RenaissanceRe (NYSE:RNR) Sets New 1-Year High at $262.24

RenaissanceRe Holdings Ltd. (NYSE:RNR)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $262.24 and last traded at $261.73, with a volume of 14986 shares traded. The stock had previously closed at $258.51.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Bank of America increased their target price on shares of RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. UBS Group reduced their price objective on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. StockNews.com cut RenaissanceRe from a “buy” rating to a “hold” rating in a report on Friday, September 6th. Citigroup raised their target price on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. increased their target price on shares of RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $272.60.

RenaissanceRe Stock Performance

The company has a market capitalization of $13.94 billion, a PE ratio of 5.71, a price-to-earnings-growth ratio of 1.39 and a beta of 0.38. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The stock’s fifty day simple moving average is $238.38 and its 200-day simple moving average is $229.98.

RenaissanceRe (NYSE:RNR) last released its earnings results on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, topping the consensus estimate of $10.88 by $1.53. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The firm had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $2.93 billion. As a group, equities analysts predict that RenaissanceRe Holdings Ltd. will post 39.01 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.56 annualized dividend and a yield of 0.58%. RenaissanceRe’s dividend payout ratio is presently 3.45%.

Insider Activity

In related news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total value of $230,000.00. Following the transaction, the executive vice president now owns 85,544 shares in the company, valued at $19,675,120. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the sale, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at approximately $19,675,120. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $224.56, for a total value of $561,400.00. Following the transaction, the chief financial officer now owns 73,915 shares in the company, valued at approximately $16,598,352.40. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On RenaissanceRe

Large investors have recently added to or reduced their stakes in the company. EntryPoint Capital LLC acquired a new stake in shares of RenaissanceRe during the first quarter valued at about $46,000. Royal London Asset Management Ltd. increased its holdings in RenaissanceRe by 38.3% during the 4th quarter. Royal London Asset Management Ltd. now owns 24,811 shares of the insurance provider’s stock worth $4,863,000 after purchasing an additional 6,874 shares during the last quarter. American International Group Inc. raised its position in shares of RenaissanceRe by 1,829.6% in the 4th quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock valued at $273,135,000 after purchasing an additional 1,321,325 shares in the last quarter. Brown Brothers Harriman & Co. boosted its stake in shares of RenaissanceRe by 62,400.0% during the 4th quarter. Brown Brothers Harriman & Co. now owns 10,000 shares of the insurance provider’s stock valued at $1,960,000 after buying an additional 9,984 shares during the last quarter. Finally, Wedge Capital Management L L P NC acquired a new stake in shares of RenaissanceRe during the second quarter worth approximately $2,887,000. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.