RenaissanceRe (NYSE:RNR) Sets New 1-Year High at $240.00

RenaissanceRe Holdings Ltd. (NYSE:RNR) shares hit a new 52-week high on Friday . The stock traded as high as $240.00 and last traded at $239.21, with a volume of 8680 shares changing hands. The stock had previously closed at $239.10.

Analyst Ratings Changes

Several research firms have issued reports on RNR. UBS Group lowered their target price on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 9th. Wells Fargo & Company lowered their price objective on RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating on the stock in a research report on Friday, July 26th. Evercore ISI boosted their target price on RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. Morgan Stanley lowered their price target on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Finally, StockNews.com raised RenaissanceRe from a “hold” rating to a “buy” rating in a report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $263.40.

RenaissanceRe Trading Up 0.2 %

The firm’s 50-day simple moving average is $225.33 and its 200-day simple moving average is $225.92. The firm has a market capitalization of $12.50 billion, a PE ratio of 5.28, a price-to-earnings-growth ratio of 1.27 and a beta of 0.38. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, beating the consensus estimate of $10.88 by $1.53. The company had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. Equities analysts expect that RenaissanceRe Holdings Ltd. will post 38.91 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.65%. The ex-dividend date of this dividend is Friday, September 13th. RenaissanceRe’s payout ratio is 3.45%.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the transaction, the chief financial officer now owns 73,915 shares in the company, valued at $16,598,352.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $224.56, for a total value of $561,400.00. Following the completion of the sale, the chief financial officer now owns 73,915 shares in the company, valued at approximately $16,598,352.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total value of $230,000.00. Following the transaction, the executive vice president now directly owns 85,544 shares in the company, valued at $19,675,120. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RenaissanceRe

Several institutional investors and hedge funds have recently modified their holdings of RNR. Vanguard Group Inc. lifted its holdings in RenaissanceRe by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock worth $1,090,875,000 after buying an additional 148,173 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of RenaissanceRe by 4.7% in the 1st quarter. Bank of New York Mellon Corp now owns 2,752,016 shares of the insurance provider’s stock valued at $646,806,000 after purchasing an additional 124,039 shares during the period. Capital World Investors boosted its position in shares of RenaissanceRe by 1.0% during the fourth quarter. Capital World Investors now owns 2,539,332 shares of the insurance provider’s stock valued at $497,709,000 after purchasing an additional 25,898 shares in the last quarter. Capital Research Global Investors grew its stake in RenaissanceRe by 5.3% in the fourth quarter. Capital Research Global Investors now owns 1,423,281 shares of the insurance provider’s stock worth $278,963,000 after purchasing an additional 71,377 shares during the period. Finally, American International Group Inc. grew its stake in RenaissanceRe by 1,829.6% in the fourth quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock worth $273,135,000 after purchasing an additional 1,321,325 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

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.