RenaissanceRe Holdings Ltd. (NYSE:RNR) Sees Large Decline in Short Interest

RenaissanceRe Holdings Ltd. (NYSE:RNR) was the recipient of a large decrease in short interest during the month of January. As of January 15th, there was short interest totaling 1,073,320 shares, a decrease of 12.9% from the December 31st total of 1,231,742 shares. Based on an average trading volume of 413,408 shares, the days-to-cover ratio is presently 2.6 days. Approximately 2.4% of the company’s shares are sold short. Approximately 2.4% of the company’s shares are sold short. Based on an average trading volume of 413,408 shares, the days-to-cover ratio is presently 2.6 days.

Institutional Trading of RenaissanceRe

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Hantz Financial Services Inc. boosted its position in shares of RenaissanceRe by 707.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock valued at $27,000 after purchasing an additional 99 shares during the period. Financial Consulate Inc. purchased a new stake in RenaissanceRe in the third quarter valued at approximately $29,000. IFP Advisors Inc boosted its holdings in shares of RenaissanceRe by 160.0% in the second quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 72 shares during the period. Huntington National Bank grew its position in shares of RenaissanceRe by 80.9% during the second quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 55 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its position in RenaissanceRe by 151.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 79 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Price Performance

RNR stock opened at $284.77 on Tuesday. The business has a 50 day moving average price of $273.17 and a 200 day moving average price of $257.61. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.21. The stock has a market cap of $13.13 billion, a price-to-earnings ratio of 7.91, a PEG ratio of 2.95 and a beta of 0.24. RenaissanceRe has a fifty-two week low of $219.00 and a fifty-two week high of $288.00.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were given a $0.40 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.60 dividend on an annualized basis and a yield of 0.6%. RenaissanceRe’s payout ratio is 4.45%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on RNR shares. Weiss Ratings restated a “buy (b)” rating on shares of RenaissanceRe in a research report on Monday, December 29th. Zacks Research cut shares of RenaissanceRe from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 6th. Keefe, Bruyette & Woods increased their price objective on RenaissanceRe from $270.00 to $314.00 and gave the company a “market perform” rating in a research note on Tuesday, January 6th. Cantor Fitzgerald boosted their target price on RenaissanceRe from $252.00 to $282.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Finally, TD Cowen restated a “hold” rating on shares of RenaissanceRe in a report on Thursday, January 8th. Five equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $298.07.

About RenaissanceRe

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.