RenaissanceRe (NYSE:RNR) Sets New 12-Month High Following Dividend Announcement

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

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

Analyst Ratings Changes

A number of equities analysts have weighed in on RNR shares. Wolfe Research set a $315.00 target price on shares of RenaissanceRe in a research note on Tuesday, July 7th. Wells Fargo & Company boosted their price target on RenaissanceRe from $306.00 to $329.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Evercore set a $330.00 price target on RenaissanceRe in a research note on Thursday, July 23rd. Barclays raised their price objective on RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings raised RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, June 25th. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, RenaissanceRe currently has an average rating of “Hold” and an average price target of $336.33.

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 firm has a market capitalization of $13.82 billion, a P/E ratio of 5.71, a price-to-earnings-growth ratio of 1.24 and a beta of 0.17. The business’s 50 day simple moving average is $306.94 and its two-hundred day simple moving average is $299.78.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $11.72 by $1.20. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.57 billion. During the same quarter in the prior year, the firm posted $12.29 earnings per share. Sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 41.68 EPS for the current fiscal year.

Insider Transactions at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total value of $1,665,150.00. Following the transaction, the executive vice president directly owned 72,907 shares of the company’s stock, valued at approximately $24,280,218.21. This represents a 6.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.30% of the company’s stock.

Institutional Trading of RenaissanceRe

Institutional investors and hedge funds have recently modified their holdings of the business. Robeco Institutional Asset Management B.V. lifted its holdings in shares of RenaissanceRe by 135.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 195,975 shares of the insurance provider’s stock valued at $55,100,000 after purchasing an additional 112,910 shares in the last quarter. Belpointe Asset Management LLC grew its position in RenaissanceRe by 595.0% in the 4th quarter. Belpointe Asset Management LLC now owns 6,151 shares of the insurance provider’s stock worth $1,729,000 after purchasing an additional 5,266 shares during the period. M&T Bank Corp raised its stake in 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 during the last quarter. Horizon Investments LLC raised its stake in 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 during the last quarter. Finally, Estate Counselors LLC bought a new position in shares of RenaissanceRe during the 4th quarter valued at $2,946,000. 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.