an additional 40 shares during the period. Finally, Signaturefd LLC increased its stake in RenaissanceRe by 8.9% during the 4th quarter. Signaturefd LLC now owns 504 shares of the insurance provider's stock worth $142,000 after buying an additional 41 shares during the period. Hedge funds and other institutional investors own 99.97% of the company's stock.

About RenaissanceRe

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.

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