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

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

Analyst Ratings Changes

A number of equities analysts have recently commented on RNR shares. Cantor Fitzgerald restated an “overweight” rating on shares of RenaissanceRe in a research note on Thursday, July 23rd. UBS Group set a $349.00 target price on RenaissanceRe and gave the company a “neutral” rating in a research report on Monday, July 27th. Wolfe Research set a $315.00 price target on RenaissanceRe in a research report on Tuesday, July 7th. Bank of America raised their price target on RenaissanceRe from $410.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Finally, Barclays boosted their price target on RenaissanceRe from $328.00 to $341.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus 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 200 day moving average is $307.02. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm has a market cap of $14.02 billion, a price-to-earnings ratio of 5.80, a price-to-earnings-growth ratio of 1.20 and a beta of 0.17.

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

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.41 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.64 annualized dividend and a yield of 0.5%. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.81%.

Insider Buying and Selling at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the completion of the sale, the executive vice president owned 72,907 shares of the company’s stock, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of RenaissanceRe

Several hedge funds and other institutional investors have recently bought and sold shares of RNR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of RenaissanceRe by 39.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock worth $2,325,000 after purchasing an additional 2,737 shares in the last quarter. Millennium Management LLC bought a new stake in shares of RenaissanceRe in the first quarter valued at approximately $15,289,000. Jones Financial Companies Lllp boosted its stake in shares of RenaissanceRe by 900.0% in the first quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock valued at $324,000 after buying an additional 1,215 shares during the period. Goldman Sachs Group Inc. grew its position in RenaissanceRe by 72.5% during the first quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock worth $13,725,000 after buying an additional 24,027 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in RenaissanceRe by 18.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider’s stock worth $107,000 after buying an additional 69 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

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.