RenaissanceRe Holdings Ltd. (NYSE:RNR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.

According to Zacks, “Shares of RenaissanceRe have underperformed the industry year to date. The company’s exposure to pricing pressures bothers. Its weak investment portfolio also raises concern. Being a property and casualty insurer, its continuous exposure to catastrophe losses remains a major headwind. The company has seen its Zacks Consensus Estimate for 2017 and 2018 earnings being revised in the past 30 days. RenaissanceRe will release its third quarter results after the market closes on Oct 31, 2017.”

Other analysts also recently issued reports about the company. Keefe, Bruyette & Woods restated a “hold” rating and set a $136.00 price objective on shares of RenaissanceRe Holdings in a research report on Monday. UBS AG dropped their price objective on RenaissanceRe Holdings from $136.00 to $135.00 and set a “neutral” rating for the company in a research report on Monday, October 2nd. ValuEngine upgraded RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, July 28th. Wells Fargo & Company restated a “hold” rating and set a $140.00 price objective on shares of RenaissanceRe Holdings in a research report on Wednesday, July 26th. Finally, Morgan Stanley restated an “equal weight” rating and set a $144.00 price objective (up from $138.00) on shares of RenaissanceRe Holdings in a research report on Friday, July 7th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company’s stock. RenaissanceRe Holdings has an average rating of “Hold” and a consensus price target of $142.58.

Shares of RenaissanceRe Holdings (RNR) traded up 0.09% during mid-day trading on Tuesday, hitting $138.33. The stock had a trading volume of 140,679 shares. RenaissanceRe Holdings has a 1-year low of $120.55 and a 1-year high of $152.00. The company has a market capitalization of $5.57 billion, a P/E ratio of 11.81 and a beta of 0.65. The stock’s 50-day moving average price is $135.06 and its 200 day moving average price is $140.47.

RenaissanceRe Holdings (NYSE:RNR) last announced its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share for the quarter, topping the consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The business had revenue of $555.75 million during the quarter, compared to the consensus estimate of $540.65 million. During the same period in the prior year, the company earned $1.55 EPS. RenaissanceRe Holdings’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, analysts predict that RenaissanceRe Holdings will post ($5.29) EPS for the current fiscal year.

RenaissanceRe Holdings declared that its board has approved a stock repurchase plan on Wednesday, August 2nd that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the insurance provider to repurchase up to 8.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

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In other news, CEO Kevin Odonnell sold 38,344 shares of the stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $147.93, for a total value of $5,672,227.92. Following the completion of the sale, the chief executive officer now owns 208,150 shares of the company’s stock, valued at $30,791,629.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Ross Curtis sold 5,300 shares of the stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $148.23, for a total value of $785,619.00. Following the completion of the sale, the senior vice president now directly owns 98,564 shares of the company’s stock, valued at approximately $14,610,141.72. The disclosure for this sale can be found here. In the last three months, insiders sold 48,644 shares of company stock valued at $7,132,297. Insiders own 1.80% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Americafirst Capital Management LLC acquired a new stake in RenaissanceRe Holdings during the second quarter worth approximately $161,000. Nomura Holdings Inc. acquired a new stake in RenaissanceRe Holdings during the second quarter worth approximately $212,000. Citigroup Inc. grew its stake in RenaissanceRe Holdings by 262.5% during the second quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock worth $218,000 after purchasing an additional 1,134 shares during the period. Parametrica Management Ltd acquired a new stake in RenaissanceRe Holdings during the second quarter worth approximately $220,000. Finally, Pacad Investment Ltd. acquired a new stake in RenaissanceRe Holdings during the second quarter worth approximately $222,000. 91.67% of the stock is owned by institutional investors and hedge funds.

About RenaissanceRe Holdings

RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.

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