The Vanguard Group, Inc. recently announced the acquisition of new stake in RenaissanceRe Holdings Ltd (NYSE:RNR). The institutional investor has increased its shareholding in the Financial company by 2.24% to 5.3 million shares with purchase of 0.12 million shares. This fresh investment now brings its stake to 10.36% valued currently at $1.14 billion. In addition, BlackRock Fund Advisors raised its holdings by 0.12 million to 4.12 million shares. And Capital Research & Management Co has lifted its position by 4.13% or 99665.0 shares – to 2.51 million shares.
With over 0.44 million RenaissanceRe Holdings Ltd (RNR) shares trading Friday and a closing price of $194.49 on the day, the dollar volume was approximately $85.11 million. The shares have shown a positive half year performance of 4.38% and its price on 12/22/23 lost nearly -0.03%. Currently, there are 51.17M common shares owned by the public and among those 50.18M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for RNR have a consensus price objective of $244.27. The analysts have set the share’s price value over the next 12 months at a high of $287.00 and a low of $200.00. The average price target is 20.38% above its recent price level and an upside to the estimated low will see the stock gain 2.75% over that period. But an upside of 32.23% will see the stock hit the forecast high price target while median target price for the stock is $243.00.
Insiders at the company have transacted a total of 68 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 34 of these insider trades were purchases, accounting for 244,665 shares. Insider sales of the common stock occurred on 34 occasions, with total insider shares sold totaling 58,019 shares.
The top 3 mutual fund holders in RenaissanceRe Holdings Ltd are Vanguard Total Stock Market ETF, iShares Core S&P Mid Cap ETF, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market ETF owns 1.6 million shares of the company’s stock, all valued at over $343.98 million. The company bought an additional 2010.0 shares recently to bring their total holdings to about 3.14% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 280.0 shares to see its total holdings expand to 1.58 million shares valued at over $338.44 million and representing 3.09% of the shares outstanding. Vanguard Small Cap Index Fund bought 5767.0 shares to bring its total holdings to over 1.33 million shares at a value of $284.16 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.59% of the shares outstanding.
Shares of RenaissanceRe Holdings Ltd (NYSE: RNR) opened at $194.77, up $0.23 from a prior closing price of $194.54. However, the script later moved the day high at 196.55, down -0.03%. The company’s stock has a 5-day price change of -0.83% and -4.02% over the past three months. RNR shares are trading 5.57% year to date (YTD), with the 12-month market performance up to 3.66% higher. It has a 12-month low price of $174.22 and touched a high of $227.16 over the same period. RNR has an average intraday trading volume of 488.36K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -5.15%, -7.27%, and -2.50% respectively.
Institutional ownership of RenaissanceRe Holdings Ltd (NYSE: RNR) shares accounts for 94.07% of the company’s 51.17M shares outstanding. Mutual fund holders own 40.45%, while other institutional holders and individual stakeholders account for 53.93% and 10.94% respectively.
It has a market capitalization of $9.95B and a beta (3y monthly) value of 0.31. The stock’s trailing 12-month PE ratio is 6.23, while the earnings-per-share (ttm) stands at $31.24. The company has a debt-to-equity ratio at 0.25. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.26% over the week and 2.76% over the month.
Analysts forecast that RenaissanceRe Holdings Ltd (RNR) will achieve an EPS of $7.47 for the current quarter, $9.44 for the next quarter and $32.13 for 2024. The lowest estimate earnings-per-share for the quarter is $3.15 while analysts give the company a high EPS estimate of $9.9. Comparatively, EPS for the current quarter was $7.33 a year ago. Earnings per share for the fiscal year are expected to increase by 358.09%, and -1.23% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate RenaissanceRe Holdings Ltd (RNR) as a “Strong Buy” at a consensus score of 1.79. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 3 of the 14 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the RNR, a number of firms have released research notes about the stock. Evercore ISI stated their Underperform rating for the stock in a research note on December 14, 2023, with the firm’s price target at $200.
