RenaissanceRe (NYSE:RNR) Hits New 1-Year High – Should You Buy?

RenaissanceRe Holdings Ltd. (NYSE:RNR) shares reached a new 52-week high on Monday . The stock traded as high as $284.36 and last traded at $282.11, with a volume of 18796 shares trading hands. The stock had previously closed at $282.60.

Analyst Upgrades and Downgrades

RNR has been the subject of several research reports. Morgan Stanley dropped their price objective on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. JPMorgan Chase & Co. increased their price target on RenaissanceRe from $267.00 to $274.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Barclays initiated coverage on RenaissanceRe in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price objective on the stock. Citigroup raised their target price on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Finally, Evercore ISI upped their price target on shares of RenaissanceRe from $218.00 to $229.00 and gave the company an “underperform” rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $289.00.

RenaissanceRe Stock Down 1.0 %

The firm has a market cap of $14.40 billion, a PE ratio of 5.46, a price-to-earnings-growth ratio of 1.85 and a beta of 0.38. The company has a 50-day simple moving average of $262.12 and a 200-day simple moving average of $237.51. 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 announced its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, beating the consensus estimate of $10.88 by $1.53. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The company had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.93 billion. Analysts expect that RenaissanceRe Holdings Ltd. will post 39.96 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a dividend of $0.39 per share. The ex-dividend date was Friday, September 13th. This represents a $1.56 dividend on an annualized basis and a yield of 0.57%. RenaissanceRe’s payout ratio is 3.08%.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the transaction, the chief financial officer now directly owns 73,915 shares in the company, valued at $16,598,352.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the firm’s 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 transaction, the chief financial officer now owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the completion of the sale, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at $22,890,276. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,500 shares of company stock valued at $1,109,400. 1.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Impax Asset Management Group plc grew its stake in RenaissanceRe by 7.7% in the second quarter. Impax Asset Management Group plc now owns 1,282,270 shares of the insurance provider’s stock valued at $286,028,000 after purchasing an additional 91,425 shares during the last quarter. Cooke & Bieler LP grew its position in shares of RenaissanceRe by 9.2% in the 2nd quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock worth $229,679,000 after buying an additional 86,562 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of RenaissanceRe by 21.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock worth $139,579,000 after acquiring an additional 109,851 shares in the last quarter. Earnest Partners LLC raised its stake in shares of RenaissanceRe by 6.1% during the 1st quarter. Earnest Partners LLC now owns 578,139 shares of the insurance provider’s stock worth $135,880,000 after acquiring an additional 33,448 shares in the last quarter. Finally, Great Lakes Advisors LLC lifted its position in RenaissanceRe by 3.1% during the second quarter. Great Lakes Advisors LLC now owns 254,965 shares of the insurance provider’s stock valued at $56,987,000 after acquiring an additional 7,718 shares during the last quarter. 99.97% of the stock is owned by institutional investors.

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.