RenaissanceRe (NYSE:RNR) Downgraded to “Underweight” Rating by Barclays

Barclays cut shares of RenaissanceRe (NYSE:RNR) from an equal weight rating to an underweight rating in a research report report published on Monday morning, MarketBeat.com reports. They currently have $234.00 target price on the insurance provider’s stock, down from their previous target price of $284.00.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. increased their price objective on RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a report on Friday. Evercore ISI lifted their price objective on shares of RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research report on Thursday, November 7th. Bank of America upped their target price on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Citigroup lifted their price target on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, Keefe, Bruyette & Woods dropped their price objective on RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and an average price target of $285.64.

RenaissanceRe Price Performance

NYSE RNR opened at $248.78 on Monday. RenaissanceRe has a 12-month low of $197.49 and a 12-month high of $300.00. The firm’s 50 day moving average is $264.82 and its 200-day moving average is $253.41. The company has a market capitalization of $12.92 billion, a PE ratio of 3.58, a price-to-earnings-growth ratio of 1.31 and a beta of 0.44. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The company’s quarterly revenue was up 52.1% on a year-over-year basis. During the same period in the prior year, the business posted $8.33 EPS. Equities research analysts anticipate that RenaissanceRe will post 41.94 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.63%. RenaissanceRe’s payout ratio is presently 2.25%.

Institutional Trading of RenaissanceRe

Several hedge funds and other institutional investors have recently bought and sold shares of the business. V Square Quantitative Management LLC increased its holdings in shares of RenaissanceRe by 29.5% during the third quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 41 shares during the period. EverSource Wealth Advisors LLC increased its stake in RenaissanceRe by 19.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock worth $63,000 after acquiring an additional 45 shares during the period. First Citizens Bank & Trust Co. raised its holdings in RenaissanceRe by 4.6% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 1,073 shares of the insurance provider’s stock valued at $292,000 after acquiring an additional 47 shares in the last quarter. CIBC Asset Management Inc lifted its position in shares of RenaissanceRe by 3.6% during the 3rd quarter. CIBC Asset Management Inc now owns 1,530 shares of the insurance provider’s stock valued at $417,000 after acquiring an additional 53 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of RenaissanceRe by 23.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock worth $76,000 after purchasing an additional 64 shares in the last quarter. 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.