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

RenaissanceRe (NYSE:RNR) was downgraded by equities researchers at Barclays from an “equal weight” rating to an “underweight” rating in a research note issued to investors on Monday,Briefing.com Automated Import reports. They currently have a $234.00 target price on the insurance provider’s stock, down from their previous target price of $284.00. Barclays‘s price target would indicate a potential downside of 7.45% from the company’s previous close.

Several other research firms have also issued reports on RNR. StockNews.com lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Citigroup lifted their target price on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. lifted their price objective on shares of RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a research note on Friday. Wells Fargo & Company upped their target price on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $282.00 target price (down previously from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $285.64.

RenaissanceRe Stock Up 1.6 %

Shares of NYSE RNR opened at $252.83 on Monday. The stock has a market capitalization of $13.13 billion, a PE ratio of 3.64, a price-to-earnings-growth ratio of 1.31 and a beta of 0.44. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18. RenaissanceRe has a 12-month low of $197.49 and a 12-month high of $300.00. The stock’s fifty day simple moving average is $265.23 and its two-hundred day simple moving average is $253.25.

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

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors and hedge funds have recently modified their holdings of the business. Impax Asset Management Group plc raised its stake in shares of RenaissanceRe by 32.4% during the 3rd quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock worth $461,679,000 after buying an additional 415,366 shares during the period. Geode Capital Management LLC grew its position in shares of RenaissanceRe by 2.9% in the third quarter. Geode Capital Management LLC now owns 920,814 shares of the insurance provider’s stock valued at $250,892,000 after purchasing an additional 25,773 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of RenaissanceRe by 21.3% during the second quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock worth $139,579,000 after purchasing an additional 109,851 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of RenaissanceRe by 1.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 120,129 shares of the insurance provider’s stock worth $26,850,000 after purchasing an additional 1,606 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in RenaissanceRe by 42.4% in the 2nd quarter. Sei Investments Co. now owns 111,369 shares of the insurance provider’s stock worth $24,892,000 after buying an additional 33,154 shares during 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.