RenaissanceRe (NYSE:RNR) Hits New 1-Year High - What's Next?

Key Points

• RenaissanceRe shares reached a new 52-week high, trading as high as $363.84 and closing around $353.82, above their 50-day and 200-day moving averages.
• Analyst sentiment remains mixed: six analysts rate the stock Buy, 11 Hold and one Sell, resulting in a consensus Hold rating and a $337.50 target price—below the current share price.
• The insurer reported strong quarterly results, including $12.92 earnings per share, a 23.65% net margin and 23.10% return on equity; it also pays a $0.41 quarterly dividend, yielding about 0.5%.

RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report)'s stock price hit a new 52-week high during trading on Monday. The company traded as high as $363.84 and last traded at $353.8220, with a volume of 533,023 shares. The stock had previously closed at $352.60.

Analysts Set New Price Targets

RNR has been the topic of several recent research reports. Wolfe Research set a $315.00 target price on RenaissanceRe in a report on Tuesday, July 7th. Barclays lifted their target price on shares of RenaissanceRe from $328.00 to $341.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods lifted their price objective on RenaissanceRe from $342.00 to $350.00 and gave the stock a "market perform" rating in a research report on Monday, July 27th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of RenaissanceRe in a research report on Thursday, July 23rd. Finally, Morgan Stanley raised their price target on shares of RenaissanceRe from $310.00 to $320.00 and gave the stock an "equal weight" rating in a report on Monday, July 6th. Six investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $337.50.

RenaissanceRe Trading Up 1.2%

The firm has a fifty day moving average price of $331.16 and a 200-day moving average price of $316.15. The company has a market capitalization of $14.82 billion, a P/E ratio of 6.10, a price-to-earnings-growth ratio of 0.99 and a beta of 0.12. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $2.77 billion during the quarter. On average, equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 45.66 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were paid a $0.41 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe's dividend payout ratio (DPR) is presently 2.81%.

Insiders Place Their Bets

In other RenaissanceRe 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 transaction of $1,665,150.00. Following the sale, the executive vice president owned 72,907 shares of the company's stock, valued at $24,280,218.21. The trade was a 6.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RNR. Ashurst Perkins Coie Trust Co bought a new position in RenaissanceRe in the 3rd quarter valued at $26,000. Elevation Wealth Partners LLC increased its stake in RenaissanceRe by 90.0% in the 3rd quarter. Elevation Wealth Partners LLC now owns 95 shares of the insurance provider's stock worth $30,000 after acquiring an additional 45 shares during the last quarter. Continuum Advisory LLC purchased a new stake in shares of RenaissanceRe in the 2nd quarter valued at about $38,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of RenaissanceRe during the 2nd quarter valued at about $42,000. Finally, Versant Capital Management Inc grew its stake in RenaissanceRe by 155.3% in the 3rd quarter. Versant Capital Management Inc now owns 194 shares of the insurance provider's stock worth $62,000 after buying an additional 118 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

About RenaissanceRe

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.

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