RenaissanceRe Holdings Ltd. (RNR) Rating Increased to Hold at Zacks Investment Research
RenaissanceRe Holdings Ltd. (NYSE:RNR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “RenaissanceRe’s consistent premium growth bolsters revenue base. In addition, its robust inorganic growth impresses. The company's healthy balance sheet has helped it deploying excess capital to enhance shareholders’ value over the past several quarters. However, its third-quarter 2017 adjusted loss was wider than the Zacks Consensus Estimate and compares unfavorably with earnings reported in the last-year quarter. The deterioration was led by huge catastrophic losses in the quarter. Shares of the company have underperformed the industry year to date. Its weak investment portfolio has been a concern. Its continuous exposure to catastrophe losses also remains a major headwind. Moreover, the company’s bottom line also suffers from continuously rising level of expenses. Increasing level of debt continues to weigh on RenaissanceRe’s margins. “
RNR has been the topic of a number of other research reports. Wells Fargo & Company set a $140.00 price target on shares of RenaissanceRe Holdings and gave the company a “hold” rating in a research note on Wednesday, October 4th. BidaskClub lowered shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research note on Friday, August 25th. ValuEngine lowered shares of RenaissanceRe Holdings from a “buy” rating to a “hold” rating in a research note on Friday, October 6th. J P Morgan Chase & Co lowered shares of RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and cut their price target for the company from $165.00 to $145.00 in a research note on Friday, July 28th. Finally, Citigroup Inc. cut their price target on shares of RenaissanceRe Holdings from $148.00 to $146.00 and set a “neutral” rating on the stock in a research note on Monday, October 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $144.38.
RenaissanceRe Holdings (RNR) traded up $1.04 during trading on Friday, reaching $139.70. 318,400 shares of the company traded hands, compared to its average volume of 380,851. RenaissanceRe Holdings has a twelve month low of $120.55 and a twelve month high of $152.00. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.66 and a current ratio of 1.66.
RenaissanceRe Holdings (NYSE:RNR) last released its quarterly earnings data on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share for the quarter, missing the consensus estimate of ($12.25) by ($1.56). RenaissanceRe Holdings had a negative return on equity of 5.82% and a negative net margin of 7.60%. The firm had revenue of $483.22 million for the quarter, compared to the consensus estimate of $300.46 million. During the same period in the previous year, the business earned $2.09 EPS. The firm’s revenue was up 70.0% compared to the same quarter last year. analysts expect that RenaissanceRe Holdings will post -6.8 EPS for the current fiscal year.
RenaissanceRe Holdings announced that its board has initiated a share 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 purchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
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In other news, CEO Kevin Odonnell sold 5,000 shares of RenaissanceRe Holdings stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $135.58, for a total value of $677,900.00. Following the sale, the chief executive officer now directly owns 193,447 shares in the company, valued at $26,227,544.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN raised its holdings in shares of RenaissanceRe Holdings by 0.8% in the third quarter. Wells Fargo & Company MN now owns 775,406 shares of the insurance provider’s stock valued at $104,788,000 after purchasing an additional 6,452 shares during the last quarter. Cadence Capital Management LLC acquired a new stake in shares of RenaissanceRe Holdings in the third quarter valued at approximately $219,000. Schroder Investment Management Group raised its holdings in shares of RenaissanceRe Holdings by 72.2% in the third quarter. Schroder Investment Management Group now owns 175,528 shares of the insurance provider’s stock valued at $23,482,000 after purchasing an additional 73,614 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of RenaissanceRe Holdings by 16.2% in the third quarter. JPMorgan Chase & Co. now owns 500,521 shares of the insurance provider’s stock valued at $66,959,000 after purchasing an additional 69,669 shares during the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of RenaissanceRe Holdings by 8.3% in the third quarter. Legal & General Group Plc now owns 291,126 shares of the insurance provider’s stock valued at $39,353,000 after purchasing an additional 22,205 shares during the last quarter. Institutional investors own 91.76% of the company’s stock.
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.
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