1,910 Shares in RenaissanceRe Holdings Ltd. $RNR Acquired by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd acquired 1,910 shares of RenaissanceRe Holdings Ltd, valued at approximately $464,000, as part of its new position reported in a recent 13F filing.
• Several hedge funds modified their holdings in RenaissanceRe, with significant increases noted, including a 1,180.7% rise in shares owned by Jane Street Group LLC.
• RenaissanceRe reported $12.29 earnings per share for the last quarter, exceeding analysts’ estimates, but experienced a 2.4% decline in revenue year-over-year.

Bayforest Capital Ltd bought a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,910 shares of the insurance provider's stock, valued at approximately $464,000.

Several other hedge funds also recently modified their holdings of the company. Amundi lifted its holdings in shares of RenaissanceRe by 18.0% in the first quarter. Amundi now owns 6,924 shares of the insurance provider's stock valued at $1,699,000 after buying an additional 1,054 shares during the period. Yorktown Management & Research Co Inc acquired a new stake in RenaissanceRe in the 1st quarter valued at about $348,000. Nisa Investment Advisors LLC raised its stake in shares of RenaissanceRe by 128.4% in the first quarter. Nisa Investment Advisors LLC now owns 1,142 shares of the insurance provider's stock worth $274,000 after acquiring an additional 642 shares during the last quarter. Bridges Investment Management Inc. lifted its position in shares of RenaissanceRe by 21.9% during the first quarter. Bridges Investment Management Inc. now owns 6,020 shares of the insurance provider's stock worth $1,445,000 after purchasing an additional 1,080 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings in shares of RenaissanceRe by 1,180.7% in the first quarter. Jane Street Group LLC now owns 74,217 shares of the insurance provider's stock valued at $17,812,000 after purchasing an additional 68,422 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on RNR shares. Keefe, Bruyette & Woods upped their price objective on RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a report on Monday, July 28th. Cowen reaffirmed a "hold" rating on shares of RenaissanceRe in a research note on Tuesday, October 7th. Morgan Stanley decreased their price target on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a report on Monday, July 14th. Evercore ISI set a $244.00 price objective on RenaissanceRe and gave the stock an "in-line" rating in a report on Wednesday, October 1st. Finally, Barclays set a $278.00 target price on shares of RenaissanceRe in a research note on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $283.08.

RenaissanceRe Stock Up 1.0%

Shares of RenaissanceRe stock opened at $264.73 on Wednesday. The business has a fifty day simple moving average of $247.27 and a 200 day simple moving average of $243.47. The stock has a market cap of $12.46 billion, a PE ratio of 6.76, a price-to-earnings-growth ratio of 2.26 and a beta of 0.27. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $10.28 by $2.01. The firm had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.96 billion. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The company's revenue was down 2.4% compared to the same quarter last year. During the same quarter last year, the business earned $12.41 earnings per share. Research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, September 15th. RenaissanceRe's dividend payout ratio is presently 4.09%.

About RenaissanceRe

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.

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