RenaissanceRe Holdings Ltd. (NYSE:RNR) Short Interest Up 30.5% in December

RenaissanceRe Holdings Ltd. (NYSE:RNR) saw a large growth in short interest in the month of December. As of December 15th, there was short interest totaling 1,434,887 shares, a growth of 30.5% from the November 30th total of 1,099,875 shares. Currently, 3.2% of the company’s shares are short sold. Based on an average daily volume of 355,777 shares, the days-to-cover ratio is presently 4.0 days. Based on an average daily volume of 355,777 shares, the days-to-cover ratio is presently 4.0 days. Currently, 3.2% of the company’s shares are short sold.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. UBS Group lifted their target price on RenaissanceRe from $265.00 to $272.00 and gave the stock a “neutral” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $303.00 target price on shares of RenaissanceRe in a research report on Thursday, October 9th. Barclays set a $278.00 price target on shares of RenaissanceRe in a report on Wednesday, October 8th. Morgan Stanley reaffirmed an “overweight” rating and issued a $300.00 price target on shares of RenaissanceRe in a research note on Tuesday, December 16th. Finally, Mizuho assumed coverage on shares of RenaissanceRe in a research report on Monday, December 15th. They set a “neutral” rating and a $281.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $286.29.

Hedge Funds Weigh In On RenaissanceRe

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Raymond James Financial Inc. grew its stake in RenaissanceRe by 9.1% in the 1st quarter. Raymond James Financial Inc. now owns 37,249 shares of the insurance provider’s stock valued at $8,940,000 after purchasing an additional 3,094 shares during the period. Jump Financial LLC purchased a new position in shares of RenaissanceRe in the 1st quarter worth about $663,000. Vident Advisory LLC grew its position in RenaissanceRe by 53.4% during the first quarter. Vident Advisory LLC now owns 1,763 shares of the insurance provider’s stock valued at $423,000 after buying an additional 614 shares during the period. DRW Securities LLC purchased a new stake in RenaissanceRe during the first quarter worth about $325,000. Finally, Amundi raised its position in RenaissanceRe by 18.0% in the first quarter. Amundi now owns 6,924 shares of the insurance provider’s stock worth $1,699,000 after acquiring an additional 1,054 shares during the period. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Up 0.0%

RNR traded up $0.05 during midday trading on Tuesday, reaching $283.89. 329,805 shares of the company were exchanged, compared to its average volume of 351,868. The company has a market cap of $13.09 billion, a price-to-earnings ratio of 7.89, a price-to-earnings-growth ratio of 1.67 and a beta of 0.26. RenaissanceRe has a one year low of $219.00 and a one year high of $285.26. The company’s fifty day moving average price is $264.52 and its 200 day moving average price is $251.87. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.40 and a current ratio of 1.40.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.49 by $6.13. The company had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $1.97 billion. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.RenaissanceRe’s quarterly revenue was down 4.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $10.23 earnings per share. As a group, analysts expect that RenaissanceRe will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, December 15th. RenaissanceRe’s dividend payout ratio (DPR) is presently 4.45%.

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.