RenaissanceRe (NYSE:RNR) Reaches New 12-Month High – Time to Buy?

RenaissanceRe Holdings Ltd. (NYSE:RNR) reached a new 52-week high on Monday. The company traded as high as $363.84 and last traded at $353.8220, with a volume of 533,023 shares trading hands. The stock had previously closed at $352.60.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Mizuho boosted their target price on RenaissanceRe from $325.00 to $329.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Bank of America lifted their price objective on RenaissanceRe from $410.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday, July 23rd. Wells Fargo & Company dropped their target price on RenaissanceRe from $331.00 to $319.00 and set an “equal weight” rating for the company in a report on Monday, October 12th. Evercore set a $330.00 price objective on RenaissanceRe in a research report on Thursday, July 23rd. Finally, UBS Group set a $349.00 target price on shares of RenaissanceRe and gave the stock a “neutral” rating in a research note on Monday, July 27th. Six research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $337.50.

RenaissanceRe Stock Up 1.2%

The company’s fifty day simple moving average is $331.16 and its 200 day simple moving average is $316.15. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $14.82 billion, a PE ratio of 6.10, a price-to-earnings-growth ratio of 0.99 and a beta of 0.12.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. The firm had revenue of $2.77 billion during the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%. Analysts anticipate that RenaissanceRe Holdings Ltd. will post 45.66 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Tuesday, September 15th. RenaissanceRe’s payout ratio is currently 2.81%.

Insider Transactions at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total value of $1,665,150.00. Following the sale, the executive vice president directly owned 72,907 shares of the company’s stock, valued at approximately $24,280,218.21. This represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

A number of hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of RenaissanceRe in the 2nd quarter worth $1,319,724,000. Lightrock Netherlands B.V. boosted its stake in shares of RenaissanceRe by 15.8% in the 1st quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock worth $350,263,000 after buying an additional 160,915 shares during the last quarter. Dimensional Fund Advisors LP increased its position in RenaissanceRe by 5.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider’s stock valued at $322,603,000 after acquiring an additional 52,371 shares during the last quarter. GQG Partners LLC purchased a new position in RenaissanceRe in the second quarter worth about $185,351,000. Finally, Bank of New York Mellon Corp purchased a new position in RenaissanceRe in the second quarter worth about $116,717,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance products. The company specializes in helping insurers, businesses and other organizations manage financial risk arising from natural catastrophes, specialty exposures and certain casualty risks.

RenaissanceRe’s reinsurance activities include property catastrophe coverage, as well as casualty and specialty reinsurance. Through its insurance operations, the company provides coverage for areas such as property, casualty and other specialty risks.