RenaissanceRe (NYSE:RNR) Reaches New 12-Month High on Analyst Upgrade

RenaissanceRe Holdings Ltd. (NYSE:RNR)’s share price reached a new 52-week high on Wednesday after Barclays raised their price target on the stock from $328.00 to $341.00. Barclays currently has an equal weight rating on the stock. RenaissanceRe traded as high as $329.57 and last traded at $324.0670, with a volume of 298587 shares traded. The stock had previously closed at $323.11.

RNR has been the subject of several other reports. Citigroup raised RenaissanceRe from a “neutral” rating to a “buy” rating and upped their target price for the company from $335.00 to $345.00 in a report on Wednesday, June 10th. Keefe, Bruyette & Woods upped their price objective on RenaissanceRe from $323.00 to $327.00 and gave the company a “market perform” rating in a research note on Tuesday, April 7th. TD Cowen raised their target price on RenaissanceRe from $300.00 to $315.00 and gave the company a “hold” rating in a research report on Tuesday. Mizuho set a $325.00 target price on RenaissanceRe in a research note on Monday, May 4th. Finally, UBS Group boosted their price target on shares of RenaissanceRe from $319.00 to $326.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $326.27.

Institutional Trading of RenaissanceRe

A number of large investors have recently bought and sold shares of RNR. Balefire LLC purchased a new position in shares of RenaissanceRe during the 2nd quarter valued at $237,000. Baron Wealth Management LLC purchased a new stake in RenaissanceRe in the 2nd quarter worth about $204,000. GAMMA Investing LLC increased its holdings in RenaissanceRe by 2.4% in the 2nd quarter. GAMMA Investing LLC now owns 2,551 shares of the insurance provider’s stock worth $808,000 after acquiring an additional 59 shares during the last quarter. Amundi raised its stake in RenaissanceRe by 244.7% in the 1st quarter. Amundi now owns 8,063 shares of the insurance provider’s stock valued at $2,397,000 after acquiring an additional 5,724 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in RenaissanceRe by 11.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 765 shares of the insurance provider’s stock valued at $227,000 after acquiring an additional 76 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Stock Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.37. The firm has a market capitalization of $13.81 billion, a PE ratio of 5.40, a P/E/G ratio of 1.22 and a beta of 0.17. The company’s fifty day simple moving average is $300.30 and its 200 day simple moving average is $295.00.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The firm had revenue of $2.19 billion during the quarter. As a group, equities research analysts expect that RenaissanceRe Holdings Ltd. will post 40.05 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

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

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.