5 52-Week Low Stocks to Buy Now

1. RenaissanceRe Holdings Ltd. (NYSE:RNR)

Number of Hedge Fund Holders: 28

52-Week Low as of August 1: $125.67

RenaissanceRe Holdings Ltd. (NYSE:RNR) provides reinsurance and insurance products in the United States and internationally. The company operates through Property, Casualty, and Specialty segments. RenaissanceRe Holdings Ltd. (NYSE:RNR) stock reached a 52-week low of $125.67 on August 1. The company posted a Q2 non-GAAP EPS of $5.51 on July 28, beating market estimates by $0.41.

On July 27, Wells Fargo analyst Elyse Greenspan reaffirmed an Overweight rating on RenaissanceRe Holdings Ltd. (NYSE:RNR) but lowered the price target on the shares to $169 from $185. The analyst observed that RenaissanceRe Holdings Ltd. (NYSE:RNR) shares traded down, potentially to reflect its comments about pausing repurchases for now to preserve capital in order to drive top-line growth.

According to Insider Monkey’s data, RenaissanceRe Holdings Ltd. (NYSE:RNR) was part of 28 hedge fund portfolios at the end of Q1 2022, compared to 30 funds in the previous quarter. Mason Hawkins’ Southeastern Asset Management featured as the largest stakeholder of the company, with 939,292 shares worth about $149 million. 

Here is what Longleaf Partners Small-Cap Fund has to say about RenaissanceRe Holdings Ltd. (NYSE:RNR) in its Q4 2021 investor letter:

“RenaissanceRe (11%, 0.54%; 22%, 0.99%) the Bermuda-domiciled reinsurance company and a new position in 2021, was a top contributor in the fourth quarter. We know the reinsurance industry well, having invested in the sector for multiple decades, and we were thrilled to have the opportunity to invest in the business at a discount. RenRe has a reputation as a leading Catastrophe risk reinsurance underwriter – although the business mix has diversified over time into third party capital management, casualty and other property risk. RenRe traded below 10x earnings power and around 1x tangible book value in the third quarter as catastrophe headlines punished the entire industry, giving us the opportunity to invest. Management also took advantage of the temporary price discount by buying back 10% of outstanding shares, while the CEO, CFO and several other senior executives invested over $4 million buying shares personally. The share price appreciated in the fourth quarter as the company announced an excess capital buffer of $1 billion, even after third quarter catastrophe hits, and likely continued share repurchases. RenRe is a leader in insurance risk modeling and portfolio construction, and best in class data gathering and analytics are in the company DNA. In the face of significant volatility and disruption for the industry in the form of technology innovation, capital access innovation and climate change risks, RenRe’s competitive advantages in pricing risk and in putting together a sound global portfolio of risk should be well placed to add excess return.”

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