RenaissanceRe (NYSE:RNR) Sets New 1-Year High After Analyst Upgrade

by · The Markets Daily

RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Free Report)’s share price reached a new 52-week high on Monday after Mizuho upgraded the stock to a hold rating. The company traded as high as $275.00 and last traded at $273.1990, with a volume of 4342 shares trading hands. The stock had previously closed at $270.39.

Several other brokerages have also recently weighed in on RNR. Morgan Stanley reissued an “overweight” rating and issued a $300.00 price target on shares of RenaissanceRe in a research report on Tuesday. Weiss Ratings reiterated a “buy (b)” rating on shares of RenaissanceRe in a report on Monday. Cowen reaffirmed a “hold” rating on shares of RenaissanceRe in a research note on Tuesday, October 7th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $303.00 price objective on shares of RenaissanceRe in a research report on Friday, December 5th. Finally, Evercore ISI set a $244.00 price objective on RenaissanceRe and gave the stock an “in-line” rating in a report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, RenaissanceRe has a consensus rating of “Hold” and an average price target of $286.29.

Get Our Latest Report on RNR

Institutional Trading of RenaissanceRe

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hantz Financial Services Inc. raised its holdings in RenaissanceRe by 707.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 99 shares during the period. IFP Advisors Inc raised its stake in RenaissanceRe by 160.0% in the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 72 shares during the last quarter. Financial Consulate Inc. purchased a new position in RenaissanceRe in the 3rd quarter valued at $29,000. Huntington National Bank lifted its stake in shares of RenaissanceRe by 80.9% in the second quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after buying an additional 55 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its position in RenaissanceRe by 151.9% during the third quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock worth $33,000 after acquiring an additional 79 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Trading Up 0.5%

The company has a fifty day simple moving average of $259.82 and a 200-day simple moving average of $249.49. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $12.58 billion, a PE ratio of 7.58, a PEG ratio of 1.59 and a beta of 0.26.

RenaissanceRe (NYSE:RNR – Get Free Report) last released its quarterly earnings results on Tuesday, October 28th. The insurance provider reported $15.62 EPS for the quarter, topping analysts’ consensus estimates of $9.49 by $6.13. The company had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $1.97 billion. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.The firm’s revenue was down 4.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $10.23 earnings per share. Analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be issued a dividend of $0.40 per share. The ex-dividend date is Monday, December 15th. This represents a $1.60 annualized dividend and a yield of 0.6%. RenaissanceRe’s dividend payout ratio is 4.45%.

About RenaissanceRe

(Get Free Report)

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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