RenaissanceRe Holdings Ltd. (RNR) Stock Rating Lowered by Zacks Investment Research

RenaissanceRe Holdings Ltd. (NYSE:RNR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

According to Zacks, “Shares of RenaissanceRe have underperformed the industry year to date. The company’s exposure to pricing pressures bothers. Its weak investment portfolio also raises concern. Being a property and casualty insurer, its continuous exposure to catastrophe losses remains a major headwind. The company has seen its Zacks Consensus Estimate for 2017 and 2018 earnings being revised in the past 30 days. RenaissanceRe will release its third quarter results after the market closes on Oct 31, 2017.”

RNR has been the topic of a number of other research reports. Citigroup Inc. dropped their target price on shares of RenaissanceRe Holdings from $148.00 to $146.00 and set a “neutral” rating on the stock in a research report on Monday, October 2nd. UBS AG dropped their target price on shares of RenaissanceRe Holdings from $145.00 to $136.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 19th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $143.00 target price on shares of RenaissanceRe Holdings in a research report on Wednesday, June 28th. BidaskClub raised shares of RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. Finally, Wells Fargo & Company reaffirmed a “hold” rating and set a $140.00 target price on shares of RenaissanceRe Holdings in a research report on Wednesday, July 26th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. RenaissanceRe Holdings presently has an average rating of “Hold” and an average price target of $142.58.

RenaissanceRe Holdings (NYSE RNR) opened at 138.51 on Tuesday. The firm has a market capitalization of $5.58 billion, a price-to-earnings ratio of 11.82 and a beta of 0.65. The firm’s 50-day moving average is $134.98 and its 200 day moving average is $140.36. RenaissanceRe Holdings has a one year low of $120.55 and a one year high of $152.00.

RenaissanceRe Holdings (NYSE:RNR) last announced its earnings results on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. The business had revenue of $555.75 million for the quarter, compared to analyst estimates of $540.65 million. During the same quarter in the previous year, the firm posted $1.55 earnings per share. RenaissanceRe Holdings’s revenue was up 6.9% compared to the same quarter last year. Analysts forecast that RenaissanceRe Holdings will post ($5.29) EPS for the current fiscal year.

RenaissanceRe Holdings announced that its Board of Directors has initiated a stock buyback plan on Wednesday, August 2nd that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the insurance provider to reacquire up to 8.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

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In other RenaissanceRe Holdings news, SVP Ross Curtis sold 5,300 shares of the business’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $148.23, for a total value of $785,619.00. Following the sale, the senior vice president now owns 98,564 shares of the company’s stock, valued at approximately $14,610,141.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Kevin Odonnell sold 38,344 shares of the business’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $147.93, for a total transaction of $5,672,227.92. Following the completion of the sale, the chief executive officer now directly owns 208,150 shares in the company, valued at approximately $30,791,629.50. The disclosure for this sale can be found here. Insiders sold a total of 48,644 shares of company stock worth $7,132,297 in the last three months. Insiders own 1.80% of the company’s stock.

A number of institutional investors have recently made changes to their positions in RNR. Janus Henderson Group PLC increased its holdings in RenaissanceRe Holdings by 53,631.6% in the 2nd quarter. Janus Henderson Group PLC now owns 1,290,632 shares of the insurance provider’s stock valued at $179,463,000 after buying an additional 1,288,230 shares during the period. Renaissance Technologies LLC increased its holdings in RenaissanceRe Holdings by 85.1% in the 2nd quarter. Renaissance Technologies LLC now owns 692,497 shares of the insurance provider’s stock valued at $96,292,000 after buying an additional 318,282 shares during the period. Vanguard Group Inc. increased its holdings in RenaissanceRe Holdings by 5.5% in the 1st quarter. Vanguard Group Inc. now owns 3,981,921 shares of the insurance provider’s stock valued at $575,984,000 after buying an additional 206,444 shares during the period. Wells Fargo & Company MN increased its holdings in RenaissanceRe Holdings by 29.6% in the 2nd quarter. Wells Fargo & Company MN now owns 768,954 shares of the insurance provider’s stock valued at $106,923,000 after buying an additional 175,408 shares during the period. Finally, Janus Capital Management LLC increased its holdings in RenaissanceRe Holdings by 43.5% in the 1st quarter. Janus Capital Management LLC now owns 366,009 shares of the insurance provider’s stock valued at $52,943,000 after buying an additional 110,891 shares during the period. 91.67% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Holdings Company Profile

RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.

Analyst Recommendations for RenaissanceRe Holdings (NYSE:RNR)

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