RenaissanceRe (NYSE:RNR) Reaches New 52-Week High After Dividend Announcement

RenaissanceRe Holdings Ltd. (NYSE:RNR) reached a new 52-week high during trading on Thursday following a dividend announcement from the company. The stock traded as high as $335.97 and last traded at $332.6050, with a volume of 314765 shares traded. The stock had previously closed at $334.24.

The newly announced dividend which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a $0.41 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio (DPR) is currently 2.81%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on RNR shares. Wolfe Research set a $315.00 target price on shares of RenaissanceRe in a report on Tuesday, July 7th. Wall Street Zen cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Barclays increased their price target on shares of RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 7th. Wells Fargo & Company boosted their price objective on shares of RenaissanceRe from $306.00 to $329.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Finally, Bank of America upped their price objective on shares of RenaissanceRe from $410.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and an average price target of $336.33.

RenaissanceRe Price Performance

The company has a market cap of $13.82 billion, a PE ratio of 5.71, a price-to-earnings-growth ratio of 1.24 and a beta of 0.17. The business has a 50 day moving average of $306.94 and a 200 day moving average of $299.78. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $11.72 by $1.20. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The business had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.57 billion. During the same period in the previous year, the firm earned $12.29 EPS. As a group, research analysts predict that RenaissanceRe Holdings Ltd. will post 41.68 EPS for the current year.

Insider Transactions at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the transaction, the executive vice president directly owned 72,907 shares of the company’s stock, valued at $24,280,218.21. This represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Robeco Institutional Asset Management B.V. raised its holdings in RenaissanceRe by 135.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 195,975 shares of the insurance provider’s stock worth $55,100,000 after purchasing an additional 112,910 shares in the last quarter. Belpointe Asset Management LLC lifted its position in RenaissanceRe by 595.0% during the fourth quarter. Belpointe Asset Management LLC now owns 6,151 shares of the insurance provider’s stock valued at $1,729,000 after buying an additional 5,266 shares during the period. M&T Bank Corp boosted its holdings in shares of RenaissanceRe by 8,296.5% during the 4th quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider’s stock valued at $81,635,000 after buying an additional 286,894 shares in the last quarter. Horizon Investments LLC boosted its holdings in shares of RenaissanceRe by 247,520.0% during the 4th quarter. Horizon Investments LLC now owns 24,762 shares of the insurance provider’s stock valued at $6,962,000 after buying an additional 24,752 shares in the last quarter. Finally, Estate Counselors LLC purchased a new stake in shares of RenaissanceRe in the 4th quarter worth about $2,946,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

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.