Zacks Investment Research cut shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) from a hold rating to a sell rating in a report released on Tuesday, October 24th.
According to Zacks, “Shares of RenaissanceRe have underperformed the industry year to date. The company’s exposure to pricing pressures continues to bother. Moreover, its weak investment portfolio has been raising concern over past many quarters. Being a property and casualty insurer, its continuous exposure to catastrophe losses remains a major headwind as it significantly weighs on the margins. The company's bottom line also suffers from continuously rising level of expenses. RenaissanceRe will release its third-quarter results after the market closes on Oct 31, 2017.”
Several other brokerages have also recently issued reports on RNR. BidaskClub raised shares of RenaissanceRe Holdings from a sell rating to a hold rating in a research note on Thursday, August 3rd. UBS AG reaffirmed a neutral rating and issued a $145.00 price objective (up previously from $139.00) on shares of RenaissanceRe Holdings in a research note on Tuesday, August 1st. Wells Fargo & Company reaffirmed a hold rating and issued a $140.00 price objective on shares of RenaissanceRe Holdings in a research note on Wednesday, July 26th. J P Morgan Chase & Co cut shares of RenaissanceRe Holdings from an overweight rating to a neutral rating and lowered their price objective for the stock from $165.00 to $145.00 in a research note on Friday, July 28th. Finally, ValuEngine raised shares of RenaissanceRe Holdings from a hold rating to a buy rating in a research note on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of Hold and an average price target of $144.38.
Shares of RenaissanceRe Holdings (NYSE:RNR) opened at $139.70 on Tuesday. RenaissanceRe Holdings has a 52-week low of $120.55 and a 52-week high of $152.00. 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 (NYSE:RNR) last issued its quarterly earnings data on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($12.25) by ($1.56). RenaissanceRe Holdings had a negative net margin of 7.60% and a negative return on equity of 5.82%. The firm had revenue of $483.22 million during the quarter, compared to the consensus estimate of $300.46 million. During the same quarter in the prior year, the business earned $2.09 earnings per share. The company’s revenue for the quarter was up 70.0% compared to the same quarter last year. sell-side analysts expect that RenaissanceRe Holdings will post -6.7 EPS for the current year.
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RenaissanceRe Holdings announced that its board has approved a stock repurchase program on Wednesday, August 2nd that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the insurance provider to repurchase up to 8.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.
In other RenaissanceRe Holdings 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 completion of 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 this hyperlink. Company insiders own 1.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Janus Henderson Group PLC lifted its stake in RenaissanceRe Holdings by 53,631.6% in 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 last quarter. Dimensional Fund Advisors LP lifted its stake in RenaissanceRe Holdings by 1.1% in 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 last quarter. APG Asset Management N.V. lifted its stake 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 worth $131,086,000 after buying an additional 283,300 shares during the last quarter. Northern Trust Corp lifted its stake in shares of RenaissanceRe Holdings by 0.6% in the second quarter. Northern Trust Corp now owns 808,306 shares of the insurance provider’s stock worth $112,395,000 after buying an additional 4,468 shares during the last quarter. Finally, TimesSquare Capital Management LLC lifted its stake in shares of RenaissanceRe Holdings by 6.7% in the second quarter. TimesSquare Capital Management LLC now owns 803,900 shares of the insurance provider’s stock worth $111,782,000 after buying an additional 50,400 shares during the last quarter. Hedge funds and other institutional investors own 91.76% of the company’s stock.
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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