RenaissanceRe Holdings Ltd. (NYSE:RNR) Short Interest Down 18.7% in November

RenaissanceRe Holdings Ltd. (NYSE:RNR) was the recipient of a significant drop in short interest in November. As of November 15th, there was short interest totalling 1,350,000 shares, a drop of 18.7% from the October 31st total of 1,660,000 shares. Based on an average daily volume of 418,000 shares, the short-interest ratio is currently 3.2 days.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the transaction, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at approximately $22,890,276. This trade represents a 1.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On RenaissanceRe

Hedge funds have recently modified their holdings of the company. Blue Trust Inc. purchased a new stake in RenaissanceRe during the second quarter valued at $27,000. ORG Wealth Partners LLC purchased a new stake in RenaissanceRe during the third quarter valued at $30,000. V Square Quantitative Management LLC purchased a new stake in RenaissanceRe during the second quarter valued at $31,000. UMB Bank n.a. raised its stake in RenaissanceRe by 316.7% during the third quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 95 shares in the last quarter. Finally, Advisors Asset Management Inc. purchased a new stake in RenaissanceRe during the third quarter valued at $45,000. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Trading Up 0.2 %

RenaissanceRe stock traded up $0.71 during trading hours on Friday, reaching $286.15. The stock had a trading volume of 244,225 shares, compared to its average volume of 358,827. The company has a fifty day simple moving average of $270.90 and a 200-day simple moving average of $246.73. The stock has a market cap of $14.86 billion, a PE ratio of 4.12, a PEG ratio of 1.39 and a beta of 0.39. RenaissanceRe has a 52 week low of $188.24 and a 52 week high of $300.00. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.43.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The company’s revenue was up 52.1% on a year-over-year basis. During the same period in the prior year, the business posted $8.33 earnings per share. Analysts forecast that RenaissanceRe will post 41.94 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a $0.39 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.55%. RenaissanceRe’s payout ratio is currently 2.25%.

Wall Street Analysts Forecast Growth

RNR has been the subject of several analyst reports. Jefferies Financial Group raised their price target on shares of RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Wells Fargo & Company raised their price objective on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Keefe, Bruyette & Woods lowered their price objective on shares of RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 12th. Evercore ISI raised their price objective on shares of RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research report on Thursday, November 7th. Finally, Bank of America raised their price objective on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $293.00.

About RenaissanceRe

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.