Bayesian Capital Management LP Acquires New Shares in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Bayesian Capital Management LP bought a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,970 shares of the insurance provider's stock, valued at approximately $988,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd purchased a new stake in shares of RenaissanceRe during the fourth quarter valued at $27,000. SBI Securities Co. Ltd. bought a new stake in RenaissanceRe during the fourth quarter valued at about $29,000. MassMutual Private Wealth & Trust FSB raised its position in shares of RenaissanceRe by 51.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 41 shares during the period. Jones Financial Companies Lllp raised its stake in RenaissanceRe by 1,587.5% during the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider's stock valued at $34,000 after purchasing an additional 127 shares during the period. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of RenaissanceRe by 71.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider's stock worth $39,000 after buying an additional 65 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Stock Performance

NYSE:RNR traded up $1.68 during trading hours on Friday, reaching $251.61. 277,731 shares of the stock were exchanged, compared to its average volume of 426,785. The stock has a market capitalization of $12.24 billion, a P/E ratio of 7.18, a P/E/G ratio of 2.09 and a beta of 0.34. RenaissanceRe Holdings Ltd. has a 52 week low of $208.98 and a 52 week high of $300.00. The firm has a 50 day simple moving average of $239.86 and a 200-day simple moving average of $249.87. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($1.17). RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.36 billion. During the same period in the previous year, the company earned $12.18 EPS. The business's revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date is Friday, June 13th. RenaissanceRe's payout ratio is currently 5.10%.

Wall Street Analysts Forecast Growth

RNR has been the subject of a number of recent analyst reports. Bank of America dropped their price target on shares of RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a research note on Wednesday, March 26th. Wells Fargo & Company decreased their target price on RenaissanceRe from $277.00 to $271.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Barclays reduced their price target on RenaissanceRe from $234.00 to $231.00 and set an "underweight" rating for the company in a report on Friday, April 11th. Keefe, Bruyette & Woods boosted their price objective on RenaissanceRe from $279.00 to $282.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Finally, JMP Securities reiterated a "market perform" rating on shares of RenaissanceRe in a research report on Thursday, April 24th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $282.60.

Insiders Place Their Bets

In related news, CAO James Christopher Fraser sold 332 shares of RenaissanceRe stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total value of $82,847.28. Following the completion of the sale, the chief accounting officer now owns 27,154 shares of the company's stock, valued at approximately $6,776,009.16. The trade was a 1.21 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.30% of the stock is owned by company insiders.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.