RenaissanceRe (NYSE:RNR) Stock Breaks Above 50-Day Moving Average - Should You Sell?

Key Points

• RenaissanceRe shares broke above their 50-day moving average, reaching $340.63 compared with the $332.70 average, while trading near $338.41.
• Analyst sentiment remains mixed: five analysts rate the stock a Buy, 12 Hold, and one Sell. The consensus rating is Hold, with a $340 price target, although Citigroup raised its target to $385 and maintained a Buy rating.
• The company reported quarterly EPS of $12.71, exceeding estimates of $10.56, but revenue of $1.69 billion fell short of expectations. Institutional investors own nearly all outstanding shares, at 99.97%.

RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report) shares passed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $332.70 and traded as high as $340.63. RenaissanceRe shares last traded at $338.4120, with a volume of 555,566 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have commented on RNR. Cantor Fitzgerald reiterated an "overweight" rating on shares of RenaissanceRe in a report on Thursday, July 23rd. Wolfe Research set a $315.00 price objective on shares of RenaissanceRe in a research note on Tuesday, July 7th. Wells Fargo & Company decreased their price objective on shares of RenaissanceRe from $331.00 to $319.00 and set an "equal weight" rating for the company in a report on Monday, October 12th. Keefe, Bruyette & Woods raised their target price on shares of RenaissanceRe from $342.00 to $350.00 and gave the company a "market perform" rating in a research note on Monday, July 27th. Finally, Citigroup lifted their target price on shares of RenaissanceRe from $370.00 to $385.00 and gave the stock a "buy" rating in a report on Thursday. Five analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $340.00.

RenaissanceRe Stock Performance

The firm's 50 day moving average price is $332.70 and its 200-day moving average price is $309.71. The firm has a market cap of $14.06 billion, a price-to-earnings ratio of 9.73, a P/E/G ratio of 0.91 and a beta of 0.12. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.40 and a quick ratio of 1.38.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its earnings results on Tuesday, October 27th. The insurance provider reported $12.71 EPS for the quarter, beating the consensus estimate of $10.56 by $2.15. RenaissanceRe had a net margin of 16.25% and a return on equity of 21.13%. The firm had revenue of $1.69 billion during the quarter, compared to analysts' expectations of $1.78 billion. During the same period in the prior year, the company earned $15.62 EPS. On average, analysts anticipate that RenaissanceRe Holdings Ltd. will post 46.95 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of RenaissanceRe during the second quarter valued at $1,319,724,000. Lightrock Netherlands B.V. grew its holdings in shares of RenaissanceRe by 15.8% in the 1st quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider's stock worth $350,263,000 after purchasing an additional 160,915 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of RenaissanceRe by 5.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider's stock worth $322,603,000 after purchasing an additional 52,371 shares during the last quarter. GQG Partners LLC bought a new stake in shares of RenaissanceRe in the 2nd quarter worth about $185,351,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of RenaissanceRe during the 2nd quarter worth about $116,717,000. 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 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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