RenaissanceRe (NYSE:RNR) Sets New 52-Week High – What’s Next?

RenaissanceRe Holdings Ltd. (NYSE:RNR) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $336.50 and last traded at $336.7880, with a volume of 11850 shares changing hands. The stock had previously closed at $331.21.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on RNR shares. TD Cowen upped their target price on shares of RenaissanceRe from $300.00 to $315.00 and gave the stock a “hold” rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods raised their price objective on shares of RenaissanceRe from $342.00 to $350.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Weiss Ratings cut shares of RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, August 17th. JPMorgan Chase & Co. boosted their target price on RenaissanceRe from $329.00 to $360.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Finally, Wolfe Research set a $315.00 price target on RenaissanceRe in a research report on Tuesday, July 7th. Five equities 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 company. According to data from MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and a consensus target price of $336.33.

RenaissanceRe Stock Performance

The stock’s 50 day moving average is $322.21 and its two-hundred day moving average is $307.02. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market capitalization of $14.02 billion, a P/E ratio of 5.80, a P/E/G ratio of 1.20 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The business had revenue of $2.77 billion for the quarter. As a group, equities analysts anticipate that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 15th. RenaissanceRe’s dividend payout ratio is 2.81%.

Insider Activity

In related news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the sale, the executive vice president directly owned 72,907 shares in the company, valued at $24,280,218.21. This trade represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of RenaissanceRe

A number of institutional investors have recently modified their holdings of the company. Quarry LP raised its position in RenaissanceRe by 65.0% in the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after buying an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC grew its stake in shares of RenaissanceRe by 235.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 94 shares in the last quarter. Kingdom Financial Group LLC. bought a new position in shares of RenaissanceRe during the 4th quarter worth approximately $36,000. Continuum Advisory LLC acquired a new stake in shares of RenaissanceRe in the second quarter valued at approximately $38,000. Finally, Mcguire Capital Advisors Inc. bought a new stake in shares of RenaissanceRe in the fourth quarter worth $38,000. 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.