RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Free Report) reached a new 52-week high on Monday. The company traded as high as $352.20 and last traded at $350.5750, with a volume of 24,958 shares. The stock had previously closed at $351.06.
Analyst Upgrades and Downgrades
RNR has been the topic of several analyst reports. Bank of America raised their price target on shares of RenaissanceRe from $410.00 to $438.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. UBS Group set a $349.00 price objective on shares of RenaissanceRe and gave the company a “neutral” rating in a research report on Monday, July 27th. Royal Bank Of Canada started coverage on shares of RenaissanceRe in a research report on Tuesday, September 22nd. They issued a “sector perform” rating and a $365.00 price objective for the company. Wells Fargo & Company reduced their price objective on shares of RenaissanceRe from $331.00 to $319.00 and set an “equal weight” rating on the stock in a research note on Monday, October 12th. Finally, Barclays raised their target price on shares of RenaissanceRe from $328.00 to $341.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Six analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and an average target price of $337.50.
Check Out Our Latest Report on RenaissanceRe
RenaissanceRe Trading Down 0.1%
The company has a market capitalization of $14.58 billion, a PE ratio of 6.02, a PEG ratio of 0.98 and a beta of 0.12. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The business’s 50-day simple moving average is $327.57 and its two-hundred day simple moving average is $314.17.
RenaissanceRe (NYSE:RNR – Get Free Report) last issued its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%. The firm had revenue of $2.77 billion during the quarter. On average, analysts predict that RenaissanceRe Holdings Ltd. will post 45.66 earnings per share for the current year.
RenaissanceRe Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Tuesday, September 15th. RenaissanceRe’s dividend payout ratio is 2.81%.
Insider Activity
In related news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the sale, the executive vice president directly owned 72,907 shares of the company’s stock, valued at $24,280,218.21. This represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.30% of the company’s stock.
Hedge Funds Weigh In On RenaissanceRe
Hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in RenaissanceRe in the second quarter worth $1,319,724,000. Lightrock Netherlands B.V. raised its holdings in shares of RenaissanceRe by 15.8% during the first quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock worth $350,263,000 after purchasing an additional 160,915 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of RenaissanceRe by 5.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider’s stock worth $322,603,000 after purchasing an additional 52,371 shares during the period. GQG Partners LLC bought a new position in shares of RenaissanceRe in the 2nd quarter worth about $185,351,000. Finally, Bank of New York Mellon Corp bought a new position in shares of RenaissanceRe in the 2nd quarter worth about $116,717,000. 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 products. The company specializes in helping insurers, businesses and other organizations manage financial risk arising from natural catastrophes, specialty exposures and certain casualty risks.
RenaissanceRe’s reinsurance activities include property catastrophe coverage, as well as casualty and specialty reinsurance. Through its insurance operations, the company provides coverage for areas such as property, casualty and other specialty risks.
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