RenaissanceRe Holdings Receives “Neutral” Rating from Zacks (RNR)
RenaissanceRe Holdings (NYSE:RNR)‘s stock had its “neutral” rating reaffirmed by Zacks in a note issued to investors on Wednesday, Analyst Ratings Net reports. They currently have a $95.00 target price on the stock. Zacks‘ target price suggests a potential upside of 5.23% from the stock’s previous close.
Zacks‘ analyst wrote, “RenaissanceRe’s fourth quarter earnings surpassed the Zacks Consensus on lower catastrophes and higher gross written premiums in the Specialty and Lloyd’s segments. Top line also fared well through significantly enhanced core operations through premiums written and divestitures. Balance sheet improved with higher shareholder equity and lower debt, while also generated substantial investment gains. The latest restructuring is also expected to boost the operating leverage. However, 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.”
RenaissanceRe Holdings (NYSE:RNR) traded up 1.25% on Wednesday, hitting $91.41. The stock had a trading volume of 767,993 shares. RenaissanceRe Holdings has a one year low of $82.50 and a one year high of $97.53. The stock’s 50-day moving average is $91.70 and its 200-day moving average is $90.67. The company has a market cap of $4.060 billion and a P/E ratio of 9.40.
RenaissanceRe Holdings (NYSE:RNR) last issued its quarterly earnings data on Wednesday, February 5th. The company reported $4.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.43 by $2.21. The company had revenue of $405.20 million for the quarter, compared to the consensus estimate of $357.24 million. During the same quarter in the previous year, the company posted $0.65 earnings per share. On average, analysts predict that RenaissanceRe Holdings will post $9.22 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Barclays downgraded shares of RenaissanceRe Holdings from an “overweight” rating to an “equal weight” rating in a research note to investors on Tuesday, January 7th. They now have a $98.00 price target on the stock, down previously from $107.00. 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. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $92.83.
RenaissanceRe Holdings Ltd. (NYSE:RNR) is a global provider of reinsurance and insurance coverages and related services.
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