RenaissanceRe (NYSE:RNR) Hits New 52-Week High – Here’s Why

RenaissanceRe Holdings Ltd. (NYSE:RNR)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $326.78 and last traded at $326.5480, with a volume of 192920 shares changing hands. The stock had previously closed at $316.84.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on RNR shares. Wells Fargo & Company raised their price objective on shares of RenaissanceRe from $305.00 to $306.00 and gave the company an “equal weight” rating in a research note on Thursday, April 30th. Keefe, Bruyette & Woods upped their target price on shares of RenaissanceRe from $323.00 to $327.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 7th. Barclays reduced their target price on shares of RenaissanceRe from $341.00 to $328.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 29th. Wall Street Zen downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Citigroup raised RenaissanceRe from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $335.00 to $345.00 in a research report on Wednesday, June 10th. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $323.64.

RenaissanceRe Stock Performance

The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. The stock has a market cap of $13.92 billion, a price-to-earnings ratio of 5.44, a PEG ratio of 1.19 and a beta of 0.17. The stock’s 50 day moving average is $299.18 and its two-hundred day moving average is $293.54.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. The business had revenue of $2.19 billion for the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%. Analysts anticipate that RenaissanceRe Holdings Ltd. will post 40.05 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.41 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.64 annualized dividend and a yield of 0.5%. RenaissanceRe’s dividend payout ratio is presently 2.73%.

Institutional Trading of RenaissanceRe

Several hedge funds and other institutional investors have recently made changes to their positions in RNR. Lightrock Netherlands B.V. grew its position in RenaissanceRe by 4,690.1% during the fourth quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock worth $286,083,000 after buying an additional 996,266 shares during the period. Orbis Allan Gray Ltd purchased a new position in RenaissanceRe in the 4th quarter valued at approximately $178,519,000. Norges Bank acquired a new position in RenaissanceRe during the fourth quarter worth $168,582,000. Egerton Capital UK LLP acquired a new stake in RenaissanceRe in the fourth quarter valued at $137,944,000. Finally, GQG Partners LLC acquired a new stake in RenaissanceRe in the fourth quarter valued at $108,780,000. Institutional investors and hedge funds 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.