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 1.72% to 4.5 million shares with purchase of 75869.0 shares. This fresh investment now brings its stake to 10.29% valued currently at $968.71 million. In addition, BlackRock Fund Advisors raised its holdings by 16221.0 to 3.58 million shares. And SSgA Funds Management, Inc. has lifted its position by 1.35% or 32344.0 shares – to 2.43 million shares.
With over 1.27 million RenaissanceRe Holdings Ltd. (RNR) shares trading Tuesday and a closing price of $196.39 on the day, the dollar volume was approximately $249.32 million. The shares have shown a positive half year performance of 8.03% and its price on 05/23/23 gained nearly 3.89%. Currently, there are 43.93M common shares owned by the public and among those 43.07M shares have been available to trade.
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Insiders at the company have transacted a total of 54 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 25 of these insider trades were purchases, accounting for 114,463 shares. Insider sales of the common stock occurred on 29 occasions, with total insider shares sold totaling 52,184 shares.
The top 3 mutual fund holders in RenaissanceRe Holdings Ltd. are iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. iShares Core S&P Mid Cap ETF owns 1.36 million shares of the company’s stock, all valued at over $293.88 million. The company bought an additional 4875.0 shares recently to bring their total holdings to about 3.12% of the shares outstanding. Vanguard Total Stock Market ETF bought 5845.0 shares to see its total holdings expand to 1.35 million shares valued at over $291.44 million and representing 3.10% of the shares outstanding. Vanguard Small Cap Index Fund bought 4965.0 shares to bring its total holdings to over 1.14 million shares at a value of $246.44 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.62% of the shares outstanding.
Shares of RenaissanceRe Holdings Ltd. (NYSE: RNR) opened at $189.94, up $0.91 from a prior closing price of $189.03. However, the script later moved the day high at 199.55, up 3.89%. The company’s stock has a 5-day price change of -1.20% and -5.33% over the past three months. RNR shares are trading 6.60% year to date (YTD), with the 12-month market performance up to 32.03% higher. It has a 12-month low price of $124.18 and touched a high of $223.80 over the same period. RNR has an average intraday trading volume of 324.13K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.88%, -3.04%, and 9.57% respectively.
Institutional ownership of RenaissanceRe Holdings Ltd. (NYSE: RNR) shares accounts for 99.20% of the company’s 43.93M shares outstanding. Mutual fund holders own 41.54%, while other institutional holders and individual stakeholders account for 56.15% and 12.52% respectively.
It has a market capitalization of $8.46B and a beta (3y monthly) value of 0.45. The earnings-per-share (ttm) stands at -$3.43. The company has a debt-to-equity ratio at 0.22. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.87% over the week and 3.61% over the month.
Analysts forecast that RenaissanceRe Holdings Ltd. (RNR) will achieve an EPS of $8.13 for the current quarter, $2.66 for the next quarter and $29.06 for 2024. The lowest estimate earnings-per-share for the quarter is $6 while analysts give the company a high EPS estimate of $9.13. Comparatively, EPS for the current quarter was $5.51 a year ago. Earnings per share for the fiscal year are expected to increase by 254.50%, and 12.29% over the next financial year. EPS should grow at an annualized rate of 68.40% over the next five years, compared to -37.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate RenaissanceRe Holdings Ltd. (RNR) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 5 of the 10 advise that investors “hold,” and 0 rated it as a “Sell.”
