Allianz Asset Management GmbH Has $43.16 Million Stock Holdings in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Allianz Asset Management increased its RenaissanceRe stake by 38.6% in the second quarter, acquiring 37,903 additional shares. Its 136,192 shares were valued at approximately $43.16 million, or 0.33% of the company.
• Institutional investors and hedge funds own 99.97% of RenaissanceRe’s stock, while insider ownership stands at 2.30%; EVP Robert Qutub recently sold 5,000 shares for about $1.67 million.
• Analysts have an average “Hold” rating and a $336.33 price target, compared with the stock’s $329.98 opening price. RenaissanceRe reported quarterly EPS of $12.92 and announced a $0.41-per-share dividend, yielding approximately 0.5%.

Allianz Asset Management GmbH boosted its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 38.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 136,192 shares of the insurance provider's stock after acquiring an additional 37,903 shares during the period. Allianz Asset Management GmbH owned 0.33% of RenaissanceRe worth $43,159,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. California State Teachers Retirement System lifted its stake in shares of RenaissanceRe by 29,588.9% in the 2nd quarter. California State Teachers Retirement System now owns 15,938,802 shares of the insurance provider's stock valued at $5,051,006,000 after purchasing an additional 15,885,116 shares during the period. BlackRock Inc. acquired a new stake in shares of RenaissanceRe in the 2nd quarter valued at approximately $1,319,724,000. Boston Partners boosted its stake in RenaissanceRe by 9.9% during the 4th quarter. Boston Partners now owns 1,423,483 shares of the insurance provider's stock worth $400,150,000 after acquiring an additional 128,245 shares during the last quarter. Lightrock Netherlands B.V. boosted its stake in RenaissanceRe by 15.8% during the 1st quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider's stock worth $350,263,000 after acquiring an additional 160,915 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of RenaissanceRe by 5.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider's stock valued at $322,603,000 after buying an additional 52,371 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total value of $1,665,150.00. Following the sale, the executive vice president owned 72,907 shares in the company, valued at approximately $24,280,218.21. This represents a 6.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the company. Wolfe Research set a $315.00 price objective on RenaissanceRe in a research note on Tuesday, July 7th. Evercore set a $330.00 price target on shares of RenaissanceRe in a research note on Thursday, July 23rd. JPMorgan Chase & Co. increased their price objective on shares of RenaissanceRe from $329.00 to $360.00 and gave the stock a "neutral" rating in a research report on Monday, July 20th. Wells Fargo & Company raised their price objective on shares of RenaissanceRe from $306.00 to $329.00 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. Finally, Weiss Ratings downgraded RenaissanceRe from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, August 17th. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, RenaissanceRe presently has an average rating of "Hold" and an average target price of $336.33.

RenaissanceRe Trading Down 0.1%

RenaissanceRe stock opened at $329.98 on Tuesday. The company has a market cap of $13.71 billion, a price-to-earnings ratio of 5.66, a P/E/G ratio of 1.20 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a one year low of $231.17 and a one year high of $340.24. The firm has a 50-day moving average of $323.21 and a 200-day moving average of $307.65. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The business had revenue of $2.77 billion during the quarter. On average, equities analysts expect that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 15th. RenaissanceRe's payout ratio is currently 2.81%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.

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