RenaissanceRe Holdings Lowered to Underperform at Credit Suisse (RNR)
RenaissanceRe Holdings (NYSE:RNR) was downgraded by investment analysts at Credit Suisse from a “neutral” rating to an “underperform” rating in a note issued to investors on Friday, TheFlyOnTheWall.com reports. They currently have a $90.00 target price on the stock, up from their previous target price of $86.00. Credit Suisse’s price objective suggests a potential downside of 3.73% from the stock’s previous close.
RenaissanceRe Holdings (NYSE:RNR) traded down 0.64% during mid-day trading on Friday, hitting $92.89. The stock had a trading volume of 409,749 shares. RenaissanceRe Holdings has a one year low of $76.03 and a one year high of $95.00. The stock has a 50-day moving average of $89.73 and a 200-day moving average of $88.31. The company has a market cap of $4.143 billion and a P/E ratio of 10.00.
RenaissanceRe Holdings (NYSE:RNR) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $2.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.34 by $0.17. The company had revenue of $252.99 million for the quarter, compared to the consensus estimate of $307.08 million. During the same quarter in the prior year, the company posted $2.14 earnings per share. The company’s quarterly revenue was down 18.5% on a year-over-year basis. On average, analysts predict that RenaissanceRe Holdings will post $10.95 earnings per share for the current fiscal year.
A number of other firms have also recently commented on RNR. Analysts at Zacks reiterated a “neutral” rating on shares of RenaissanceRe Holdings in a research note to investors on Friday, October 4th. They now have a $96.00 price target on the stock. Separately, analysts at Barclays raised their price target on shares of RenaissanceRe Holdings from $104.00 to $107.00 in a research note to investors on Wednesday, October 2nd. They now have an “overweight” rating on the stock. Three analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. RenaissanceRe Holdings currently has an average rating of “Hold” and a consensus target price of $92.50.
RenaissanceRe Holdings Ltd. (NYSE:RNR) is a global provider of reinsurance and insurance coverages and related services.
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