RenaissanceRe (NYSE:RNR) Stock Price Crosses Above 200 Day Moving Average - Here's Why

Key Points

• RenaissanceRe shares crossed above their 200-day moving average, reaching $330.65 and last trading at $326.12, compared with a 200-day average of $309.41.
• Analyst sentiment remains mixed but has improved, with Citigroup upgrading the stock to “buy.” The consensus rating is “Hold,” with an average price target of $336.33.
• The company reported quarterly earnings of $12.92 per share on $2.77 billion in revenue and declared a quarterly dividend of $0.41 per share, representing a 0.5% yield.

RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report)'s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $309.41 and traded as high as $330.65. RenaissanceRe shares last traded at $326.12, with a volume of 302,348 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Citigroup raised shares of RenaissanceRe from a "neutral" rating to a "buy" rating and raised their target price for the stock from $335.00 to $345.00 in a research report on Wednesday, June 10th. Barclays boosted their price target on shares of RenaissanceRe from $328.00 to $341.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 7th. Cantor Fitzgerald reissued an "overweight" rating on shares of RenaissanceRe in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods raised their price objective on shares of RenaissanceRe from $342.00 to $350.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. Finally, Morgan Stanley raised their price objective 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. Five analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $336.33.

RenaissanceRe Price Performance

The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market cap of $13.55 billion, a PE ratio of 5.60, a price-to-earnings-growth ratio of 1.19 and a beta of 0.17. The firm has a 50-day simple moving average of $324.48 and a 200 day simple moving average of $309.41.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. The firm had revenue of $2.77 billion for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. As a group, equities analysts expect that RenaissanceRe Holdings Ltd. will post 42.4 EPS for the current year.

RenaissanceRe Dividend Announcement

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

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the firm's 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 completion of the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.30% of the company's stock.

Institutional Trading of RenaissanceRe

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in RenaissanceRe during the second quarter valued at $1,319,724,000. Boston Partners boosted its holdings in RenaissanceRe by 9.9% in the fourth quarter. Boston Partners now owns 1,423,483 shares of the insurance provider's stock worth $400,150,000 after acquiring an additional 128,245 shares in the last quarter. Lightrock Netherlands B.V. grew its stake in shares of RenaissanceRe by 15.8% in the first quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider's stock worth $350,263,000 after acquiring an additional 160,915 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of RenaissanceRe by 5.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider's stock worth $322,603,000 after acquiring an additional 52,371 shares during the last quarter. Finally, GQG Partners LLC bought a new position in shares of RenaissanceRe during the second quarter valued at $185,351,000. Hedge funds and other institutional investors own 99.97% of the company's stock.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a Bermuda-based global reinsurance and specialty insurance company. Founded in 1993, the company initially focused on property catastrophe reinsurance and has expanded its operations to serve insurers, businesses and other risk-bearing organizations worldwide.

RenaissanceRe provides reinsurance and insurance solutions covering property, casualty and specialty risks. Its property business includes protection against hurricanes, earthquakes, severe weather and other catastrophe-related events, while its casualty and specialty operations address risks such as liability, professional lines and other complex commercial exposures.

The company also manages and supports insurance-linked securities and other third-party capital strategies, allowing investors to participate in selected insurance risks.

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