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

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) hit a new 52-week high during trading on Monday . The stock traded as high as $275.00 and last traded at $273.1990, with a volume of 4342 shares traded. The stock had previously closed at $270.39.

Analysts Set New Price Targets

RNR has been the topic of several research analyst reports. Mizuho assumed coverage on RenaissanceRe in a research note on Monday. They issued a “neutral” rating and a $281.00 price objective on the stock. The Goldman Sachs Group assumed coverage on shares of RenaissanceRe in a report on Tuesday, October 14th. They issued a “sell” rating and a $256.00 price target for the company. Cowen restated a “hold” rating on shares of RenaissanceRe in a research report on Tuesday, October 7th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $303.00 price objective on shares of RenaissanceRe in a report on Thursday, October 9th. Finally, Barclays set a $278.00 target price on shares of RenaissanceRe in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $286.29.

RenaissanceRe Trading Up 0.5%

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 stock’s 50-day simple moving average is $259.82 and its 200-day simple moving average is $249.49. The firm has a market capitalization of $12.58 billion, a PE ratio of 7.58, a P/E/G ratio of 1.59 and a beta of 0.26.

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

RenaissanceRe Announces Dividend

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

Institutional Investors Weigh In On RenaissanceRe

Hedge funds and other institutional investors have recently modified their holdings of the stock. Exchange Traded Concepts LLC boosted its holdings in shares of RenaissanceRe by 1.2% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,355 shares of the insurance provider’s stock valued at $852,000 after buying an additional 40 shares in the last quarter. AMG National Trust Bank raised its stake in RenaissanceRe by 0.7% in the third quarter. AMG National Trust Bank now owns 5,787 shares of the insurance provider’s stock valued at $1,469,000 after buying an additional 40 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in RenaissanceRe by 10.5% in the first quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider’s stock worth $106,000 after acquiring an additional 42 shares in the last quarter. Benedict Financial Advisors Inc. grew its position in RenaissanceRe by 0.3% during the 2nd quarter. Benedict Financial Advisors Inc. now owns 12,577 shares of the insurance provider’s stock worth $3,055,000 after purchasing an additional 42 shares during the last quarter. Finally, Miracle Mile Advisors LLC increased its stake in RenaissanceRe by 3.8% during the 3rd quarter. Miracle Mile Advisors LLC now owns 1,257 shares of the insurance provider’s stock valued at $319,000 after purchasing an additional 46 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

About RenaissanceRe

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.