RenaissanceRe Holdings Ltd. (NYSE:RNR) Short Interest Down 35.8% in September

Key Points

• Short Interest Decline: RenaissanceRe Holdings Ltd. experienced a 35.8% drop in short interest in September, with total short interest reaching 1,060,000 shares by the end of the month.
• Strong Institutional Investment: Institutional investors hold 99.97% of RenaissanceRe's stock, with significant increases in stakes from firms like Hantz Financial Services and IFP Advisors.
• Stock Performance and Earnings: RenaissanceRe reported earnings of $12.29 per share, beating estimates, but its revenue decreased 2.4% year-over-year, reflecting a challenging market environment.

RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report) was the target of a significant decline in short interest during the month of September. As of September 30th, there was short interest totaling 1,060,000 shares, a decline of 35.8% from the September 15th total of 1,650,000 shares. Based on an average trading volume of 433,000 shares, the short-interest ratio is currently 2.4 days. Currently, 2.4% of the company's stock are sold short. Currently, 2.4% of the company's stock are sold short. Based on an average trading volume of 433,000 shares, the short-interest ratio is currently 2.4 days.

Institutional Trading of RenaissanceRe

Several institutional investors have recently modified their holdings of the stock. Hantz Financial Services Inc. lifted its position in RenaissanceRe by 707.1% in the second quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider's stock valued at $27,000 after acquiring an additional 99 shares during the last quarter. IFP Advisors Inc lifted its stake in RenaissanceRe by 160.0% in the second quarter. IFP Advisors Inc now owns 117 shares of the insurance provider's stock valued at $28,000 after buying an additional 72 shares during the last quarter. Financial Consulate Inc. acquired a new stake in shares of RenaissanceRe in the third quarter valued at approximately $29,000. Huntington National Bank increased its stake in RenaissanceRe by 80.9% in the second quarter. Huntington National Bank now owns 123 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 55 shares during the period. Finally, Farther Finance Advisors LLC raised its stake in RenaissanceRe by 151.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider's stock valued at $33,000 after acquiring an additional 79 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Price Performance

Shares of NYSE RNR traded down $3.06 during mid-day trading on Wednesday, reaching $242.24. The company's stock had a trading volume of 402,845 shares, compared to its average volume of 470,932. The stock has a 50-day moving average of $248.36 and a two-hundred day moving average of $243.77. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36. The stock has a market capitalization of $11.40 billion, a P/E ratio of 6.19, a P/E/G ratio of 2.09 and a beta of 0.27. RenaissanceRe has a 1-year low of $219.00 and a 1-year high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.28 by $2.01. The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.96 billion. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. RenaissanceRe's revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the firm earned $12.41 EPS. On average, equities research analysts anticipate that RenaissanceRe will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.7%. The ex-dividend date was Monday, September 15th. RenaissanceRe's dividend payout ratio is currently 4.09%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Evercore ISI set a $244.00 price objective on RenaissanceRe and gave the stock an "in-line" rating in a research note on Wednesday, October 1st. The Goldman Sachs Group began coverage on RenaissanceRe in a research report on Tuesday, October 14th. They set a "sell" rating and a $256.00 price target for the company. Cantor Fitzgerald upgraded RenaissanceRe to a "hold" rating in a research report on Wednesday, August 13th. Wolfe Research assumed coverage on shares of RenaissanceRe in a research note on Monday, September 15th. They set a "peer perform" rating on the stock. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $303.00 price objective on shares of RenaissanceRe in a report on Thursday, October 9th. Four analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $283.08.

About RenaissanceRe

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.

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