RenaissanceRe (NYSE:RNR) Sets New 52-Week High - Time to Buy?

Key Points

• 52-week high: RenaissanceRe shares hit a new 52-week high of $316.56 (last $315.84); the company has a market cap of $13.61 billion and a low PE ratio of 5.57.
• Quarterly beat and growth: RNR reported EPS of $13.34 (vs. $10.59 expected) and revenue of $2.97 billion—up 29.6% year-over-year—with analysts projecting about 26.04 EPS for the fiscal year.
• Mixed analyst outlook and dividend increase: Wall Street's consensus is a "Hold" with an average price target of $322.64 (4 Buys, 13 Holds, 1 Sell), and the company raised its quarterly dividend to $0.41 (annualized $1.64, ~0.5% yield).

RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report) shares reached a new 52-week high on Friday . The stock traded as high as $316.56 and last traded at $315.8440, with a volume of 19086 shares. The stock had previously closed at $314.62.

Wall Street Analysts Forecast Growth

RNR has been the subject of a number of analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of RenaissanceRe in a research note on Friday, March 27th. Morgan Stanley downgraded RenaissanceRe from an "overweight" rating to an "equal weight" rating and set a $310.00 price target for the company. in a research note on Thursday, February 26th. Citigroup increased their price target on RenaissanceRe from $328.00 to $333.00 and gave the company a "neutral" rating in a research report on Wednesday, February 18th. JPMorgan Chase & Co. increased their price target on RenaissanceRe from $303.00 to $329.00 and gave the company a "neutral" rating in a research report on Wednesday, January 7th. Finally, Mizuho increased their price target on RenaissanceRe from $313.00 to $318.00 and gave the company a "neutral" rating in a research report on Monday. Four research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $322.64.

RenaissanceRe Trading Up 0.3%

The firm has a market capitalization of $13.61 billion, a PE ratio of 5.57, a PEG ratio of 0.72 and a beta of 0.24. The firm's fifty day moving average is $299.64 and its two-hundred day moving average is $278.34. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 1.43.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 EPS for the quarter, beating analysts' consensus estimates of $10.59 by $2.75. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $1.73 billion. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.RenaissanceRe's revenue was up 29.6% on a year-over-year basis. During the same period last year, the business posted $8.06 earnings per share. On average, equities analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were given a dividend of $0.41 per share. The ex-dividend date of this dividend was Friday, March 13th. This is a positive change from RenaissanceRe's previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe's dividend payout ratio (DPR) is 2.89%.

Insider Buying and Selling at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the business's stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $305.75, for a total value of $1,528,750.00. Following the transaction, the executive vice president directly owned 73,023 shares of the company's stock, valued at approximately $22,326,782.25. The trade was a 6.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On RenaissanceRe

Large investors have recently modified their holdings of the stock. Financial Consulate Inc. purchased a new stake in shares of RenaissanceRe during the 3rd quarter worth approximately $29,000. Kingdom Financial Group LLC. purchased a new position in shares of RenaissanceRe during the 4th quarter valued at $36,000. Farther Finance Advisors LLC lifted its position in shares of 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 buying an additional 79 shares during the last quarter. Quarry LP lifted its position in shares of RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider's stock valued at $34,000 after buying an additional 52 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its position in shares of RenaissanceRe by 235.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock valued at $34,000 after buying an additional 94 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Company Profile

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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