RenaissanceRe Holdings Ltd. (NYSE:RNR) Sees Significant Increase in Short Interest

RenaissanceRe Holdings Ltd. (NYSE:RNR) was the target of a large increase in short interest during the month of December. As of December 15th, there was short interest totaling 1,434,887 shares, an increase of 30.5% from the November 30th total of 1,099,875 shares. Currently, 3.2% of the shares of the company are short sold. Based on an average daily volume of 355,777 shares, the short-interest ratio is presently 4.0 days. Based on an average daily volume of 355,777 shares, the short-interest ratio is presently 4.0 days. Currently, 3.2% of the shares of the company are short sold.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock traded down $2.53 on Thursday, reaching $281.14. 218,957 shares of the stock were exchanged, compared to its average volume of 342,577. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.40 and a current ratio of 1.40. The firm has a market cap of $12.96 billion, a PE ratio of 7.81, a P/E/G ratio of 1.67 and a beta of 0.26. The firm’s 50 day moving average is $265.30 and its 200-day moving average is $252.08. RenaissanceRe has a one year low of $219.00 and a one year high of $285.26.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, October 28th. The insurance provider reported $15.62 EPS for the quarter, beating the consensus estimate of $9.49 by $6.13. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the previous year, the business earned $10.23 earnings per share. The company’s revenue was down 4.8% on a year-over-year basis. As a group, analysts anticipate that RenaissanceRe will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were given a $0.40 dividend. The ex-dividend date was Monday, December 15th. This represents a $1.60 dividend on an annualized basis and a yield of 0.6%. RenaissanceRe’s dividend payout ratio (DPR) is currently 4.45%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on RNR shares. Cowen reiterated a “hold” rating on shares of RenaissanceRe in a research report on Tuesday, October 7th. BMO Capital Markets reaffirmed an “outperform” rating and set a $303.00 price target on shares of RenaissanceRe in a research report on Friday, December 5th. Mizuho initiated coverage on shares of RenaissanceRe in a research note on Monday, December 15th. They issued a “neutral” rating and a $281.00 price objective for the company. Wells Fargo & Company increased their target price on shares of RenaissanceRe from $278.00 to $285.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 30th. Finally, Zacks Research raised shares of RenaissanceRe from a “hold” rating to a “strong-buy” rating in a report on Monday, December 8th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, RenaissanceRe has a consensus rating of “Hold” and an average price target of $286.29.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RNR. Hantz Financial Services Inc. increased its holdings in RenaissanceRe by 707.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 99 shares in the last quarter. Financial Consulate Inc. acquired a new position in shares of RenaissanceRe in the third quarter valued at approximately $29,000. IFP Advisors Inc raised its holdings in RenaissanceRe by 160.0% in the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock valued at $28,000 after buying an additional 72 shares during the last quarter. Huntington National Bank boosted its position in RenaissanceRe by 80.9% during the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after buying an additional 55 shares during the period. Finally, Farther Finance Advisors LLC grew its holdings in RenaissanceRe by 151.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock worth $33,000 after acquiring an additional 79 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

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.