RenaissanceRe (NYSE:RNR) Hits New 1-Year High on Analyst Upgrade

Key Points

• RenaissanceRe shares hit a new 52-week high after Bank of America lifted its price target from $410 to $438 and reiterated a buy rating. The stock traded as high as $329.60 and was up about 3.4% on the day.
• Recent analyst activity was mixed overall, but mostly neutral to positive, with several firms raising targets while keeping hold/equal weight views. Based on MarketBeat data, RenaissanceRe now has a consensus rating of Hold and an average price target of $335.33.
• The company posted better-than-expected quarterly results, reporting EPS of $12.92 versus $11.72 expected and revenue of $2.77 billion versus $2.57 billion expected. RenaissanceRe also pays a quarterly dividend of $0.41 per share, equal to an annualized yield of about 0.5%.

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report) reached a new 52-week high during mid-day trading on Friday after Bank of America raised their price target on the stock from $410.00 to $438.00. Bank of America currently has a buy rating on the stock. RenaissanceRe traded as high as $329.60 and last traded at $328.3290, with a volume of 295735 shares. The stock had previously closed at $317.41.

Several other research analysts also recently weighed in on the stock. TD Cowen upped their target price on shares of RenaissanceRe from $300.00 to $315.00 and gave the stock a "hold" rating in a report on Tuesday, July 7th. Barclays raised their target price on shares of RenaissanceRe from $328.00 to $341.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 7th. Citigroup upgraded RenaissanceRe from a "neutral" rating to a "buy" rating and upped their target price for the stock from $335.00 to $345.00 in a report on Wednesday, June 10th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of RenaissanceRe in a research report on Thursday. Finally, Wall Street Zen downgraded RenaissanceRe from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, RenaissanceRe presently has a consensus rating of "Hold" and an average price target of $335.33.

Institutional Trading of RenaissanceRe

Hedge funds have recently modified their holdings of the stock. SBI Securities Co. Ltd. increased its holdings in RenaissanceRe by 33.6% in the fourth quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider's stock valued at $41,000 after buying an additional 37 shares during the last quarter. Beacon Pointe Advisors LLC lifted its stake in RenaissanceRe by 2.2% in the fourth quarter. Beacon Pointe Advisors LLC now owns 1,857 shares of the insurance provider's stock valued at $522,000 after buying an additional 40 shares during the last quarter. Signaturefd LLC grew its position in RenaissanceRe by 8.9% in the 4th quarter. Signaturefd LLC now owns 504 shares of the insurance provider's stock worth $142,000 after purchasing an additional 41 shares during the last quarter. Midwest Professional Planners LTD. boosted its position in shares of RenaissanceRe by 1.5% during the first quarter. Midwest Professional Planners LTD. now owns 3,313 shares of the insurance provider's stock worth $985,000 after buying an additional 48 shares during the period. Finally, Brown Brothers Harriman & Co. grew its stake in shares of RenaissanceRe by 2.6% in the third quarter. Brown Brothers Harriman & Co. now owns 2,006 shares of the insurance provider's stock worth $509,000 after purchasing an additional 51 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Stock Up 3.4%

The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. The stock has a market cap of $14.00 billion, a P/E ratio of 5.63, a price-to-earnings-growth ratio of 1.24 and a beta of 0.17. The stock's 50-day moving average is $304.42 and its 200-day moving average is $298.21.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 EPS for the quarter, topping the consensus estimate of $11.72 by $1.20. RenaissanceRe had a return on equity of 23.25% and a net margin of 23.65%.The firm had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.57 billion. During the same quarter in the previous year, the company earned $12.29 earnings per share. As a group, research analysts anticipate that RenaissanceRe Holdings Ltd. will post 40.57 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.41 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe's payout ratio is 2.73%.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.

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