RenaissanceRe (NYSE:RNR) Raised to Hold at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald upgraded RenaissanceRe (NYSE:RNR) to a "hold" rating, reflecting a more cautious outlook.
• RenaissanceRe's recent earnings report showed a profit of $12.29 EPS, surpassing analysts' estimates, despite a revenue decline of 2.4% year-over-year.
• Institutional investors hold approximately 99.97% of RenaissanceRe's stock, indicating strong confidence from larger financial entities.

RenaissanceRe (NYSE:RNR - Get Free Report) was upgraded by research analysts at Cantor Fitzgerald to a "hold" rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other brokerages also recently weighed in on RNR. JMP Securities reiterated a "market perform" rating on shares of RenaissanceRe in a report on Thursday, April 24th. UBS Group increased their price target on RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Keefe, Bruyette & Woods increased their price target on RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a report on Monday, July 28th. Morgan Stanley decreased their price target on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a report on Monday, July 14th. Finally, Barclays increased their price target on RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $282.09.

RenaissanceRe Trading Up 1.8%

RNR opened at $243.78 on Wednesday. RenaissanceRe has a twelve month low of $219.00 and a twelve month high of $300.00. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average of $241.51 and a 200-day moving average of $240.35. The stock has a market cap of $11.47 billion, a PE ratio of 6.23, a price-to-earnings-growth ratio of 2.40 and a beta of 0.29.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, topping analysts' consensus estimates of $10.28 by $2.01. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%. The firm had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same period last year, the business posted $12.41 EPS. The business's revenue was down 2.4% compared to the same quarter last year. On average, sell-side analysts predict that RenaissanceRe will post 26.04 EPS for the current year.

Hedge Funds Weigh In On RenaissanceRe

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Hantz Financial Services Inc. raised its holdings in shares of RenaissanceRe by 707.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider's stock worth $27,000 after acquiring an additional 99 shares during the last quarter. IFP Advisors Inc boosted its stake in RenaissanceRe by 160.0% during the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider's stock valued at $28,000 after purchasing an additional 72 shares during the last quarter. Huntington National Bank boosted its stake in RenaissanceRe by 80.9% during the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 55 shares during the last quarter. Brooklyn Investment Group boosted its stake in RenaissanceRe by 151.7% during the 1st quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock valued at $35,000 after purchasing an additional 88 shares during the last quarter. Finally, Tsfg LLC acquired a new position in RenaissanceRe during the 1st quarter valued at about $40,000. Institutional investors 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.

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