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

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) hit a new 52-week high on Monday . The company traded as high as $285.00 and last traded at $282.9750, with a volume of 11703 shares trading hands. The stock had previously closed at $281.40.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RNR. The Goldman Sachs Group started coverage on RenaissanceRe in a research report on Tuesday, October 14th. They issued a “sell” rating and a $256.00 target price on the stock. UBS Group increased their price objective on shares of RenaissanceRe from $265.00 to $272.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 8th. Zacks Research raised RenaissanceRe from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 8th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $303.00 target price on shares of RenaissanceRe in a research note on Thursday, October 9th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $303.00 price target on shares of RenaissanceRe in a report on Friday, December 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $286.29.

RenaissanceRe Trading Up 0.5%

The company’s fifty day simple moving average is $263.04 and its 200-day simple moving average is $251.33. The firm has a market capitalization of $13.04 billion, a PE ratio of 7.86, a P/E/G ratio of 1.66 and a beta of 0.26. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.40 and a quick ratio of 1.40.

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

RenaissanceRe Announces Dividend

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

Institutional Trading of RenaissanceRe

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

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.