RenaissanceRe (NYSE:RNR) Sets New 12-Month High – Still a Buy?

RenaissanceRe Holdings Ltd. (NYSE:RNR) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $336.50 and last traded at $336.7880, with a volume of 11850 shares trading hands. The stock had previously closed at $331.21.

Analyst Ratings Changes

RNR has been the topic of several analyst reports. UBS Group set a $349.00 price target on shares of RenaissanceRe and gave the stock a “neutral” rating in a research note on Monday, July 27th. Wells Fargo & Company boosted their target price on shares of RenaissanceRe from $306.00 to $329.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Keefe, Bruyette & Woods raised their price target on RenaissanceRe from $342.00 to $350.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Wolfe Research set a $315.00 price objective on RenaissanceRe in a research note on Tuesday, July 7th. Finally, Evercore set a $330.00 price objective on RenaissanceRe in a research report on Thursday, July 23rd. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $336.33.

RenaissanceRe Stock Down 2.4%

The stock has a market capitalization of $13.71 billion, a price-to-earnings ratio of 5.66, a price-to-earnings-growth ratio of 1.23 and a beta of 0.17. The firm has a 50 day simple moving average of $323.06 and a 200-day simple moving average of $307.45. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. The business had revenue of $2.77 billion for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%. On average, sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 42.4 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 15th. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.81%.

Insider Buying and Selling at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the sale, the executive vice president owned 72,907 shares in the company, valued at $24,280,218.21. This represents a 6.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On RenaissanceRe

Several hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System increased its holdings in RenaissanceRe by 29,588.9% in the 2nd quarter. California State Teachers Retirement System now owns 15,938,802 shares of the insurance provider’s stock worth $5,051,006,000 after purchasing an additional 15,885,116 shares in the last quarter. BlackRock Inc. purchased a new stake in RenaissanceRe during the second quarter valued at about $1,319,724,000. Boston Partners raised its position in shares of RenaissanceRe by 9.9% in the fourth quarter. Boston Partners now owns 1,423,483 shares of the insurance provider’s stock worth $400,150,000 after buying an additional 128,245 shares in the last quarter. Lightrock Netherlands B.V. raised its position in RenaissanceRe by 15.8% during the first quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock valued at $350,263,000 after purchasing an additional 160,915 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in RenaissanceRe by 5.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider’s stock worth $322,603,000 after acquiring an additional 52,371 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

About RenaissanceRe

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.