RenaissanceRe Holdings Ltd. (NYSE:RNR) Short Interest Down 16.9% in October

RenaissanceRe Holdings Ltd. (NYSE:RNR) was the recipient of a large drop in short interest in October. As of October 31st, there was short interest totalling 702,000 shares, a drop of 16.9% from the September 30th total of 844,400 shares. Based on an average daily volume of 237,100 shares, the days-to-cover ratio is currently 3.0 days. Approximately 1.6% of the company’s stock are short sold.

RNR traded down $1.32 on Friday, reaching $183.56. 253,000 shares of the stock were exchanged, compared to its average volume of 266,204. The company’s 50-day moving average price is $188.26 and its 200 day moving average price is $181.65. RenaissanceRe has a fifty-two week low of $120.60 and a fifty-two week high of $195.18. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.58 and a quick ratio of 1.58. The firm has a market capitalization of $8.16 billion, a PE ratio of 20.02, a PEG ratio of 2.19 and a beta of 0.30.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, October 29th. The insurance provider reported $0.29 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.72). The business had revenue of $704.13 million during the quarter, compared to analysts’ expectations of $574.66 million. RenaissanceRe had a net margin of 17.32% and a return on equity of 8.23%. The business’s quarterly revenue was up 55.3% compared to the same quarter last year. During the same period last year, the company earned $0.45 EPS. As a group, equities analysts forecast that RenaissanceRe will post 8.9 earnings per share for the current fiscal year.

A number of analysts have commented on RNR shares. Morgan Stanley lowered their price target on RenaissanceRe from $193.00 to $188.00 and set an “equal weight” rating for the company in a research report on Thursday. ValuEngine cut RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Friday, August 30th. UBS Group lifted their price target on RenaissanceRe from $192.00 to $193.00 and gave the stock a “neutral” rating in a research report on Monday, November 4th. Barclays lifted their price target on RenaissanceRe from $165.00 to $175.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 2nd. Finally, Zacks Investment Research raised RenaissanceRe from a “hold” rating to a “buy” rating and set a $201.00 price target for the company in a research report on Wednesday, October 16th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $178.67.

In other news, SVP Jonathan Paradine sold 10,000 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $187.00, for a total value of $1,870,000.00. Following the completion of the sale, the senior vice president now owns 50,108 shares of the company’s stock, valued at approximately $9,370,196. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.60% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the stock. Strs Ohio increased its holdings in RenaissanceRe by 2.4% in the second quarter. Strs Ohio now owns 3,441 shares of the insurance provider’s stock valued at $612,000 after buying an additional 80 shares during the last quarter. Man Group plc increased its holdings in RenaissanceRe by 17.4% in the second quarter. Man Group plc now owns 12,054 shares of the insurance provider’s stock valued at $2,145,000 after buying an additional 1,789 shares during the last quarter. Mackenzie Financial Corp increased its holdings in RenaissanceRe by 91.5% in the second quarter. Mackenzie Financial Corp now owns 32,733 shares of the insurance provider’s stock valued at $5,827,000 after buying an additional 15,638 shares during the last quarter. IFM Investors Pty Ltd increased its holdings in RenaissanceRe by 45.0% in the second quarter. IFM Investors Pty Ltd now owns 3,320 shares of the insurance provider’s stock valued at $591,000 after buying an additional 1,030 shares during the last quarter. Finally, Dupont Capital Management Corp increased its holdings in RenaissanceRe by 43.3% in the third quarter. Dupont Capital Management Corp now owns 4,602 shares of the insurance provider’s stock valued at $890,000 after buying an additional 1,390 shares during the last quarter. 94.99% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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, and binding facilities and regional U.S.

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