RenaissanceRe (NYSE:RNR) Reaches New 52-Week High – Should You Buy?

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 $340.69 and last traded at $340.8180, with a volume of 197,401 shares. The stock had previously closed at $331.38.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Bank of America upped their price target on shares of RenaissanceRe from $410.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Keefe, Bruyette & Woods lifted their price objective on RenaissanceRe from $342.00 to $350.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Evercore set a $330.00 price objective on RenaissanceRe in a research note on Thursday, July 23rd. Jefferies Financial Group raised RenaissanceRe from a “hold” rating to a “market outperform” rating in a report on Tuesday, September 22nd. Finally, UBS Group set a $349.00 target price on RenaissanceRe and gave the stock a “neutral” rating in a research note on Monday, July 27th. Six analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $337.50.

RenaissanceRe Stock Performance

The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $14.11 billion, a PE ratio of 5.84, a price-to-earnings-growth ratio of 0.95 and a beta of 0.12. The firm’s fifty day moving average price is $325.54 and its two-hundred day moving average price is $312.46.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The firm had revenue of $2.77 billion during the quarter. As a group, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 44.21 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were issued a $0.41 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. RenaissanceRe’s payout ratio is presently 2.81%.

Insider Buying and Selling at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the company’s 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 owned 72,907 shares in the company, valued at approximately $24,280,218.21. This represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On RenaissanceRe

A number of institutional investors have recently modified their holdings of the business. Allianz Asset Management GmbH raised its holdings in RenaissanceRe by 38.6% in the 2nd quarter. Allianz Asset Management GmbH now owns 136,192 shares of the insurance provider’s stock worth $43,159,000 after purchasing an additional 37,903 shares during the period. Candriam S.C.A. purchased a new position in RenaissanceRe during the first quarter worth approximately $6,202,000. Sone Capital Management LLC acquired a new stake in RenaissanceRe in the second quarter valued at approximately $4,092,000. Deutsche Bank AG acquired a new stake in RenaissanceRe in the second quarter valued at approximately $2,242,000. Finally, Delta Global Management LP purchased a new stake in shares of RenaissanceRe in the first quarter valued at approximately $1,754,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a Bermuda-based global provider of reinsurance and insurance solutions. Founded in 1993, the company focuses on managing and underwriting risks that can be difficult to place in traditional insurance markets, with an emphasis on disciplined underwriting and catastrophe risk management.

RenaissanceRe’s business includes property catastrophe reinsurance, which provides coverage for events such as hurricanes, earthquakes and other natural disasters, as well as property, casualty and specialty reinsurance.