RenaissanceRe (NYSE:RNR) Hits New 12-Month High Following Analyst Upgrade

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) reached a new 52-week high on Friday after Bank of America raised their price target on the stock from $410.00 to $438.00. Bank of America currently has a buy rating on the stock. RenaissanceRe traded as high as $329.60 and last traded at $328.3290, with a volume of 295735 shares trading hands. The stock had previously closed at $317.41.

Other equities analysts have also issued research reports about the stock. Mizuho boosted their price target on shares of RenaissanceRe from $325.00 to $329.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Weiss Ratings raised RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, June 25th. Wells Fargo & Company lifted their target price on RenaissanceRe from $306.00 to $329.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Keefe, Bruyette & Woods increased their price target on RenaissanceRe from $327.00 to $342.00 and gave the stock a “market perform” rating in a report on Wednesday, July 8th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of RenaissanceRe in a research report on Thursday. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, RenaissanceRe currently has an average rating of “Hold” and an average price target of $335.33.

Institutional Investors Weigh In On RenaissanceRe

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Ausbil Investment Management Ltd lifted its position in RenaissanceRe by 45.4% in the 2nd quarter. Ausbil Investment Management Ltd now owns 11,425 shares of the insurance provider’s stock valued at $3,620,000 after acquiring an additional 3,569 shares in the last quarter. Fulton Bank N.A. increased its holdings in RenaissanceRe by 2.9% during the 2nd quarter. Fulton Bank N.A. now owns 2,875 shares of the insurance provider’s stock worth $911,000 after purchasing an additional 82 shares in the last quarter. Balefire LLC bought a new position in RenaissanceRe during the 2nd quarter worth about $237,000. Baron Wealth Management LLC acquired a new stake in shares of RenaissanceRe in the 2nd quarter valued at about $204,000. Finally, GAMMA Investing LLC raised its stake in shares of RenaissanceRe by 2.4% in the 2nd quarter. GAMMA Investing LLC now owns 2,551 shares of the insurance provider’s stock valued at $808,000 after purchasing an additional 59 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Trading Up 3.4%

The company has a market capitalization of $14.00 billion, a P/E ratio of 5.63, a price-to-earnings-growth ratio of 1.24 and a beta of 0.17. The business has a fifty day moving average price of $305.10 and a 200 day moving average price of $298.42. The company has a quick ratio of 1.37, a current ratio of 1.38 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share for the quarter, topping the consensus estimate of $11.72 by $1.20. The company had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.57 billion. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.During the same period in the prior year, the firm earned $12.29 earnings per share. On average, analysts expect that RenaissanceRe Holdings Ltd. will post 40.57 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.41 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.64 annualized dividend and a yield of 0.5%. RenaissanceRe’s payout ratio is presently 2.81%.

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.