RenaissanceRe Holdings Ltd. (NYSE:RNR) Sees Significant Decrease in Short Interest
RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Free Report) was the target of a large decrease in short interest in November. As of November 15th, there was short interest totalling 535,400 shares, a decrease of 19.8% from the October 31st total of 667,200 shares. Based on an average daily volume of 420,600 shares, the days-to-cover ratio is presently 1.3 days.
Institutional Investors Weigh In On RenaissanceRe
A number of large investors have recently added to or reduced their stakes in the company. Polar Capital Holdings Plc grew its holdings in RenaissanceRe by 7.5% in the 3rd quarter. Polar Capital Holdings Plc now owns 1,104,756 shares of the insurance provider’s stock worth $218,653,000 after acquiring an additional 77,319 shares during the last quarter. Walleye Trading LLC boosted its stake in shares of RenaissanceRe by 141.4% during the 3rd quarter. Walleye Trading LLC now owns 6,714 shares of the insurance provider’s stock valued at $1,329,000 after purchasing an additional 3,933 shares in the last quarter. Walleye Capital LLC boosted its stake in shares of RenaissanceRe by 198.9% during the 3rd quarter. Walleye Capital LLC now owns 42,743 shares of the insurance provider’s stock valued at $8,460,000 after purchasing an additional 28,443 shares in the last quarter. Morgan Stanley boosted its stake in shares of RenaissanceRe by 10.9% during the 3rd quarter. Morgan Stanley now owns 426,380 shares of the insurance provider’s stock valued at $84,389,000 after purchasing an additional 41,904 shares in the last quarter. Finally, Royal London Asset Management Ltd. boosted its stake in shares of RenaissanceRe by 3.6% during the 3rd quarter. Royal London Asset Management Ltd. now owns 17,937 shares of the insurance provider’s stock valued at $3,553,000 after purchasing an additional 619 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.
RenaissanceRe Trading Down 0.5 %
Shares of RNR stock traded down $1.09 on Friday, hitting $213.27. 327,000 shares of the company’s stock traded hands, compared to its average volume of 412,975. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.45 and a current ratio of 1.45. RenaissanceRe has a one year low of $174.22 and a one year high of $227.16. The company’s fifty day simple moving average is $210.72 and its 200 day simple moving average is $197.94. The stock has a market capitalization of $10.91 billion, a price-to-earnings ratio of 6.86 and a beta of 0.31.
RenaissanceRe (NYSE:RNR – Get Free Report) last released its earnings results on Wednesday, November 1st. The insurance provider reported $8.33 EPS for the quarter, beating the consensus estimate of $6.54 by $1.79. RenaissanceRe had a net margin of 18.08% and a return on equity of 26.69%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same quarter last year, the firm earned ($9.27) EPS. The firm’s quarterly revenue was down 22.0% compared to the same quarter last year. Equities analysts forecast that RenaissanceRe will post 33.9 EPS for the current year.
RenaissanceRe Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date is Thursday, December 14th. RenaissanceRe’s dividend payout ratio (DPR) is presently 4.89%.
Analyst Ratings Changes
RNR has been the topic of several recent analyst reports. The Goldman Sachs Group initiated coverage on shares of RenaissanceRe in a research note on Friday, September 8th. They issued a “buy” rating and a $242.00 target price on the stock. Morgan Stanley raised their price objective on shares of RenaissanceRe from $229.00 to $240.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 11th. TheStreet upgraded shares of RenaissanceRe from a “c” rating to a “b-” rating in a research report on Monday, October 30th. Bank of America lowered their price objective on shares of RenaissanceRe from $275.00 to $266.00 and set a “buy” rating on the stock in a research report on Monday, August 21st. Finally, Citigroup started coverage on shares of RenaissanceRe in a research report on Wednesday, November 22nd. They set a “buy” rating and a $251.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $236.50.
Check Out Our Latest Report on RNR
RenaissanceRe Company Profile (Get Free Report)
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.
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