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

RenaissanceRe Holdings Ltd. (NYSE:RNR) was the recipient of a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 1,740,000 shares, a growth of 29.9% from the September 30th total of 1,340,000 shares. Based on an average daily trading volume, of 364,600 shares, the days-to-cover ratio is currently 4.8 days.

Insider Buying and Selling at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the completion of the transaction, the executive vice president now directly owns 82,044 shares in the company, valued at $22,890,276. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.30% of the company’s stock.

Institutional Trading of RenaissanceRe

Several large investors have recently made changes to their positions in the business. EntryPoint Capital LLC bought a new stake in RenaissanceRe during the 1st quarter worth about $46,000. Wedge Capital Management L L P NC acquired a new stake in shares of RenaissanceRe in the second quarter valued at approximately $2,887,000. Russell Investments Group Ltd. raised its position in RenaissanceRe by 16.9% in the 1st quarter. Russell Investments Group Ltd. now owns 27,448 shares of the insurance provider’s stock worth $6,451,000 after purchasing an additional 3,962 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in RenaissanceRe during the 1st quarter worth $744,000. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in RenaissanceRe by 47.6% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 24,743 shares of the insurance provider’s stock valued at $5,815,000 after buying an additional 7,975 shares during the last quarter. Institutional investors own 99.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their target price on RenaissanceRe from $267.00 to $274.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Barclays assumed coverage on RenaissanceRe in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective on the stock. Wells Fargo & Company raised their target price on RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. UBS Group dropped their price objective on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. Finally, Morgan Stanley decreased their target price on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $289.00.

RenaissanceRe Price Performance

Shares of NYSE RNR traded down $1.27 during mid-day trading on Tuesday, hitting $268.01. 24,781 shares of the stock were exchanged, compared to its average volume of 343,361. RenaissanceRe has a twelve month low of $188.24 and a twelve month high of $284.36. The stock’s fifty day simple moving average is $264.59 and its two-hundred day simple moving average is $238.94. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market cap of $14.17 billion, a P/E ratio of 5.95, a PEG ratio of 1.75 and a beta of 0.38.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date of this dividend was Friday, September 13th. RenaissanceRe’s dividend payout ratio is currently 3.45%.

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.