RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $309.41 and traded as high as $330.65. RenaissanceRe shares last traded at $326.12, with a volume of 302,348 shares traded.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on RNR shares. Bank of America upped their price target on shares of RenaissanceRe from $410.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday, July 23rd. Morgan Stanley raised their price objective on RenaissanceRe from $310.00 to $320.00 and gave the company an “equal weight” rating in a research note on Monday, July 6th. UBS Group set a $349.00 target price on shares of RenaissanceRe and gave the stock a “neutral” rating in a report on Monday, July 27th. Keefe, Bruyette & Woods raised their target price on shares of RenaissanceRe from $342.00 to $350.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Finally, Weiss Ratings lowered RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, August 17th. Six equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, RenaissanceRe has an average rating of “Hold” and an average target price of $338.12.
Check Out Our Latest Stock Analysis on RenaissanceRe
RenaissanceRe Price Performance
RenaissanceRe (NYSE:RNR – Get Free Report) last announced its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The company had revenue of $2.77 billion for the quarter. As a group, analysts anticipate that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current year.
RenaissanceRe Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Tuesday, September 15th. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.81%.
Insider Activity at RenaissanceRe
In other news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is currently owned by corporate insiders.
Institutional Trading of RenaissanceRe
A number of hedge funds and other institutional investors have recently bought and sold shares of RNR. Candriam S.C.A. bought a new position in shares of RenaissanceRe in the first quarter valued at $6,202,000. Delta Global Management LP acquired a new stake in shares of RenaissanceRe in the 1st quarter worth about $1,754,000. Deutsche Bank AG bought a new position in RenaissanceRe in the 2nd quarter valued at about $2,242,000. Canada Pension Plan Investment Board bought a new position in RenaissanceRe in the 2nd quarter valued at about $1,077,000. Finally, Lightrock Netherlands B.V. lifted its position in RenaissanceRe by 15.8% in the 1st quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock valued at $350,263,000 after acquiring an additional 160,915 shares in the last quarter. Institutional investors own 99.97% of the company’s stock.
About RenaissanceRe
RenaissanceRe Holdings Ltd. is a Bermuda-based global reinsurance and specialty insurance company. Founded in 1993, the company initially focused on property catastrophe reinsurance and has expanded its operations to serve insurers, businesses and other risk-bearing organizations worldwide.
RenaissanceRe provides reinsurance and insurance solutions covering property, casualty and specialty risks. Its property business includes protection against hurricanes, earthquakes, severe weather and other catastrophe-related events, while its casualty and specialty operations address risks such as liability, professional lines and other complex commercial exposures.
The company also manages and supports insurance-linked securities and other third-party capital strategies, allowing investors to participate in selected insurance risks.
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