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

RenaissanceRe Holdings Ltd. (NYSE:RNR)’s stock price hit a new 52-week high on Thursday . The company traded as high as $326.78 and last traded at $326.5480, with a volume of 192920 shares traded. The stock had previously closed at $316.84.

Wall Street Analyst Weigh In

RNR has been the topic of a number of research reports. Cantor Fitzgerald upgraded shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $306.00 to $340.00 in a report on Thursday, April 9th. Barclays cut their price objective on RenaissanceRe from $341.00 to $328.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 29th. UBS Group lifted their target price on RenaissanceRe from $319.00 to $326.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Citigroup upgraded RenaissanceRe from a “neutral” rating to a “buy” rating and raised their price target for the company from $335.00 to $345.00 in a report on Wednesday, June 10th. Finally, Mizuho set a $325.00 price objective on RenaissanceRe in a research note on Monday, May 4th. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $323.64.

RenaissanceRe Price Performance

The firm has a market capitalization of $13.92 billion, a P/E ratio of 5.44, a price-to-earnings-growth ratio of 1.23 and a beta of 0.17. 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 firm has a 50 day moving average price of $299.80 and a 200-day moving average price of $294.15.

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

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders 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 is currently 2.73%.

Hedge Funds Weigh In On RenaissanceRe

A number of large investors have recently made changes to their positions in RNR. Lightrock Netherlands B.V. raised its position in RenaissanceRe by 4,690.1% in the 4th quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock worth $286,083,000 after purchasing an additional 996,266 shares during the period. Orbis Allan Gray Ltd purchased a new stake in shares of RenaissanceRe in the fourth quarter worth approximately $178,519,000. Norges Bank bought a new stake in shares of RenaissanceRe during the 4th quarter worth approximately $168,582,000. Egerton Capital UK LLP bought a new stake in shares of RenaissanceRe during the 4th quarter worth approximately $137,944,000. Finally, GQG Partners LLC bought a new position in RenaissanceRe in the 4th quarter valued at $108,780,000. 99.97% of the stock is owned by hedge funds and other institutional investors.

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.