RenaissanceRe Holdings Ltd. (NYSE:RNR) Short Interest Update

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

Wall Street Analyst Weigh In

RNR has been the topic of a number of research reports. Evercore ISI raised their price objective on shares of RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a report on Thursday, November 7th. Bank of America boosted 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. Citigroup raised their target price on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Wells Fargo & Company boosted their price target on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Finally, Jefferies Financial Group raised their price objective on RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $293.00.

Insider Activity

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $269.00, for a total transaction of $269,000.00. Following the completion of the sale, the executive vice president now directly owns 83,044 shares in the company, valued at approximately $22,338,836. The trade was a 1.19 % decrease in their position. The sale 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

A number of large investors have recently made changes to their positions in RNR. Impax Asset Management Group plc lifted its stake in RenaissanceRe by 32.4% in the third quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock worth $461,679,000 after purchasing an additional 415,366 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of RenaissanceRe by 21.3% in the second quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock valued at $139,579,000 after purchasing an additional 109,851 shares during the period. Cooke & Bieler LP grew its stake in RenaissanceRe by 9.2% in the second quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock worth $229,679,000 after purchasing an additional 86,562 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new stake in RenaissanceRe during the 3rd quarter valued at $18,969,000. Finally, Northwest & Ethical Investments L.P. bought a new stake in RenaissanceRe during the 3rd quarter valued at $17,086,000. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Stock Down 0.8 %

Shares of RNR opened at $284.00 on Monday. The business’s 50 day simple moving average is $270.90 and its 200-day simple moving average is $246.90. RenaissanceRe has a 1 year low of $188.24 and a 1 year 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. The stock has a market capitalization of $14.75 billion, a price-to-earnings ratio of 4.12, a price-to-earnings-growth ratio of 1.40 and a beta of 0.39.

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

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $0.39 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.55%. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.25%.

RenaissanceRe Company Profile

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.