RenaissanceRe Holdings Ltd. (NYSE: RNR – Get a rating) was the target of a significant drop in short-term interest in March. As of March 31, there was short interest totaling 515,500 shares, down 45.6% from the March 15 total of 947,100 shares. Currently, 1.2% of the stock’s shares are sold short. Based on an average daily trading volume of 437,900 shares, the day-to-cover ratio is currently 1.2 days.
Several hedge funds and other institutional investors have recently increased or reduced their stake in the company. Norges Bank bought a new position in RenaissanceRe during Q4, valued at approximately $72,933,000. SRB Corp raised its position in RenaissanceRe by 206.1% in the fourth quarter. SRB Corp now owns 478,529 shares of the insurance provider valued at $81,029,000 after buying an additional 322,200 shares in the last quarter. FIL Ltd increased its position in RenaissanceRe by 8,987.9% during the 3rd quarter. FIL Ltd now owns 322,802 shares of the insurance provider valued at $44,999,000 after buying an additional 319,250 shares in the last quarter. Moors & Cabot Inc. purchased a new position in RenaissanceRe during Q3 valued at approximately $8,104,000. Finally, Cooke & Bieler LP increased its position in RenaissanceRe by 28.0% during the third quarter. Cooke & Bieler LP now owns 992,795 shares of the insurance provider valued at $138,396,000 after buying an additional 217,095 shares in the last quarter. 99.79% of the shares are held by institutional investors.
Shares of RNR traded at $0.40 during midday trading on Friday, hitting $154.16. The stock had a trading volume of 229,720 shares, against an average volume of 399,349. The company’s 50-day moving average is $151.55 and its 200-day moving average is $156.02 . RenaissanceRe has a 12 month minimum of $134.70 and a 12 month maximum of $175.12. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt ratio of 0.20. The company has a market capitalization of $6.81 billion, a price-earnings ratio of -95.16 and a beta of 0.55.
RebirthRe (NYSE: RNR – Get a rating) last released its results on Tuesday, January 25. The insurance provider reported earnings per share of $4.71 for the quarter, beating consensus analyst estimates of $3.71 by $1.00. RenaissanceRe posted a positive return on equity of 1.67% and a negative net margin of 0.76%. The company posted revenue of $1.12 billion in the quarter, versus analyst estimates of $1.02 billion. In the same quarter of the previous year, the company posted EPS of ($1.59). RenaissanceRe’s revenue for the quarter increased 49.6% year over year. Research analysts expect RenaissanceRe to post EPS of 16.83 for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 31. Shareholders of record on Tuesday, March 15 received a dividend of $0.37. This represents a dividend of $1.48 on an annualized basis and a dividend yield of 0.96%. The ex-dividend date was Monday, March 14. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.36. RenaissanceRe’s payout ratio is -91.36%.
Several equity analysts have recently commented on RNR stocks. StockNews.com began covering RenaissanceRe in a research report on Thursday, March 31. They set a “holding” rating for the company. TheStreet upgraded RenaissanceRe from a “b-” to a “c” rating in a Thursday, March 10 report. Finally, Morgan Stanley raised its price target on RenaissanceRe from $172.00 to $175.00 and gave the stock an “equal weight” rating in a Wednesday, Feb. 23 report. One research analyst rated the stock with a sell rating, three issued a hold rating and two assigned the company a buy rating. According to MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and a consensus price target of $177.80.
Corporate Profile RenaissanceRe (Get a rating)
RenaissanceRe Holdings Ltd. offers reinsurance and insurance products in the United States and abroad. The company operates through Property, Casualty and Specialty segments. The Property and Casualty segment writes excess of loss reinsurance and excess of loss retrocession reinsurance to insure insurance and reinsurance companies against natural and man-made disasters, including hurricanes, earthquakes, typhoons and tsunamis, as well as claims resulting from other natural and man-made disasters. – disasters caused by winter storms, frosts, floods, fires, windstorms, tornadoes, explosions and acts of terrorism; and other categories of property products, such as proportional reinsurance, property-by-risk, property reinsurance, binding facilities, and U.S. regional reinsurance
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