RenaissanceRe (NYSE:RNR) Stock Rating Lowered by Zacks Research

RenaissanceRe (NYSE:RNR) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Other analysts have also issued reports about the company. Evercore ISI raised their price objective on RenaissanceRe from $250.00 to $283.00 and gave the company an “in-line” rating in a research note on Wednesday. Mizuho initiated coverage on shares of RenaissanceRe in a report on Monday, December 15th. They issued a “neutral” rating and a $281.00 target price for the company. Keefe, Bruyette & Woods raised their price target on shares of RenaissanceRe from $270.00 to $314.00 and gave the company a “market perform” rating in a research note on Tuesday. Weiss Ratings reiterated a “buy (b)” rating on shares of RenaissanceRe in a research report on Monday, December 29th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $300.00 price objective on shares of RenaissanceRe in a research note on Tuesday, December 16th. Five research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $294.93.

RenaissanceRe Stock Up 0.6%

Shares of RNR opened at $273.70 on Tuesday. The firm has a 50 day simple moving average of $268.67 and a two-hundred day simple moving average of $253.13. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.40 and a quick ratio of 1.40. RenaissanceRe has a one year low of $219.00 and a one year high of $285.26. The company has a market cap of $12.62 billion, a P/E ratio of 7.60, a P/E/G ratio of 6.47 and a beta of 0.26.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share for the quarter, beating analysts’ consensus estimates of $9.49 by $6.13. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.The firm had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter last year, the business posted $10.23 EPS. The company’s revenue was down 4.8% compared to the same quarter last year. Research analysts forecast that RenaissanceRe will post 26.04 EPS for the current fiscal year.

Hedge Funds Weigh In On RenaissanceRe

Several institutional investors and hedge funds have recently added to or reduced their stakes in RNR. Capital World Investors raised its stake in shares of RenaissanceRe by 0.3% during the third quarter. Capital World Investors now owns 2,649,518 shares of the insurance provider’s stock valued at $672,792,000 after acquiring an additional 7,839 shares during the last quarter. Impax Asset Management Group plc grew its stake in shares of RenaissanceRe by 11.2% in the second quarter. Impax Asset Management Group plc now owns 1,220,038 shares of the insurance provider’s stock worth $295,494,000 after purchasing an additional 122,732 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in RenaissanceRe by 4.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,001,410 shares of the insurance provider’s stock valued at $254,273,000 after purchasing an additional 45,936 shares during the period. Bank of America Corp DE raised its position in RenaissanceRe by 17.6% during the 2nd quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock worth $195,182,000 after purchasing an additional 120,063 shares during the last quarter. Finally, Invesco Ltd. raised its position in RenaissanceRe by 6.2% during the 3rd quarter. Invesco Ltd. now owns 618,974 shares of the insurance provider’s stock worth $157,176,000 after purchasing an additional 36,254 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.