Price Action To Observe: Time to Reconsider RenaissanceRe Holdings Ltd. After Reaching 52-Week High?

Price Action To Observe: Time to Reconsider RenaissanceRe Holdings Ltd. After Reaching 52 Week High?

The stock of RenaissanceRe Holdings Ltd. (NYSE:RNR) hit a new 52-week high and has $156.10 target or 25.00% above today’s $124.88 share price. The 9 months bullish chart indicates low risk for the $5.14B company. The 1-year high was reported on Nov, 7 by Barchart.com. If the $156.10 price target is reached, the company will be worth $1.29B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 266,864 shares traded hands or 1.83% up from the average. RenaissanceRe Holdings Ltd. (NYSE:RNR) has risen 4.99% since April 5, 2016 and is uptrending. It has outperformed by 3.03% the S&P500.

RenaissanceRe Holdings Ltd. (NYSE:RNR) Ratings Coverage

Out of 6 analysts covering RenaissanceRe (NYSE:RNR), 1 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 17% are positive. RenaissanceRe has been the topic of 9 analyst reports since October 14, 2015 according to StockzIntelligence Inc. The stock of RenaissanceRe Holdings Ltd. (NYSE:RNR) earned “Mkt Perform” rating by Bernstein on Wednesday, October 14. Citigroup maintained RenaissanceRe Holdings Ltd. (NYSE:RNR) rating on Friday, April 8. Citigroup has “Buy” rating and $138 price target. The firm has “Sector Perform” rating given on Thursday, February 4 by RBC Capital Markets. The stock has “Market Perform” rating given by Wood on Monday, July 11. On Thursday, April 28 the stock rating was downgraded by Citigroup to “Neutral”. The firm has “Neutral” rating given on Monday, December 7 by Nomura.

According to Zacks Investment Research, “RENAISSANCERE Holdings Ltd. provides reinsurance and insurance coverage where the risk of natural catastrophe represents a significant component of the overall exposure. You’ll find information on our web-site about Renaissance Re as well as all of our other subsidiary companies and the nature of their businesses.”

Insitutional Activity: The institutional sentiment increased to 1 in 2016 Q2. Its up 0.09, from 0.91 in 2016Q1. The ratio is positive, as 24 funds sold all RenaissanceRe Holdings Ltd. shares owned while 99 reduced positions. 21 funds bought stakes while 102 increased positions. They now own 38.27 million shares or 2.29% less from 39.17 million shares in 2016Q1.
Johnson Inv Counsel Inc last reported 1.02% of its portfolio in the stock. Evercore Wealth Mgmt Limited Company has 0.03% invested in the company for 5,276 shares. Kcg Holdings last reported 0.03% of its portfolio in the stock. Credit Suisse Ag has 0.01% invested in the company for 97,266 shares. Analytic Limited Company has invested 0.44% of its portfolio in RenaissanceRe Holdings Ltd. (NYSE:RNR). Goldman Sachs Gru Inc accumulated 392,050 shares or 0.02% of the stock. Vanguard Group accumulated 0.03% or 3.52M shares. Pnc Fincl Svcs Grp owns 3,802 shares or 0% of their US portfolio. Ls Inv Advsrs Limited Liability Company has invested 0.06% of its portfolio in RenaissanceRe Holdings Ltd. (NYSE:RNR). Lagoda Invest Management Lp owns 208,574 shares or 9.13% of their US portfolio. State Treasurer State Of Michigan, a Michigan-based fund reported 17,300 shares. Price T Rowe Incorporated Md accumulated 0.01% or 287,914 shares. Acadian Asset Mngmt Lc reported 14,967 shares or 0.01% of all its holdings. Moreover, Paloma Prtn Mgmt Comm has 0% invested in RenaissanceRe Holdings Ltd. (NYSE:RNR) for 3,437 shares. Wellington Management Group Llp accumulated 0% or 6,952 shares.

Insider Transactions: Since June 1, 2016, the stock had 0 insider buys, and 14 insider sales for $4.53 million net activity. The insider ODonnell Kevin sold $357,990. Weinstein Stephen Howard sold $352,500 worth of RenaissanceRe Holdings Ltd. (NYSE:RNR) on Friday, July 1. $74,875 worth of RenaissanceRe Holdings Ltd. (NYSE:RNR) was sold by Dutt Aditya on Tuesday, October 25. Todd Rider Fonner also sold $179,205 worth of RenaissanceRe Holdings Ltd. (NYSE:RNR) shares. BRANAGAN IAN D sold 2,000 shares worth $240,000.

More recent RenaissanceRe Holdings Ltd. (NYSE:RNR) news were published by: Businesswire.com which released: “RenaissanceRe Holdings Ltd. Announces Finance Leadership Team Changes” on October 27, 2016. Also Businesswire.com published the news titled: “RenaissanceRe Holdings Ltd. to Acquire Platinum Underwriters in $1.9 Billion …” on November 24, 2014. Businesswire.com‘s news article titled: “RenaissanceRe Announces Executive Changes at RenaissanceRe Syndicate Management” with publication date: November 19, 2015 was also an interesting one.

RNR Company Profile

RenaissanceRe Holdings Ltd., incorporated on June 7, 1993, provides reinsurance and insurance coverages and related services. The Company’s core products include property catastrophe reinsurance and specialty reinsurance risks. The Company’s divisions include Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s. Catastrophe Reinsurance includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit. Specialty Reinsurance includes specialty reinsurance and certain specialty joint ventures managed by its ventures unit. Lloyd’s includes reinsurance and insurance business written through RenaissanceRe Syndicate 1458 (Syndicate 1458).

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