RenaissanceRe (NYSE:RNR) Shares Gap Down - Here's What Happened

Key Points

• Shares gapped down: RNR opened at $290.00 after closing at $310.61 and last traded around $300.43 with a reported volume of 47,852 shares.
• Mixed quarterly results: Q1 EPS beat at $13.75 vs. $11.02 expected, but revenue missed at $2.19B vs. $2.86B expected and was down 36.8% year‑over‑year.
• Analyst stance is cautious: Consensus rating is "Hold" with an average price target of $321.71 (4 Buys, 12 Holds, 1 Sell) after several firms adjusted targets and ratings.

RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $310.61, but opened at $290.00. RenaissanceRe shares last traded at $300.4340, with a volume of 47,852 shares.

Analysts Set New Price Targets

A number of equities analysts have weighed in on RNR shares. Wall Street Zen upgraded RenaissanceRe from a "hold" rating to a "buy" rating in a report on Saturday, February 14th. UBS Group upped their target price on RenaissanceRe from $312.00 to $319.00 and gave the company a "neutral" rating in a research report on Wednesday, April 8th. Barclays cut their target price on RenaissanceRe from $341.00 to $328.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Keefe, Bruyette & Woods upped their target price on RenaissanceRe from $323.00 to $327.00 and gave the company a "market perform" rating in a research report on Tuesday, April 7th. Finally, Zacks Research lowered RenaissanceRe from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, January 6th. Four investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, RenaissanceRe has a consensus rating of "Hold" and an average price target of $321.71.

RenaissanceRe Price Performance

The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $13.14 billion, a P/E ratio of 5.38, a PEG ratio of 0.73 and a beta of 0.24. The business has a 50 day simple moving average of $301.33 and a 200-day simple moving average of $281.57.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The insurance provider reported $13.75 EPS for the quarter, beating analysts' consensus estimates of $11.02 by $2.73. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same period last year, the company earned ($1.49) earnings per share. The company's quarterly revenue was down 36.8% compared to the same quarter last year. Analysts predict that RenaissanceRe Holdings Ltd. will post 37.85 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were given a $0.41 dividend. This is a positive change from RenaissanceRe's previous quarterly dividend of $0.40. The ex-dividend date was Friday, March 13th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe's dividend payout ratio is 2.89%.

Insider Buying and Selling at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction on 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 owned 73,023 shares in the company, valued at $22,326,782.25. This trade represents a 6.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On RenaissanceRe

Hedge funds and other institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in RenaissanceRe by 39.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider's stock worth $2,325,000 after acquiring an additional 2,737 shares in the last quarter. Millennium Management LLC bought a new position in shares of RenaissanceRe in the 1st quarter valued at approximately $15,289,000. Jones Financial Companies Lllp raised its stake in shares of RenaissanceRe by 900.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider's stock valued at $324,000 after acquiring an additional 1,215 shares in the last quarter. Goldman Sachs Group Inc. increased its position in RenaissanceRe by 72.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider's stock worth $13,725,000 after buying an additional 24,027 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its position in RenaissanceRe by 18.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider's stock worth $107,000 after buying an additional 69 shares during the period. Institutional investors and hedge funds 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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