Key Points
- EVP Robert Qutub sold 5,000 shares on Feb. 6 at an average of $305.75 for about $1.53M, reducing his stake by 6.41% to 73,023 shares (valued ≈ $22.33M).
- RenaissanceRe beat expectations for the quarter with EPS of $13.34 vs. $10.59 expected and revenue of $2.97B vs. $1.73B, with revenue up 29.6% YoY, ROE 18.29% and a net margin of 20.88%.
- The stock has a consensus "Hold" rating and $303.33 target, while institutional investors own 99.97% of shares with recent large stake increases from Lightrock, Norges Bank, M&T, AQR and Millennium.
RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report) EVP Robert Qutub sold 5,000 shares of the stock in a transaction on Friday, February 6th. The shares were 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. The trade was a 6.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.
RenaissanceRe Trading Down 1.3%
RNR stock opened at $301.19 on Friday. The company has a quick ratio of 1.40, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a twelve month low of $219.00 and a twelve month high of $310.80. The company has a market cap of $13.89 billion, a P/E ratio of 5.31, a PEG ratio of 0.76 and a beta of 0.24. The business has a fifty day moving average of $276.11 and a 200-day moving average of $259.06.
RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.59 by $2.75. The business had revenue of $2.97 billion for the quarter, compared to analysts' expectations of $1.73 billion. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The firm's quarterly revenue was up 29.6% compared to the same quarter last year. During the same quarter last year, the business earned $8.06 earnings per share. As a group, equities research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.
Analyst Ratings Changes
Several brokerages recently weighed in on RNR. Weiss Ratings restated a "buy (b)" rating on shares of RenaissanceRe in a report on Monday, December 29th. Keefe, Bruyette & Woods lifted their price objective on RenaissanceRe from $270.00 to $314.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 6th. Barclays increased their target price on RenaissanceRe from $278.00 to $304.00 and gave the company an "equal weight" rating in a research note on Thursday, January 8th. BMO Capital Markets restated an "outperform" rating and set a $303.00 target price on shares of RenaissanceRe in a report on Friday, December 5th. Finally, The Goldman Sachs Group reaffirmed a "sell" rating and issued a $267.00 price target on shares of RenaissanceRe in a research note on Wednesday, January 7th. Five analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, RenaissanceRe presently has a consensus rating of "Hold" and a consensus target price of $303.33.
Check Out Our Latest Report on RNR
Institutional Trading of RenaissanceRe
A number of large investors have recently bought and sold shares of RNR. Lightrock Netherlands B.V. lifted its stake in RenaissanceRe by 4,690.1% in the fourth quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider's stock valued at $286,083,000 after buying an additional 996,266 shares in the last quarter. Norges Bank bought a new stake in RenaissanceRe in the 2nd quarter valued at $139,543,000. M&T Bank Corp boosted its stake in RenaissanceRe by 8,296.5% in the 4th quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider's stock worth $81,635,000 after purchasing an additional 286,894 shares during the period. AQR Capital Management LLC raised its stake in shares of RenaissanceRe by 154.5% in the 3rd quarter. AQR Capital Management LLC now owns 397,027 shares of the insurance provider's stock valued at $99,769,000 after purchasing an additional 241,001 shares during the period. Finally, Millennium Management LLC raised its stake in shares of RenaissanceRe by 347.6% in the 3rd quarter. Millennium Management LLC now owns 236,919 shares of the insurance provider's stock valued at $60,161,000 after purchasing an additional 183,988 shares during the period. 99.97% of the stock is owned by institutional investors.
About RenaissanceRe
(
Get Free Report)
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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