RenaissanceRe (NYSE:RNR) Hits New 1-Year High at $262.24

RenaissanceRe Holdings Ltd. (NYSE:RNR) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $262.24 and last traded at $261.73, with a volume of 14986 shares traded. The stock had previously closed at $258.51.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on RNR shares. JPMorgan Chase & Co. upped their target price on RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. Morgan Stanley dropped their target price on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. StockNews.com lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Friday, September 6th. Citigroup raised their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Finally, 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $272.60.

RenaissanceRe Stock Performance

The firm’s fifty day simple moving average is $238.38 and its 200 day simple moving average is $229.98. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market capitalization of $13.94 billion, a price-to-earnings ratio of 5.71, a PEG ratio of 1.39 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share 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 firm had revenue of $2.95 billion for the quarter, compared to analyst estimates 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 business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date is Friday, September 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently 3.45%.

Insider Buying and Selling at RenaissanceRe

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

Institutional Investors Weigh In On RenaissanceRe

Several hedge funds and other institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its stake in RenaissanceRe by 19.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock valued at $63,000 after purchasing an additional 45 shares during the period. CWM LLC grew its stake in shares of RenaissanceRe by 8.7% in the first quarter. CWM LLC now owns 610 shares of the insurance provider’s stock worth $143,000 after acquiring an additional 49 shares during the last quarter. State of Alaska Department of Revenue increased its position in RenaissanceRe by 0.9% during the first quarter. State of Alaska Department of Revenue now owns 5,714 shares of the insurance provider’s stock worth $1,342,000 after acquiring an additional 50 shares during the period. Hilltop National Bank raised its stake in RenaissanceRe by 14.9% during the 2nd quarter. Hilltop National Bank now owns 400 shares of the insurance provider’s stock valued at $89,000 after purchasing an additional 52 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in RenaissanceRe by 23.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock valued at $76,000 after purchasing an additional 64 shares during the period. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Company Profile

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.