RenaissanceRe (NYSE:RNR) Hits New 52-Week High After Analyst Upgrade

RenaissanceRe Holdings Ltd. (NYSE:RNR) hit a new 52-week high during mid-day trading on Friday after Bank of America raised their price target on the stock from $410.00 to $438.00. Bank of America currently has a buy rating on the stock. RenaissanceRe traded as high as $329.60 and last traded at $328.3290, with a volume of 295735 shares. The stock had previously closed at $317.41.

Other research analysts have also recently issued research reports about the stock. Mizuho lifted their price objective on shares of RenaissanceRe from $325.00 to $329.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Wolfe Research set a $315.00 target price on shares of RenaissanceRe in a research note on Tuesday, July 7th. JPMorgan Chase & Co. raised their target price on RenaissanceRe from $329.00 to $360.00 and gave the company a “neutral” rating in a research report on Monday, July 20th. Evercore set a $330.00 price target on RenaissanceRe in a research note on Thursday. Finally, Weiss Ratings upgraded RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, June 25th. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, RenaissanceRe has a consensus rating of “Hold” and a consensus price target of $335.33.

Hedge Funds Weigh In On RenaissanceRe

Large investors have recently added to or reduced their stakes in the stock. Kingdom Financial Group LLC. acquired a new stake in shares of RenaissanceRe in the fourth quarter valued at about $36,000. Quarry LP increased its stake in shares of RenaissanceRe by 65.0% during the third quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC raised 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 worth $34,000 after purchasing an additional 94 shares during the last quarter. Mcguire Capital Advisors Inc. acquired a new position in shares of RenaissanceRe during the 4th quarter worth about $38,000. Finally, SBI Securities Co. Ltd. raised its position in shares of RenaissanceRe by 33.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 37 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Price Performance

The stock has a market capitalization of $14.00 billion, a PE ratio of 5.63, a price-to-earnings-growth ratio of 1.28 and a beta of 0.17. The stock’s 50 day moving average is $305.10 and its two-hundred day moving average is $298.42. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.37 and a current ratio of 1.38.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $11.72 by $1.20. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The company had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.57 billion. During the same period in the previous year, the firm posted $12.29 EPS. On average, equities analysts anticipate that RenaissanceRe Holdings Ltd. will post 41.08 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Monday, June 15th. RenaissanceRe’s dividend payout ratio (DPR) is 2.81%.

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.