RenaissanceRe (NYSE:RNR) Reaches New 12-Month High – What’s Next?

RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Free Report)’s stock price hit a new 52-week high on Monday. The company traded as high as $340.69 and last traded at $340.8180, with a volume of 197,401 shares traded. The stock had previously closed at $331.38.

Analyst Ratings Changes

Several research firms have recently issued reports on RNR. Wolfe Research set a $315.00 price objective on shares of RenaissanceRe in a report on Tuesday, July 7th. Barclays boosted their target price on RenaissanceRe from $328.00 to $341.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 7th. Royal Bank Of Canada started coverage on RenaissanceRe in a research report on Tuesday, September 22nd. They issued a “sector perform” rating and a $365.00 target price for the company. Mizuho increased their price target on RenaissanceRe from $325.00 to $329.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Finally, Jefferies Financial Group raised RenaissanceRe from a “hold” rating to a “market outperform” rating in a research note on Tuesday, September 22nd. Six research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $337.50.

View Our Latest Research Report on RenaissanceRe

RenaissanceRe Trading Up 0.7%

The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $14.18 billion, a P/E ratio of 5.86, a PEG ratio of 0.95 and a beta of 0.12. The firm’s 50-day simple moving average is $326.27 and its 200 day simple moving average is $313.11.

RenaissanceRe (NYSE:RNR – Get Free Report) last posted its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. The company had revenue of $2.77 billion during the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. Equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 44.98 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were paid a dividend of $0.41 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.64 annualized dividend and a yield of 0.5%. RenaissanceRe’s dividend payout ratio is currently 2.81%.

Insiders Place Their Bets

In related news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the completion of the sale, the executive vice president directly owned 72,907 shares in the company, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of RenaissanceRe by 0.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,405 shares of the insurance provider’s stock valued at $1,713,000 after purchasing an additional 32 shares in the last quarter. Wedmont Private Capital boosted its position in shares of RenaissanceRe by 3.1% during the second quarter. Wedmont Private Capital now owns 1,205 shares of the insurance provider’s stock worth $380,000 after buying an additional 36 shares during the period. Elevation Wealth Partners LLC grew its holdings in shares of RenaissanceRe by 90.0% during the third quarter. Elevation Wealth Partners LLC now owns 95 shares of the insurance provider’s stock worth $30,000 after buying an additional 45 shares in the last quarter. Midwest Professional Planners LTD. grew its holdings in shares of RenaissanceRe by 1.5% during the first quarter. Midwest Professional Planners LTD. now owns 3,313 shares of the insurance provider’s stock worth $985,000 after buying an additional 48 shares in the last quarter. Finally, IFP Advisors Inc grew its holdings in shares of RenaissanceRe by 29.4% during the second quarter. IFP Advisors Inc now owns 211 shares of the insurance provider’s stock worth $67,000 after buying an additional 48 shares in the last quarter. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Company Profile

(Get Free Report)

RenaissanceRe Holdings Ltd. is a Bermuda-based global provider of reinsurance and insurance solutions. Founded in 1993, the company focuses on managing and underwriting risks that can be difficult to place in traditional insurance markets, with an emphasis on disciplined underwriting and catastrophe risk management.

RenaissanceRe’s business includes property catastrophe reinsurance, which provides coverage for events such as hurricanes, earthquakes and other natural disasters, as well as property, casualty and specialty reinsurance.

Further Reading

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