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

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) hit a new 52-week high during mid-day 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

RNR has been the subject of a number of recent research reports. Bank of America increased their price objective on RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Wells Fargo & Company increased their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Evercore ISI lifted their price objective on RenaissanceRe from $218.00 to $229.00 and gave the company an “underperform” rating in a report on Wednesday, October 9th. Citigroup increased their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Finally, StockNews.com raised shares of RenaissanceRe from a “hold” rating to a “buy” rating in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $289.00.

RenaissanceRe Stock Down 0.2 %

The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a 50-day simple moving average of $260.37 and a two-hundred day simple moving average of $236.71. The company has a market cap of $14.91 billion, a PE ratio of 6.24, a P/E/G ratio of 1.83 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last released its earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.88 by $1.53. The company 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%. Research analysts anticipate that RenaissanceRe Holdings Ltd. will post 39.84 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued 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 of this dividend was Friday, September 13th. RenaissanceRe’s dividend payout ratio (DPR) is 3.45%.

Insider Activity at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $279.00, for a total transaction of $279,000.00. Following the completion of the transaction, the executive vice president now owns 82,044 shares of the company’s stock, valued at $22,890,276. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the completion of the sale, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP David E. Marra sold 1,000 shares of the stock in a transaction on Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the transaction, the executive vice president now directly owns 82,044 shares in the company, valued at $22,890,276. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,500 shares of company stock worth $1,109,400. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On RenaissanceRe

Several institutional investors and hedge funds have recently added to or reduced their stakes in RNR. V Square Quantitative Management LLC grew its holdings in shares of RenaissanceRe by 29.5% during the 3rd quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 41 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of RenaissanceRe by 19.8% in the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock worth $63,000 after acquiring an additional 45 shares in the last quarter. First Citizens Bank & Trust Co. raised its stake in shares of RenaissanceRe by 4.6% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 1,073 shares of the insurance provider’s stock valued at $292,000 after acquiring an additional 47 shares during the period. CWM LLC lifted its stake in shares of RenaissanceRe by 8.7% during the first quarter. CWM LLC now owns 610 shares of the insurance provider’s stock worth $143,000 after purchasing an additional 49 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its stake in shares of RenaissanceRe by 0.9% during the first quarter. State of Alaska Department of Revenue now owns 5,714 shares of the insurance provider’s stock valued at $1,342,000 after purchasing an additional 50 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Company Profile

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.