Why This 1 Momentum Stock Could Be a Great Addition to Your Portfolio
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?
Different than value or growth investors, momentum-oriented investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in 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 sits at a Zacks Rank #2 (Buy), holds a Momentum Style Score of A, and has a VGM Score of B. The stock is up 4.6% and up 8.7% over the past one-week and four-week period, respectively, and RenaissanceRe has gained 50.4% in the last one-year period as well. Additionally, an average of 347,364.44 shares were traded over the last 20 trading sessions.
Momentum investors don't just pay attention to price changes; positive earnings play a crucial role, too. Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2023. The Zacks Consensus Estimate has increased $2.90 to $29.84 per share. RNR boasts an average earnings surprise of 3.4%.
RNR should be on investors' short list because of its impressive earnings fundamentals, a good Zacks Rank, and strong Momentum and VGM Style Scores.
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RenaissanceRe Holdings Ltd. (RNR) : Free Stock Analysis Report
