RenaissanceRe Holdings’s “Neutral” Rating Reaffirmed at Zacks (RNR)
RenaissanceRe Holdings (NYSE:RNR)‘s stock had its “neutral” rating reaffirmed by Zacks in a report released on Friday, Analyst Ratings.Net reports. They currently have a $99.00 price objective on the stock. Zacks‘ price target would indicate a potential upside of 5.23% from the stock’s previous close.
Zacks‘ analyst wrote, “RenaissanceRe has significantly enhanced core operations through premiums written and divestitures. Growth in premiums mainly resulted in a third quarter earnings beat. The top line also fared well surpassing the Zacks Consensus Estimate and the year-ago quarter’s figure. The Specialty unit and Lloyd’s segment also performed impressively. Meanwhile, investment gains and cash balance declined. However, the balance sheet improved with higher shareholder equity and lower debt. The company will continue to face headwinds related to volatile investment income, high competition, and weather-related risks in the catastrophe insurance and reinsurance business. Nevertheless, strategic divestitures, efficient capital deployment via repurchase, dividend hikes and stable ratings should enhance operating leverage. We maintain a Neutral recommendation on the stock.”
A number of other analysts have also recently weighed in on RNR. Analysts at RBC Capital raised their price target on shares of RenaissanceRe Holdings from $98.00 to $104.00 in a research note to investors on Thursday, November 7th. They now have an “outperform” rating on the stock. Analysts at Credit Suisse downgraded shares of RenaissanceRe Holdings from a “neutral” rating to an “underperform” rating in a research note to investors on Friday, October 18th. They now have a $90.00 price target on the stock, up previously from $86.00. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $95.00.
RenaissanceRe Holdings (NYSE:RNR) traded down 3.25% on Friday, hitting $91.02. 1,045,885 shares of the company’s stock traded hands. RenaissanceRe Holdings has a 1-year low of $79.83 and a 1-year high of $97.53. The stock’s 50-day moving average is $93.47 and its 200-day moving average is $89.89. The company has a market cap of $4.042 billion and a P/E ratio of 9.80.
RenaissanceRe Holdings (NYSE:RNR) last announced its earnings results on Wednesday, November 6th. The company reported $4.01 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.90 by $2.11. The company had revenue of $391.57 million for the quarter, compared to the consensus estimate of $329.37 million. During the same quarter in the prior year, the company posted $3.62 earnings per share. The company’s quarterly revenue was up .3% on a year-over-year basis. On average, analysts predict that RenaissanceRe Holdings will post $11.85 earnings per share for the current fiscal year.
RenaissanceRe Holdings Ltd. (NYSE:RNR) is a global provider of reinsurance and insurance coverages and related services.
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