Zacks Investment Research upgraded shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) from a sell rating to a hold rating in a research note released 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. “
A number of other equities research analysts also recently commented on the company. UBS AG lifted their price objective on RenaissanceRe Holdings from $135.00 to $144.00 and gave the company a neutral rating in a research report on Monday, November 6th. Morgan Stanley lowered their price objective on RenaissanceRe Holdings from $144.00 to $142.00 and set an equal weight rating for the company in a research report on Thursday, November 2nd. Citigroup Inc. raised RenaissanceRe Holdings from a neutral rating to a buy rating and lifted their price objective for the company from $151.00 to $157.00 in a research report on Thursday, November 2nd. Wells Fargo & Company set a $140.00 price objective on RenaissanceRe Holdings and gave the company a hold rating in a research report on Tuesday, October 31st. Finally, Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $136.00 price objective on shares of RenaissanceRe Holdings in a research report on Monday, October 16th. 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 stock. RenaissanceRe Holdings presently has an average rating of Hold and an average target price of $144.38.
RenaissanceRe Holdings (NYSE RNR) traded down $0.90 during trading on Friday, reaching $138.80. The company’s stock had a trading volume of 291,800 shares, compared to its average volume of 281,749. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.25. RenaissanceRe Holdings has a one year low of $120.55 and a one year high of $152.00.
RenaissanceRe Holdings (NYSE:RNR) last released its quarterly earnings results 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). The company had revenue of $483.22 million for the quarter, compared to analysts’ expectations of $300.46 million. RenaissanceRe Holdings had a negative return on equity of 5.82% and a negative net margin of 7.60%. The business’s quarterly revenue was up 70.0% on a year-over-year basis. During the same period in the previous year, the business posted $2.09 EPS. research analysts anticipate that RenaissanceRe Holdings will post -6.8 EPS for the current year.
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RenaissanceRe Holdings announced that its board has initiated a share buyback plan on Wednesday, August 2nd that permits the company to buyback $500.00 million in shares. This buyback authorization permits the insurance provider to reacquire up to 8.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management 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 stock was sold at an average price of $135.58, for a total transaction of $677,900.00. Following the completion of the sale, the chief executive officer now owns 193,447 shares of the company’s stock, valued at $26,227,544.26. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.80% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC grew its position in 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 valued at $179,463,000 after acquiring an additional 1,288,230 shares during the period. Dimensional Fund Advisors LP grew its position in RenaissanceRe Holdings by 1.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,217,939 shares of the insurance provider’s stock valued at $169,360,000 after acquiring an additional 12,882 shares during the period. APG Asset Management N.V. lifted its stake in shares of RenaissanceRe Holdings by 41.3% during the third quarter. APG Asset Management N.V. now owns 970,002 shares of the insurance provider’s stock worth $131,086,000 after purchasing an additional 283,300 shares in the last quarter. Northern Trust Corp lifted its stake in shares of RenaissanceRe Holdings by 0.6% during the second quarter. Northern Trust Corp now owns 808,306 shares of the insurance provider’s stock worth $112,395,000 after purchasing an additional 4,468 shares in the last quarter. Finally, TimesSquare Capital Management LLC lifted its stake in shares of RenaissanceRe Holdings by 6.7% during the second quarter. TimesSquare Capital Management LLC now owns 803,900 shares of the insurance provider’s stock worth $111,782,000 after purchasing an additional 50,400 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.
About RenaissanceRe Holdings
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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