RenaissanceRe (RNR) is a Top-Ranked Momentum Stock: Should You Buy?
It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors.
While you may have an investing style you rely on, finding great stocks is made easier with the Zacks Style Scores. These are complementary indicators that rate stocks based on value, growth, and/or momentum characteristics.
Is This 1 Momentum Stock a Screaming Buy Right Now?
Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
RenaissanceRe (RNR)
Founded in 1993 and based in Hamilton, Bermuda, RenaissanceRe Holdings Ltd. primarily provides property-catastrophe reinsurance to insurers and reinsurers globally on the basis of excess of loss (coverage of losses over a specified limit). Additionally, RenaissanceRe provides certain specialty reinsurance coverage on accident, health, aviation and satellite concerns, as well as homeowners' insurance in various parts of the U.S. The company also writes specialty and catastrophe reinsurance through two joint ventures, Top Layer Re and Reinsurance, and through certain specialty reinsurance and primary insurance lines.
RNR is a Zacks Rank #2 (Buy) stock, with a Momentum Style Score of B and VGM Score of A. Shares are down 2.5% over the past one week and up 4.2% over the past four weeks. RNR has gained 44% in the last one-year period as well. Looking at trading volume, an average of 316,277.09 shares exchanged hands over the last 20 trading days.
Momentum investors don't just pay attention to price changes; positive earnings play a crucial role, too. One analyst revised their earnings estimate upwards in the last 60 days for fiscal 2023. The Zacks Consensus Estimate has increased $0.66 to $26.80 per share. RNR boasts an average earnings surprise of 3.4%.
With strong earnings growth, a good Zacks Rank, and top-tier Momentum and VGM Style Scores, investors should think about adding RNR to their portfolios.
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RenaissanceRe Holdings Ltd. (RNR) : Free Stock Analysis Report
