Why RenaissanceRe (RNR) is a Top Momentum Stock for the Long-Term
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.
Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.
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 Pembroke, 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 #3 (Hold), holds a Momentum Style Score of B, and has a VGM Score of A. The stock is up 3.8% and up 1.2% over the past one-week and four-week period, respectively, and RenaissanceRe has gained 8.5% in the last one-year period as well. Additionally, an average of 487,361.56 shares were traded over the last 20 trading sessions.
Momentum investors also pay close attention to a company's earnings. For RNR, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $3.89 to $34.07 per share for 2023. RNR boasts an average earnings surprise of 16.5%.
Investors should take the time to consider RNR for their portfolios due to its solid Zacks Ranks, notable earnings metrics, and impressive Momentum and VGM Style Scores.
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RenaissanceRe Holdings Ltd. (RNR) : Free Stock Analysis Report
