RenaissanceRe (NYSE:RNR) Shares Gap Down - Time to Sell?

RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $259.06, but opened at $246.22. RenaissanceRe shares last traded at $237.46, with a volume of 340,072 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on RNR shares. Jefferies Financial Group restated a "hold" rating and issued a $282.00 price objective (down previously from $304.00) on shares of RenaissanceRe in a research report on Wednesday, December 18th. Wells Fargo & Company decreased their price target on RenaissanceRe from $301.00 to $288.00 and set an "overweight" rating on the stock in a report on Tuesday, January 14th. Keefe, Bruyette & Woods upped their target price on shares of RenaissanceRe from $310.00 to $318.00 and gave the company an "outperform" rating in a research report on Friday, January 10th. Bank of America lifted their price target on shares of RenaissanceRe from $364.00 to $391.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. Finally, StockNews.com lowered shares of RenaissanceRe from a "buy" rating to a "hold" rating in a report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $284.00.

RenaissanceRe Stock Performance

The stock has a fifty day simple moving average of $261.72 and a 200-day simple moving average of $257.43. The stock has a market cap of $12.36 billion, a P/E ratio of 3.44, a PEG ratio of 1.90 and a beta of 0.44. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.43 and a current ratio of 1.43.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.94 by $1.12. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. On average, equities analysts expect that RenaissanceRe Holdings Ltd. will post 42.52 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business 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 0.66%. The ex-dividend date was Friday, December 13th. RenaissanceRe's dividend payout ratio (DPR) is 2.25%.

Insider Activity

In related news, EVP David E. Marra sold 1,000 shares of the firm's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the sale, the executive vice president now directly owns 79,392 shares in the company, valued at approximately $20,178,270.72. This trade represents a 1.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.30% of the stock is currently owned by insiders.

Institutional Trading of RenaissanceRe

Several institutional investors and hedge funds have recently bought and sold shares of RNR. Marshall Wace LLP boosted its holdings in shares of RenaissanceRe by 1,066.1% during the second quarter. Marshall Wace LLP now owns 11,661 shares of the insurance provider's stock worth $2,606,000 after acquiring an additional 10,661 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of RenaissanceRe by 5.6% during the second quarter. The Manufacturers Life Insurance Company now owns 46,487 shares of the insurance provider's stock worth $10,390,000 after purchasing an additional 2,459 shares during the period. Mackenzie Financial Corp raised its position in shares of RenaissanceRe by 68.1% in the second quarter. Mackenzie Financial Corp now owns 12,769 shares of the insurance provider's stock valued at $2,854,000 after buying an additional 5,173 shares in the last quarter. Susquehanna Fundamental Investments LLC boosted its stake in shares of RenaissanceRe by 322.0% in the second quarter. Susquehanna Fundamental Investments LLC now owns 12,648 shares of the insurance provider's stock valued at $2,827,000 after buying an additional 9,651 shares during the period. Finally, Algert Global LLC bought a new position in RenaissanceRe during the 2nd quarter worth $1,186,000. Institutional investors 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.

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