Zacks Investment Research Lowers RenaissanceRe Holdings Ltd. (NYSE:RNR) to Sell

Zacks Investment Research cut shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) from a hold rating to a sell rating in a report published on Tuesday, October 17th.

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.”

Other research analysts have also issued research reports about the company. Buckingham Research began coverage on RenaissanceRe Holdings in a research note on Monday, September 11th. They set a buy rating and a $165.00 price target on the stock. ValuEngine upgraded RenaissanceRe Holdings from a hold rating to a buy rating in a report on Friday, July 28th. Morgan Stanley reissued an equal weight rating and issued a $144.00 price objective (up from $138.00) on shares of RenaissanceRe Holdings in a research report on Friday, July 7th. Wells Fargo & Company reissued a hold rating and issued a $140.00 price objective on shares of RenaissanceRe Holdings in a research report on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods reissued a hold rating and issued a $143.00 price objective on shares of RenaissanceRe Holdings in a research report on Wednesday, June 28th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of Hold and an average price target of $144.38.

Shares of RenaissanceRe Holdings (RNR) traded up $1.27 during trading hours on Tuesday, hitting $140.64. 256,334 shares of the company’s stock traded hands, compared to its average volume of 423,087. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.25. RenaissanceRe Holdings has a 12 month low of $120.55 and a 12 month high of $152.00.

RenaissanceRe Holdings (NYSE:RNR) last released its earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $483.22 million for the quarter, compared to analyst estimates of $300.46 million. During the same quarter in the previous year, the firm posted $2.09 EPS. The business’s revenue for the quarter was up 70.0% on a year-over-year basis. sell-side analysts predict that RenaissanceRe Holdings will post -6.7 EPS for the current year.

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RenaissanceRe Holdings declared that its board has approved a share buyback plan on Wednesday, August 2nd that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the insurance provider to purchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

In other RenaissanceRe Holdings news, CEO Kevin Odonnell sold 5,000 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $135.58, for a total value of $677,900.00. Following the transaction, 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 document filed with the SEC, which is available through this link. 1.80% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in RNR. Janus Henderson Group PLC lifted its position in shares of RenaissanceRe Holdings by 53,631.6% during the second quarter. Janus Henderson Group PLC now owns 1,290,632 shares of the insurance provider’s stock worth $179,463,000 after purchasing an additional 1,288,230 shares in the last quarter. Renaissance Technologies LLC increased its stake in RenaissanceRe Holdings by 85.1% in the second quarter. Renaissance Technologies LLC now owns 692,497 shares of the insurance provider’s stock valued at $96,292,000 after purchasing an additional 318,282 shares in the last quarter. APG Asset Management N.V. boosted its holdings in shares of RenaissanceRe Holdings by 41.3% in the third quarter. APG Asset Management N.V. now owns 970,002 shares of the insurance provider’s stock valued at $131,086,000 after buying an additional 283,300 shares during the period. Vanguard Group Inc. boosted its holdings in shares of RenaissanceRe Holdings by 5.5% in the first 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. Finally, Wells Fargo & Company MN lifted its stake in RenaissanceRe Holdings by 29.6% in the second quarter. Wells Fargo & Company MN now owns 768,954 shares of the insurance provider’s stock valued at $106,923,000 after acquiring an additional 175,408 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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