Should Investors Be Buying RenaissanceRe (NYSE:RNR) Stock Following Today’s Nomura Upgrade?


RenaissanceRe (NYSE:RNR) Stock Upgrade

In a recent research report disseminated on Monday, 7 December, expert analysts at the Nomura equity research division hiked shares of RenaissanceRe (NYSE:RNR) stock from a Reduce to a respectable Neutral rating.

From a total of 14 analysts covering RenaissanceRe (NYSE:RNR) stock, 4 rate it a ”Buy”, 3 a “Sell”, and 11 a ”Hold”. This means that 22% of the ratings are positive. RenaissanceRe was the topic of 2 analyst reports since October 14, 2015 according to the firm StockzIntelligence Inc. Bernstein upgraded shares on October 14 to “Mkt Perform” rating.

Approximately 31,020 shares of stock traded hands. RenaissanceRe Holdings Ltd. (NYSE:RNR) has risen 9.91% since May 4, 2015 and is uptrending. It has outperformed by 10.99% the S&P500.

 Should Investors Be Buying RenaissanceRe (NYSE:RNR) Stock Following Today’s Nomura Upgrade?

The overall sentiment of institutions has decreased to 0.84 in Q2 2015. Its down 0.27, from 1.11 in 2015Q2. The ratio is negative, as 36 institutions have sold all the shares of RenaissanceRe Holdings Ltd. that they owned while 108 funds have taken shares off the table. 22 funds have purchased shares for the first time while 99 added to their positions. These institutions now hold 37.94 million shares or 10.51% less than the 42.40 million shares they owned in 2015Q2.

The Fund Arga Investment Management Lp currently is holding shares equating to 12.21% of its total portfolio in RenaissanceRe Holdings Ltd. representing a total of 400,900 shares. Another fund,Abrams Bison Investments Llc, is holding a total of 625,657 shares equating to 7.3% of their holdings. Additionally, Lagoda Investment Management L.P. has a 216,790 share stake in RenaissanceRe Holdings Ltd. which represents 6.73% of their total portfolio. The Fund, Nepsis Capital Management Inc., based out of Minnesota, has also built up a stake in the stock, which represents a total of 3.67% of their total portfolio. Finally Cooke & Bieler Lp, a fund which is based in the state of Pennsylvania reported a total holdings of 1.42 million shares.

Insider activity is a very important aspect to track on any stock. Going back to March 20, 2015, shareholders of RenaissanceRe Holdings Ltd. have witnessed 0 insider buys, and a total of 10 selling transactions equating to a net activity of approximately $4.71 million . Branagan Ian D sold 3,666 shares worth approximately $403,377. Curtis Ross sold 5,000 shares worth approximately $550,000. Weinstein Stephen Howard sold 800 shares worth approximately $88,000. Paradine Jonathan sold 5,000 shares worth approximately $550,000. The company insider Odonnell Kevin sold 2,000 shares worth $214,840.

RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services. The company has a market cap of $4.99 billion. The Company’s core products include property catastrophe reinsurance, specialty reinsurance risks and certain insurance products. It has 9.92 P/E ratio. The Company’s operating divisions include Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s.

According to Zacks Investment Research, “RENAISSANCERE Holdings Ltd. provides reinsurance and insurance coverage where the risk of natural catastrophe represents a significant component of the overall exposure. You’ll find information on our web-site about Renaissance Re as well as all of our other subsidiary companies and the nature of their businesses.” Get a free copy of the Zacks research report on RenaissanceRe Holdings Ltd. (RNR).