RenaissanceRe (NYSE:RNR) Sets New 12-Month High – Time to Buy?

RenaissanceRe Holdings Ltd. (NYSE:RNR)’s stock price reached a new 52-week high on Friday . The company traded as high as $318.28 and last traded at $319.3040, with a volume of 213978 shares. The stock had previously closed at $307.14.

Analyst Upgrades and Downgrades

A number of research firms have commented on RNR. Keefe, Bruyette & Woods raised their target price on shares of RenaissanceRe from $323.00 to $327.00 and gave the company a “market perform” rating in a research report on Tuesday, April 7th. Evercore set a $309.00 price target on shares of RenaissanceRe in a research report on Thursday, April 9th. Bank of America dropped their price objective on shares of RenaissanceRe to $426.00 and set a “buy” rating on the stock in a research note on Tuesday, April 14th. Wall Street Zen lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Cantor Fitzgerald raised shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $306.00 to $340.00 in a research note on Thursday, April 9th. Five equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $323.64.

RenaissanceRe Price Performance

The firm has a 50 day simple moving average of $298.73 and a 200-day simple moving average of $292.04. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. The company has a market cap of $13.61 billion, a PE ratio of 5.32, a price-to-earnings-growth ratio of 1.17 and a beta of 0.18.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, March 31st. The insurance provider reported $13.75 EPS for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The business had revenue of $2.19 billion during the quarter. As a group, research analysts predict that RenaissanceRe Holdings Ltd. will post 40.05 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Monday, June 15th. RenaissanceRe’s payout ratio is 2.73%.

Institutional Investors Weigh In On RenaissanceRe

Several institutional investors have recently bought and sold shares of RNR. Quarry LP grew its holdings in RenaissanceRe by 65.0% in the third quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of RenaissanceRe by 235.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 94 shares during the last quarter. Kingdom Financial Group LLC. acquired a new stake in shares of RenaissanceRe in the 4th quarter worth $36,000. Mcguire Capital Advisors Inc. acquired a new stake in shares of RenaissanceRe in the 4th quarter worth $38,000. Finally, SBI Securities Co. Ltd. grew its stake in RenaissanceRe by 33.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock worth $41,000 after buying an additional 37 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

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.