RenaissanceRe (NYSE:RNR) Reaches New 52-Week High - Should You Buy?

Key Points

• RenaissanceRe shares reached a new 52-week high of $340.69, above the prior close of $331.38, with the stock trading near $340.82.
• Analyst sentiment remains mixed: Jefferies upgraded the stock to “market outperform,” while other firms maintained neutral or sector-perform ratings. The consensus rating is Hold, with an average price target of $337.50.
• The company reported $12.92 in quarterly EPS on $2.77 billion in revenue, alongside a 23.65% net margin and 23.10% return on equity. RenaissanceRe also pays a $0.41 quarterly dividend, yielding approximately 0.5%.

RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report) shares reached a new 52-week high on Monday. The stock traded as high as $340.69 and last traded at $340.8180, with a volume of 197,401 shares changing hands. The stock had previously closed at $331.38.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on RNR shares. Barclays increased their price target on RenaissanceRe from $328.00 to $341.00 and gave the company an "equal weight" rating in a report on Tuesday, July 7th. UBS Group set a $349.00 price objective on shares of RenaissanceRe and gave the company a "neutral" rating in a research report on Monday, July 27th. Jefferies Financial Group upgraded shares of RenaissanceRe from a "hold" rating to a "market outperform" rating in a research report on Tuesday, September 22nd. JPMorgan Chase & Co. cut their target price on shares of RenaissanceRe from $360.00 to $355.00 and set a "neutral" rating for the company in a research note on Friday. Finally, Royal Bank Of Canada assumed coverage on shares of RenaissanceRe in a research report on Tuesday, September 22nd. They issued a "sector perform" rating and a $365.00 price target on the stock. Six 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $337.50.

RenaissanceRe Price Performance

The stock has a market capitalization of $14.11 billion, a P/E ratio of 5.84, a price-to-earnings-growth ratio of 0.95 and a beta of 0.12. The stock has a 50 day moving average of $325.54 and a 200-day moving average of $312.46. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced 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 company had revenue of $2.77 billion during the quarter. On average, equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 44.21 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were issued 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 payout ratio is currently 2.81%.

Insider Buying and Selling at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction that occurred 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 transaction, the executive vice president directly owned 72,907 shares in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On RenaissanceRe

Large investors have recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. increased its holdings in RenaissanceRe by 0.6% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 5,405 shares of the insurance provider's stock worth $1,713,000 after buying an additional 32 shares during the period. Wedmont Private Capital raised its position in RenaissanceRe by 3.1% during the 2nd quarter. Wedmont Private Capital now owns 1,205 shares of the insurance provider's stock worth $380,000 after buying an additional 36 shares during the last quarter. Elevation Wealth Partners LLC raised its position in 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 buying an additional 45 shares during the last quarter. Midwest Professional Planners LTD. lifted its stake in RenaissanceRe by 1.5% during the 1st quarter. Midwest Professional Planners LTD. now owns 3,313 shares of the insurance provider's stock valued at $985,000 after acquiring an additional 48 shares during the period. Finally, IFP Advisors Inc lifted its stake in RenaissanceRe by 29.4% during the 2nd quarter. IFP Advisors Inc now owns 211 shares of the insurance provider's stock valued at $67,000 after acquiring an additional 48 shares during the period. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a Bermuda-based global provider of reinsurance and insurance solutions. Founded in 1993, the company focuses on managing and underwriting risks that can be difficult to place in traditional insurance markets, with an emphasis on disciplined underwriting and catastrophe risk management.

RenaissanceRe's business includes property catastrophe reinsurance, which provides coverage for events such as hurricanes, earthquakes and other natural disasters, as well as property, casualty and specialty reinsurance.

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