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

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) hit a new 52-week high on Monday . The stock traded as high as $284.36 and last traded at $282.11, with a volume of 18796 shares traded. The stock had previously closed at $282.60.

Wall Street Analyst Weigh In

RNR has been the subject of a number of research analyst reports. StockNews.com cut RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Tuesday. Morgan Stanley decreased their price objective on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. Citigroup boosted their target price on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Evercore ISI raised their price target on shares of RenaissanceRe from $218.00 to $229.00 and gave the stock an “underperform” rating in a report on Wednesday, October 9th. Finally, Barclays started coverage on shares of RenaissanceRe in a report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $289.00.

RenaissanceRe Trading Down 1.0 %

The stock has a market cap of $14.40 billion, a PE ratio of 5.46, a PEG ratio of 1.85 and a beta of 0.38. The company’s fifty day moving average is $262.12 and its 200-day moving average is $237.51. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, topping the consensus estimate of $10.88 by $1.53. The company had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. On average, analysts predict that RenaissanceRe Holdings Ltd. will post 39.96 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.57%. The ex-dividend date was Friday, September 13th. RenaissanceRe’s dividend payout ratio is currently 3.08%.

Insider Buying and Selling at RenaissanceRe

In other news, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the sale, the chief financial officer now owns 73,915 shares of the company’s stock, valued at $16,598,352.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the sale, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at $16,598,352.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction dated 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 owns 82,044 shares of the company’s stock, valued at approximately $22,890,276. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,500 shares of company stock valued at $1,109,400. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RNR. Private Advisor Group LLC raised its position in RenaissanceRe by 63.4% during the third quarter. Private Advisor Group LLC now owns 2,553 shares of the insurance provider’s stock worth $695,000 after acquiring an additional 991 shares during the period. Signaturefd LLC raised its position in shares of RenaissanceRe by 45.9% during the 3rd quarter. Signaturefd LLC now owns 445 shares of the insurance provider’s stock worth $121,000 after purchasing an additional 140 shares during the last quarter. Foundations Investment Advisors LLC purchased a new position in RenaissanceRe in the 3rd quarter valued at about $207,000. Whittier Trust Co. of Nevada Inc. boosted its holdings in RenaissanceRe by 3.1% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 13,162 shares of the insurance provider’s stock worth $3,585,000 after buying an additional 401 shares during the last quarter. Finally, Whittier Trust Co. increased its stake in RenaissanceRe by 4.2% during the 3rd quarter. Whittier Trust Co. now owns 24,712 shares of the insurance provider’s stock worth $6,731,000 after buying an additional 1,003 shares in the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

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.