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 report report published on Monday morning, Marketbeat.com reports. The brokerage currently has $234.00 price objective on the insurance provider’s stock, down from their previous price objective of $284.00.

A number of other analysts have also issued reports on the stock. Evercore ISI boosted their target price on shares of RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research note on Thursday, November 7th. Jefferies Financial Group restated a “hold” rating and issued a $282.00 target price (down from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. Citigroup lifted their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. StockNews.com cut RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Finally, Bank of America lifted their target price on RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $285.64.

RenaissanceRe Stock Performance

Shares of NYSE:RNR opened at $253.15 on Monday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $13.15 billion, a price-to-earnings ratio of 3.65, a PEG ratio of 1.31 and a beta of 0.44. 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 $264.25 and its 200 day moving average is $253.61.

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

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 0.62%. The ex-dividend date of this dividend was Friday, December 13th. RenaissanceRe’s payout ratio is 2.25%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Intech Investment Management LLC boosted its stake in RenaissanceRe by 52.9% in the second quarter. Intech Investment Management LLC now owns 7,193 shares of the insurance provider’s stock valued at $1,608,000 after acquiring an additional 2,490 shares in the last quarter. Algert Global LLC acquired a new stake in shares of RenaissanceRe in the 2nd quarter worth $1,186,000. Rockefeller Capital Management L.P. purchased a new position in RenaissanceRe during the 3rd quarter worth $3,684,000. National Bank of Canada FI increased its position in RenaissanceRe by 1,381.3% during the 2nd quarter. National Bank of Canada FI now owns 5,377 shares of the insurance provider’s stock valued at $1,189,000 after buying an additional 5,014 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in RenaissanceRe by 12.3% in the third quarter. Fisher Asset Management LLC now owns 80,773 shares of the insurance provider’s stock valued at $22,003,000 after buying an additional 8,844 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.