RenaissanceRe (NYSE:RNR) Reaches New 1-Year High After Analyst Upgrade

RenaissanceRe Holdings Ltd. (NYSE:RNR) reached a new 52-week high during mid-day trading on Friday after Bank of America raised their price target on the stock from $410.00 to $438.00. Bank of America currently has a buy rating on the stock. RenaissanceRe traded as high as $329.60 and last traded at $328.3290, with a volume of 295735 shares traded. The stock had previously closed at $317.41.

A number of other research firms also recently commented on RNR. Wall Street Zen downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Wolfe Research set a $315.00 price target on RenaissanceRe in a research report on Tuesday, July 7th. Wells Fargo & Company increased their price target on RenaissanceRe from $306.00 to $329.00 and gave the company an “equal weight” rating in a report on Thursday, July 9th. Cantor Fitzgerald reissued an “overweight” rating on shares of RenaissanceRe in a research report on Thursday. Finally, TD Cowen upped their target price on shares of RenaissanceRe from $300.00 to $315.00 and gave the company a “hold” rating in a research note on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $335.33.

Hedge Funds Weigh In On RenaissanceRe

A number of institutional investors have recently modified their holdings of the stock. Ausbil Investment Management Ltd boosted its stake in RenaissanceRe by 45.4% in the second quarter. Ausbil Investment Management Ltd now owns 11,425 shares of the insurance provider’s stock valued at $3,620,000 after acquiring an additional 3,569 shares during the last quarter. Fulton Bank N.A. grew its stake in RenaissanceRe by 2.9% in the second quarter. Fulton Bank N.A. now owns 2,875 shares of the insurance provider’s stock valued at $911,000 after acquiring an additional 82 shares during the period. Balefire LLC bought a new stake in RenaissanceRe during the 2nd quarter worth approximately $237,000. Baron Wealth Management LLC acquired a new stake in shares of RenaissanceRe during the second quarter worth $204,000. Finally, GAMMA Investing LLC lifted its holdings in shares of RenaissanceRe by 2.4% in the second quarter. GAMMA Investing LLC now owns 2,551 shares of the insurance provider’s stock valued at $808,000 after purchasing an additional 59 shares in the last quarter. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Price Performance

The company has a 50 day simple moving average of $304.42 and a 200 day simple moving average of $298.21. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. The stock has a market cap of $14.00 billion, a P/E ratio of 5.63, a PEG ratio of 1.24 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last released its earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share 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 23.25%. The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.57 billion. During the same quarter last year, the firm earned $12.29 earnings per share. Sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 40.57 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $0.41 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio (DPR) is currently 2.73%.

RenaissanceRe Company Profile

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.