RenaissanceRe (NYSE:RNR) Sets New 52-Week High – What’s Next?

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) reached a new 52-week high on Friday . The company traded as high as $318.28 and last traded at $319.3040, with a volume of 213978 shares trading hands. The stock had previously closed at $307.14.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on RNR shares. TD Cowen raised their target price on shares of RenaissanceRe from $280.00 to $290.00 and gave the stock a “hold” rating in a report on Thursday, February 26th. Mizuho set a $325.00 price target on shares of RenaissanceRe in a report on Monday, May 4th. Citigroup raised shares of RenaissanceRe from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $335.00 to $345.00 in a research report on Wednesday, June 10th. Barclays decreased their price objective on shares of RenaissanceRe from $341.00 to $328.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 29th. Finally, Morgan Stanley lowered RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 target price for the company. in a research report on Thursday, February 26th. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $323.64.

RenaissanceRe Stock Performance

The firm has a market capitalization of $13.61 billion, a P/E ratio of 5.32, a P/E/G ratio of 1.17 and a beta of 0.18. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.37. The firm has a 50-day moving average price of $298.73 and a two-hundred day moving average price of $292.04.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, March 31st. The insurance provider reported $13.75 EPS for the quarter. The firm had revenue of $2.19 billion for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. On average, analysts forecast that RenaissanceRe Holdings Ltd. will post 40.05 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio (DPR) is 2.73%.

Institutional Trading of RenaissanceRe

Large investors have recently modified their holdings of the company. Amundi increased its holdings in RenaissanceRe by 244.7% during the 1st quarter. Amundi now owns 8,063 shares of the insurance provider’s stock worth $2,397,000 after purchasing an additional 5,724 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of RenaissanceRe by 11.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 765 shares of the insurance provider’s stock worth $227,000 after buying an additional 76 shares during the period. California State Teachers Retirement System grew its position in shares of RenaissanceRe by 17.5% during the 1st quarter. California State Teachers Retirement System now owns 53,686 shares of the insurance provider’s stock worth $15,957,000 after buying an additional 8,001 shares in the last quarter. Quantinno Capital Management LP grew its position in shares of RenaissanceRe by 14.7% during the 1st quarter. Quantinno Capital Management LP now owns 22,733 shares of the insurance provider’s stock worth $6,757,000 after buying an additional 2,920 shares in the last quarter. Finally, Delta Global Management LP purchased a new position in shares of RenaissanceRe during the first quarter valued at $1,754,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

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.