RenaissanceRe (NYSE:RNR) Sets New 1-Year High – Here’s What Happened

RenaissanceRe Holdings Ltd. (NYSE:RNR) reached a new 52-week high during trading on Monday . The stock traded as high as $284.36 and last traded at $282.11, with a volume of 18796 shares changing hands. The stock had previously closed at $282.60.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on RNR shares. Barclays assumed coverage on RenaissanceRe in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 target price for the company. Citigroup upped their price objective on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Jefferies Financial Group raised their target price on RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Wells Fargo & Company lifted their price objective on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Finally, Evercore ISI lifted their price target on RenaissanceRe from $218.00 to $229.00 and gave the company an “underperform” rating in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $289.00.

RenaissanceRe Stock Down 0.2 %

The stock has a market capitalization of $14.91 billion, a P/E ratio of 6.24, a price-to-earnings-growth ratio of 1.83 and a beta of 0.38. The firm has a 50 day moving average of $260.37 and a 200-day moving average of $236.71. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, beating analysts’ consensus estimates of $10.88 by $1.53. The firm had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.93 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. On average, equities research analysts expect that RenaissanceRe Holdings Ltd. will post 39.84 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 0.55%. The ex-dividend date was Friday, September 13th. RenaissanceRe’s payout ratio is 3.45%.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $269.00, for a total transaction of $269,000.00. Following the sale, the executive vice president now directly owns 83,044 shares in the company, valued at approximately $22,338,836. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $269.00, for a total transaction of $269,000.00. Following the sale, the executive vice president now directly owns 83,044 shares of the company’s stock, valued at $22,338,836. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the transaction, the chief financial officer now owns 73,915 shares in the company, valued at approximately $16,598,352.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,500 shares of company stock worth $1,109,400 in the last ninety days. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. ORG Wealth Partners LLC acquired a new position in shares of RenaissanceRe during the 3rd quarter worth $30,000. Riverview Trust Co acquired a new position in shares of RenaissanceRe in the 1st quarter valued at about $26,000. Blue Trust Inc. bought a new stake in shares of RenaissanceRe during the 2nd quarter valued at about $27,000. UMB Bank n.a. grew its stake in RenaissanceRe by 316.7% during the third quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 95 shares during the period. Finally, V Square Quantitative Management LLC bought a new stake in RenaissanceRe in the second quarter worth approximately $31,000. 99.97% of the stock is owned by institutional investors.

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.