Amundi Increases Stock Holdings in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Amundi increased its RenaissanceRe stake by 244.7% in the first quarter, bringing its holdings to 8,063 shares worth approximately $2.4 million. Institutional investors collectively own 99.97% of the company.
• RenaissanceRe exceeded quarterly expectations, reporting $12.92 in earnings per share versus the $11.72 consensus estimate and revenue of $2.77 billion against $2.57 billion expected.
• Analysts maintain a consensus “Hold” rating with an average price target of $336.33, while the stock recently traded at $323.38. The company also declared a quarterly dividend of $0.41 per share, yielding about 0.5%.

Amundi increased its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 244.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,063 shares of the insurance provider's stock after buying an additional 5,724 shares during the quarter. Amundi's holdings in RenaissanceRe were worth $2,397,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of RenaissanceRe by 39.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider's stock valued at $2,325,000 after purchasing an additional 2,737 shares during the last quarter. Millennium Management LLC bought a new position in shares of RenaissanceRe during the first quarter valued at about $15,289,000. Jones Financial Companies Lllp boosted its holdings in RenaissanceRe by 900.0% during the first quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider's stock worth $324,000 after purchasing an additional 1,215 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in RenaissanceRe by 72.5% during the first quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider's stock worth $13,725,000 after purchasing an additional 24,027 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in RenaissanceRe by 18.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider's stock worth $107,000 after purchasing an additional 69 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The shares were 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 of the company's stock, valued at $24,280,218.21. The trade was a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on RNR shares. UBS Group set a $349.00 target price on RenaissanceRe and gave the stock a "neutral" rating in a research note on Monday, July 27th. Weiss Ratings upgraded RenaissanceRe from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, June 25th. Citigroup upgraded RenaissanceRe from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $335.00 to $345.00 in a report on Wednesday, June 10th. Wall Street Zen cut RenaissanceRe from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Finally, JPMorgan Chase & Co. upped their price objective on RenaissanceRe from $329.00 to $360.00 and gave the company a "neutral" rating in a research note on Monday, July 20th. Five 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 data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $336.33.

RenaissanceRe Stock Down 0.1%

Shares of NYSE RNR opened at $323.38 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market capitalization of $13.44 billion, a PE ratio of 5.55, a P/E/G ratio of 1.19 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a one year low of $231.17 and a one year high of $335.97. The business's fifty day moving average price is $310.29 and its 200-day moving average price is $301.85.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share for the quarter, topping the consensus estimate of $11.72 by $1.20. The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.57 billion. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.During the same quarter last year, the firm posted $12.29 EPS. On average, equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 41.94 EPS for the current 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 $0.41 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe's dividend payout ratio (DPR) is presently 2.81%.

RenaissanceRe 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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