RenaissanceRe (NYSE:RNR) Sets New 1-Year High – Here’s Why

RenaissanceRe Holdings Ltd. (NYSE:RNR) shares hit a new 52-week high on Monday. The stock traded as high as $352.20 and last traded at $350.5750, with a volume of 24,958 shares trading hands. The stock had previously closed at $351.06.

Analyst Ratings Changes

A number of analysts have issued reports on RNR shares. Wolfe Research set a $315.00 target price on shares of RenaissanceRe in a research note on Tuesday, July 7th. UBS Group set a $349.00 target price on shares of RenaissanceRe and gave the stock a “neutral” rating in a research report on Monday, July 27th. Royal Bank Of Canada initiated coverage on shares of RenaissanceRe in a research note on Tuesday, September 22nd. They set a “sector perform” rating and a $365.00 price target on the stock. Wells Fargo & Company cut their price target on shares of RenaissanceRe from $331.00 to $319.00 and set an “equal weight” rating on the stock in a report on Monday, October 12th. Finally, Jefferies Financial Group upgraded shares of RenaissanceRe from a “hold” rating to a “market outperform” rating in a report on Tuesday, September 22nd. Six equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, RenaissanceRe has a consensus rating of “Hold” and an average price target of $337.50.

RenaissanceRe Stock Performance

The company has a market cap of $14.70 billion, a P/E ratio of 6.07, a P/E/G ratio of 0.99 and a beta of 0.12. The firm has a 50 day moving average price of $328.99 and a 200-day moving average price of $314.97. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%. The business had revenue of $2.77 billion for the quarter. On average, research analysts predict that RenaissanceRe Holdings Ltd. will post 45.66 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were given a $0.41 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio (DPR) is currently 2.81%.

Insider Buying and Selling at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value 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. The trade was a 6.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Trading of RenaissanceRe

Several large investors have recently modified their holdings of the company. Ashurst Perkins Coie Trust Co acquired a new stake in RenaissanceRe in the 3rd quarter worth $26,000. Elevation Wealth Partners LLC increased its holdings in shares of RenaissanceRe by 90.0% during the 3rd quarter. Elevation Wealth Partners LLC now owns 95 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 45 shares during the period. Continuum Advisory LLC acquired a new position in shares of RenaissanceRe during the second quarter valued at about $38,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of RenaissanceRe during the second quarter valued at about $42,000. Finally, Versant Capital Management Inc raised its position in shares of RenaissanceRe by 155.3% during the third quarter. Versant Capital Management Inc now owns 194 shares of the insurance provider’s stock valued at $62,000 after buying an additional 118 shares during the last quarter. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance products. The company specializes in helping insurers, businesses and other organizations manage financial risk arising from natural catastrophes, specialty exposures and certain casualty risks.

RenaissanceRe’s reinsurance activities include property catastrophe coverage, as well as casualty and specialty reinsurance. Through its insurance operations, the company provides coverage for areas such as property, casualty and other specialty risks.