Zacks Investment Research upgraded shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) from a sell rating to a hold rating in a research report sent to investors on Friday morning.
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 brokerages have also weighed in 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 target (up 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 target on shares of RenaissanceRe Holdings in a research note on Wednesday, July 26th. ValuEngine raised shares of RenaissanceRe Holdings from a hold rating to a buy rating in a research note on Friday, July 28th. Finally, J P Morgan Chase & Co lowered shares of RenaissanceRe Holdings from an overweight rating to a neutral rating and decreased their price target for the company from $165.00 to $145.00 in a research note on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. RenaissanceRe Holdings currently has a consensus rating of Hold and an average target price of $144.38.
RenaissanceRe Holdings (NYSE:RNR) traded down $0.78 during mid-day trading on Friday, hitting $138.92. 82,539 shares of the stock traded hands, compared to its average volume of 408,920. 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 issued its quarterly earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($12.25) by ($1.56). The company had revenue of $483.22 million during the quarter, compared to analysts’ expectations of $300.46 million. RenaissanceRe Holdings had a negative net margin of 7.60% and a negative return on equity of 5.82%. The company’s quarterly revenue was up 70.0% compared to the same quarter last year. During the same period in the prior year, the business posted $2.09 earnings per share. sell-side analysts forecast that RenaissanceRe Holdings will post -6.8 earnings per share for the current fiscal year.
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RenaissanceRe Holdings declared that its board has authorized a share buyback program 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 shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other RenaissanceRe Holdings news, CEO Kevin Odonnell sold 5,000 shares of the firm’s 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 transaction, the chief executive officer now directly owns 193,447 shares of the company’s stock, valued at approximately $26,227,544.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.80% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC increased its holdings in shares of RenaissanceRe Holdings by 53,631.6% during the 2nd quarter. Janus Henderson Group PLC now owns 1,290,632 shares of the insurance provider’s stock worth $179,463,000 after buying an additional 1,288,230 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of RenaissanceRe Holdings by 1.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,217,939 shares of the insurance provider’s stock worth $169,360,000 after buying an additional 12,882 shares during the last quarter. APG Asset Management N.V. increased its holdings in shares of RenaissanceRe Holdings by 41.3% during the 3rd 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 increased its holdings in shares of RenaissanceRe Holdings by 0.6% during the 2nd 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 increased its holdings in shares of RenaissanceRe Holdings by 6.7% during the 2nd 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. Institutional investors and hedge funds own 92.69% 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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