RenaissanceRe (NYSE:RNR) Cut to Underweight at Barclays

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

Several other analysts have also recently commented on RNR. JPMorgan Chase & Co. lifted their price objective on shares of RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a research note on Friday, January 3rd. Wells Fargo & Company boosted their target price on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Citigroup increased their price target on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. StockNews.com cut RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Finally, Bank of America upped their target price on RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, RenaissanceRe has a consensus rating of “Hold” and an average target price of $285.64.

RenaissanceRe Price Performance

NYSE RNR opened at $253.15 on Monday. The company has a market cap of $13.15 billion, a price-to-earnings ratio of 3.65, a PEG ratio of 1.31 and a beta of 0.44. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.43. The stock’s fifty day moving average price is $264.25 and its 200 day moving average price is $253.61. RenaissanceRe has a 1 year low of $197.49 and a 1 year high of $300.00.

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

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date was Friday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.25%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. V Square Quantitative Management LLC lifted its holdings in RenaissanceRe by 29.5% during the third quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock valued at $49,000 after purchasing an additional 41 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of 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 purchasing an additional 45 shares during the last quarter. First Citizens Bank & Trust Co. lifted its stake 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 buying an additional 47 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in RenaissanceRe by 3.6% in the 3rd quarter. CIBC Asset Management Inc now owns 1,530 shares of the insurance provider’s stock worth $417,000 after buying an additional 53 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in 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 buying an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

About RenaissanceRe

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.