RenaissanceRe Holdings Stock Rating Lowered by Deutsche Bank (RNR)
RenaissanceRe Holdings (NYSE:RNR) was downgraded by equities researchers at Deutsche Bank from a “hold” rating to a “sell” rating in a research report issued on Monday, TheFlyOnTheWall.com reports. They currently have a $96.00 target price on the stock, down from their previous target price of $100.00. Deutsche Bank’s price objective would indicate a potential downside of 5.63% from the company’s current price.
The analysts wrote, “Reinsurance pricing has been decidedly poor for two mid-year renewal cycles as well as one Jan. 1 renewal. We believe the contributors to this weak pricing cycle are more likely permanent than transitory. We believe RenRe’s premium valuation could be at risk should future results disappoint and are reducing our rating to Sell.”
RenaissanceRe Holdings (NYSE:RNR) opened at 101.73 on Monday. RenaissanceRe Holdings has a 1-year low of $84.31 and a 1-year high of $108.99. The stock has a 50-day moving average of $104.0 and a 200-day moving average of $100.3. The company has a market cap of $4.122 billion and a price-to-earnings ratio of 6.09.
RenaissanceRe Holdings (NYSE:RNR) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $2.28 earnings per share for the quarter, missing the analysts’ consensus estimate of $2.81 by $0.53. The company had revenue of $331.20 million for the quarter, compared to the consensus estimate of $329.60 million. During the same quarter last year, the company posted $2.17 earnings per share. RenaissanceRe Holdings’s revenue was up 32.4% compared to the same quarter last year. Analysts expect that RenaissanceRe Holdings will post $9.09 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date of this dividend is Thursday, September 11th.
Several other analysts have also recently commented on the stock. Analysts at Morgan Stanley downgraded shares of RenaissanceRe Holdings from an “overweight” rating to an “equal weight” rating in a research note on Friday, August 1st. They now have a $105.00 price target on the stock. Separately, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of RenaissanceRe Holdings in a research note on Thursday, July 31st. They now have a $107.00 price target on the stock, down previously from $110.00. Finally, analysts at Bernstein downgraded shares of RenaissanceRe Holdings to an “underperform” rating in a research note on Thursday, July 31st. Five investment analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. RenaissanceRe Holdings has an average rating of “Hold” and an average target price of $101.22.
RenaissanceRe Holdings Ltd. (NYSE:RNR) is a global provider of reinsurance and insurance coverages and related services.
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