RenaissanceRe (NYSE:RNR) Hits New 52-Week High – Here’s Why

RenaissanceRe Holdings Ltd. (NYSE:RNR)’s stock price hit a new 52-week high during trading on Thursday . The company traded as high as $326.78 and last traded at $326.5480, with a volume of 192920 shares trading hands. The stock had previously closed at $316.84.

Wall Street Analysts Forecast Growth

RNR has been the subject of a number of research analyst reports. Citigroup raised shares of RenaissanceRe from a “neutral” rating to a “buy” rating and upped their price objective for the company from $335.00 to $345.00 in a research note on Wednesday, June 10th. Cantor Fitzgerald raised shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $306.00 to $340.00 in a research report on Thursday, April 9th. UBS Group boosted their price objective on shares of RenaissanceRe from $319.00 to $326.00 and gave the stock a “neutral” rating in a research note on Monday, May 4th. Mizuho set a $325.00 price target on shares of RenaissanceRe in a research report on Monday, May 4th. Finally, Weiss Ratings raised RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, June 25th. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, RenaissanceRe has an average rating of “Hold” and an average price target of $323.64.

RenaissanceRe Price Performance

The business has a fifty day moving average of $299.18 and a 200 day moving average of $293.54. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.37. The stock has a market cap of $13.92 billion, a PE ratio of 5.44, a P/E/G ratio of 1.19 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. The company had revenue of $2.19 billion for the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%. Sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 40.05 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.41 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.64 annualized dividend and a yield of 0.5%. RenaissanceRe’s dividend payout ratio is currently 2.73%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Capital World Investors increased its position in shares of RenaissanceRe by 0.3% in the 3rd quarter. Capital World Investors now owns 2,649,518 shares of the insurance provider’s stock worth $672,792,000 after purchasing an additional 7,839 shares during the last quarter. Boston Partners grew its stake in RenaissanceRe by 9.9% in the fourth quarter. Boston Partners now owns 1,423,483 shares of the insurance provider’s stock worth $400,150,000 after purchasing an additional 128,245 shares in the last quarter. Lightrock Netherlands B.V. increased its holdings in RenaissanceRe by 15.8% in the first quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock valued at $350,263,000 after buying an additional 160,915 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in RenaissanceRe by 5.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider’s stock valued at $322,603,000 after buying an additional 52,371 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in RenaissanceRe by 17.6% during the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock valued at $195,182,000 after buying an additional 120,063 shares in the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Company Profile

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.