RenaissanceRe Holdings Ltd. (NYSE:RNR) Short Interest Down 12.9% in January

RenaissanceRe Holdings Ltd. (NYSE:RNR) saw a significant decline in short interest during the month of January. As of January 15th, there was short interest totaling 1,073,320 shares, a decline of 12.9% from the December 31st total of 1,231,742 shares. Based on an average daily volume of 413,408 shares, the short-interest ratio is presently 2.6 days. Currently, 2.4% of the company’s stock are sold short. Currently, 2.4% of the company’s stock are sold short. Based on an average daily volume of 413,408 shares, the short-interest ratio is presently 2.6 days.

Wall Street Analysts Forecast Growth

Several research firms have commented on RNR. Barclays increased their price target on shares of RenaissanceRe from $278.00 to $304.00 and gave the company an “equal weight” rating in a research report on Thursday, January 8th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $303.00 price target on shares of RenaissanceRe in a report on Friday, December 5th. Evercore ISI increased their price objective on RenaissanceRe from $250.00 to $283.00 and gave the company an “in-line” rating in a report on Wednesday, January 7th. UBS Group boosted their target price on RenaissanceRe from $265.00 to $272.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 8th. Finally, The Goldman Sachs Group reissued a “sell” rating and issued a $267.00 price target on shares of RenaissanceRe in a report on Wednesday, January 7th. Five research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, RenaissanceRe currently has a consensus rating of “Hold” and a consensus price target of $298.07.

RenaissanceRe Stock Up 1.1%

RenaissanceRe stock opened at $284.77 on Tuesday. RenaissanceRe has a fifty-two week low of $219.00 and a fifty-two week high of $288.00. The company has a market cap of $13.13 billion, a PE ratio of 7.91, a PEG ratio of 2.95 and a beta of 0.24. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.40 and a current ratio of 1.40. The business’s 50-day simple moving average is $273.17 and its two-hundred day simple moving average is $257.61.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were paid a $0.40 dividend. The ex-dividend date was Monday, December 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.6%. RenaissanceRe’s dividend payout ratio is presently 4.45%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lightrock Netherlands B.V. grew its stake in RenaissanceRe by 4,690.1% in the 4th quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock valued at $286,083,000 after acquiring an additional 996,266 shares during the period. Norges Bank purchased a new position in RenaissanceRe during the second quarter worth approximately $139,543,000. M&T Bank Corp raised its holdings in shares of RenaissanceRe by 8,296.5% during the 4th quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider’s stock worth $81,635,000 after acquiring an additional 286,894 shares during the period. AQR Capital Management LLC raised its stake in RenaissanceRe by 154.5% during the third quarter. AQR Capital Management LLC now owns 397,027 shares of the insurance provider’s stock worth $99,769,000 after purchasing an additional 241,001 shares during the period. Finally, Millennium Management LLC raised its position in shares of RenaissanceRe by 347.6% during the 3rd quarter. Millennium Management LLC now owns 236,919 shares of the insurance provider’s stock valued at $60,161,000 after buying an additional 183,988 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.