RenaissanceRe (NYSE:RNR) Reaches New 52-Week High at $260.97

RenaissanceRe Holdings Ltd. (NYSE:RNR)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $260.97 and last traded at $258.89, with a volume of 5084 shares traded. The stock had previously closed at $256.94.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Morgan Stanley cut their target price on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. JPMorgan Chase & Co. lifted their price objective on shares of RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. Barclays initiated coverage on shares of RenaissanceRe in a report on Wednesday. They issued an “equal weight” rating and a $287.00 target price on the stock. Wells Fargo & Company decreased their price objective on RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a report on Friday, July 26th. Finally, UBS Group dropped their target price on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $265.55.

RenaissanceRe Price Performance

The business has a 50 day simple moving average of $233.43 and a 200-day simple moving average of $228.60. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market cap of $13.74 billion, a P/E ratio of 5.74, a P/E/G ratio of 1.39 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last released its earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, beating analysts’ consensus estimates of $10.88 by $1.53. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The firm had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.93 billion. On average, sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 39.01 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $0.39 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.60%. RenaissanceRe’s payout ratio is presently 3.45%.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the completion of the transaction, the chief financial officer now owns 73,915 shares in the company, valued at $16,598,352.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the sale, the chief financial officer now owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the transaction, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at $19,675,120. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Riverview Trust Co bought a new position in shares of RenaissanceRe in the first quarter valued at approximately $26,000. Blue Trust Inc. purchased a new position in shares of RenaissanceRe during the 2nd quarter valued at $27,000. Rise Advisors LLC bought a new position in shares of RenaissanceRe in the first quarter worth $31,000. V Square Quantitative Management LLC purchased a new stake in shares of RenaissanceRe in the second quarter worth $31,000. Finally, Mather Group LLC. purchased a new stake in shares of RenaissanceRe in the first quarter worth $34,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

About RenaissanceRe

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.