Short Interest in RenaissanceRe Holdings Ltd. (NYSE:RNR) Declines By 45.6%

RenaissanceRe Holdings Ltd. (NYSE:RNRGet Rating) was the target of a significant decline in short interest in March. As of March 31st, there was short interest totalling 515,500 shares, a decline of 45.6% from the March 15th total of 947,100 shares. Currently, 1.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 437,900 shares, the days-to-cover ratio is currently 1.2 days.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in RenaissanceRe during the 4th quarter valued at approximately $72,933,000. SRB Corp raised its position in RenaissanceRe by 206.1% during the 4th quarter. SRB Corp now owns 478,529 shares of the insurance provider’s stock valued at $81,029,000 after purchasing an additional 322,200 shares during the last quarter. FIL Ltd raised its position in RenaissanceRe by 8,987.9% during the 3rd quarter. FIL Ltd now owns 322,802 shares of the insurance provider’s stock valued at $44,999,000 after purchasing an additional 319,250 shares during the last quarter. Moors & Cabot Inc. bought a new position in RenaissanceRe during the 3rd quarter valued at approximately $8,104,000. Finally, Cooke & Bieler LP raised its position in RenaissanceRe by 28.0% during the 3rd quarter. Cooke & Bieler LP now owns 992,795 shares of the insurance provider’s stock valued at $138,396,000 after purchasing an additional 217,095 shares during the last quarter. 99.79% of the stock is owned by institutional investors.

Shares of RNR traded up $0.40 during midday trading on Friday, reaching $154.16. The stock had a trading volume of 229,720 shares, compared to its average volume of 399,349. The company’s 50-day moving average is $151.55 and its 200 day moving average is $156.02. RenaissanceRe has a 12-month low of $134.70 and a 12-month high of $175.12. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $6.81 billion, a price-to-earnings ratio of -95.16 and a beta of 0.55.

RenaissanceRe (NYSE:RNRGet Rating) last released its earnings results on Tuesday, January 25th. The insurance provider reported $4.71 earnings per share for the quarter, beating analysts’ consensus estimates of $3.71 by $1.00. RenaissanceRe had a positive return on equity of 1.67% and a negative net margin of 0.76%. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the previous year, the company posted ($1.59) EPS. RenaissanceRe’s revenue for the quarter was up 49.6% on a year-over-year basis. Research analysts forecast that RenaissanceRe will post 16.83 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, March 31st. Stockholders of record on Tuesday, March 15th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date of this dividend was Monday, March 14th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.36. RenaissanceRe’s payout ratio is -91.36%.

Several equities analysts recently commented on RNR shares. started coverage on RenaissanceRe in a research report on Thursday, March 31st. They set a “hold” rating for the company. TheStreet cut RenaissanceRe from a “b-” rating to a “c” rating in a report on Thursday, March 10th. Finally, Morgan Stanley upped their price objective on RenaissanceRe from $172.00 to $175.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to, RenaissanceRe presently has an average rating of “Hold” and a consensus price target of $177.80.

RenaissanceRe Company Profile (Get Rating)

RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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.

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