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RenaissanceRe Holdings (NYSE:RNR) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a note issued to investors on Friday. They currently have a $93.00 price objective on the stock. Zacks‘s price objective would suggest a potential downside of 8.81% from the stock’s previous close.

Zacks’ analyst wrote, “We are downgrading our recommendation on RenaissanceRe to Underperform based on downward estimate revisions. RenaissanceRe’s second-quarter earnings fell short of the Zacks Consensus Estimate but improved year over year on proper risk-assessment. Going ahead, the adverse effects of weak investment portfolio and catastrophe exposures are likely to weigh on positives like risk-assessment and disciplined underwriting. Also accelerated share buybacks and annual dividend hikes are expected to boost investors’ return. Moreover, headwinds related to volatile investment income, intense competition and risks from catastrophe businesses raise concerns. Nevertheless, the restructuring and strategic divestitures and strong ratings raise creditworthiness and boost investor confidence. However a soft financial position and a decline in gross premiums written in the quarter raises caution.”

Shares of RenaissanceRe Holdings (NYSE:RNR) traded up 0.59% during mid-day trading on Friday, hitting $102.59. 85,157 shares of the company’s stock traded hands. RenaissanceRe Holdings has a 1-year low of $85.66 and a 1-year high of $108.99. The stock has a 50-day moving average of $102. and a 200-day moving average of $100.9. The company has a market cap of $4.157 billion and a price-to-earnings ratio of 6.10.

RenaissanceRe Holdings (NYSE:RNR) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $2.28 earnings per share (EPS) for the quarter, missing the 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 in the previous year, the company posted $2.17 earnings per share. The company’s revenue for the quarter was up 32.4% on a year-over-year basis. Analysts expect that RenaissanceRe Holdings will post $9.09 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 1.14%. The ex-dividend date is Thursday, September 11th.

A number of other firms have also recently commented on RNR. Analysts at Deutsche Bank downgraded shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research note on Monday, August 18th. They now have a $96.00 price target on the stock, down previously from $100.00. Finally, 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. Six analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The stock presently has a consensus rating of “Sell” and an average target price of $99.44.

RenaissanceRe Holdings Ltd. (NYSE:RNR) is a global provider of reinsurance and insurance coverages and related services.

To view Zacks’ full report, visit Zacks’ official website.

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