RenaissanceRe (NYSE:RNR) Sets New 1-Year High – What’s Next?

RenaissanceRe Holdings Ltd. (NYSE:RNR) shares reached a new 52-week high on Friday . The stock traded as high as $316.56 and last traded at $315.8440, with a volume of 19086 shares traded. The stock had previously closed at $314.62.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RNR. Wells Fargo & Company reduced their target price on shares of RenaissanceRe from $306.00 to $305.00 and set an “equal weight” rating for the company in a research note on Thursday, April 9th. The Goldman Sachs Group restated a “sell” rating and set a $267.00 target price on shares of RenaissanceRe in a research report on Wednesday, January 7th. Evercore set a $309.00 target price on RenaissanceRe in a research report on Thursday, April 9th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RenaissanceRe in a report on Friday, March 27th. Finally, Bank of America reduced their target price on RenaissanceRe to $426.00 and set a “buy” rating for the company in a report on Tuesday. Four analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, RenaissanceRe currently has a consensus rating of “Hold” and an average target price of $322.64.

RenaissanceRe Price Performance

The firm’s 50-day moving average is $299.64 and its 200-day moving average is $278.34. The company has a market capitalization of $13.61 billion, a PE ratio of 5.57, a price-to-earnings-growth ratio of 0.72 and a beta of 0.24. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, beating analysts’ consensus estimates of $10.59 by $2.75. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period last year, the firm posted $8.06 EPS. RenaissanceRe’s revenue for the quarter was up 29.6% compared to the same quarter last year. Equities analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were paid a $0.41 dividend. The ex-dividend date of this dividend was Friday, March 13th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a yield of 0.5%. RenaissanceRe’s payout ratio is currently 2.89%.

Insiders Place Their Bets

In related news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the sale, the executive vice president directly owned 73,023 shares of the company’s stock, valued at $22,326,782.25. This represents a 6.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RNR. Financial Consulate Inc. purchased a new stake in shares of RenaissanceRe during the third quarter valued at approximately $29,000. Farther Finance Advisors LLC boosted its holdings in shares of RenaissanceRe by 151.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock valued at $33,000 after acquiring an additional 79 shares during the last quarter. Quarry LP boosted its holdings in shares of RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings 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 valued at $34,000 after acquiring an additional 94 shares during the last quarter. Finally, Root Financial Partners LLC purchased a new stake in shares of RenaissanceRe during the 3rd quarter valued at about $36,000. 99.97% of the stock is owned by hedge funds and other 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.