ARGA Investment Management LP acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 7,614 shares of the insurance provider's stock, valued at approximately $2,263,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kingdom Financial Group LLC. bought a new stake in shares of RenaissanceRe in the 4th quarter valued at about $36,000. Quarry LP lifted its position in RenaissanceRe by 65.0% during the third quarter. Quarry LP now owns 132 shares of the insurance provider's stock valued at $34,000 after acquiring an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in RenaissanceRe by 235.0% in the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock valued at $34,000 after acquiring an additional 94 shares in the last quarter. Mcguire Capital Advisors Inc. purchased a new position in RenaissanceRe in the fourth quarter worth $38,000. Finally, SBI Securities Co. Ltd. increased its position in shares of RenaissanceRe by 33.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider's stock worth $41,000 after purchasing an additional 37 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.
RenaissanceRe Stock Up 1.1%
RNR stock opened at $314.65 on Friday. The firm's fifty day simple moving average is $300.76 and its 200-day simple moving average is $295.70. The company has a market capitalization of $13.41 billion, a P/E ratio of 5.25, a price-to-earnings-growth ratio of 1.16 and a beta of 0.17. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.37. RenaissanceRe Holdings Ltd. has a 12 month low of $231.17 and a 12 month high of $329.57.
RenaissanceRe (NYSE:RNR - Get Free Report) last issued its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. The firm had revenue of $2.19 billion during the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. As a group, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 40.59 earnings per share for the current year.
RenaissanceRe Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a dividend of $0.41 per share. The ex-dividend date was Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe's dividend payout ratio (DPR) is presently 2.73%.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on RNR shares. Weiss Ratings upgraded RenaissanceRe from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, June 25th. Barclays boosted their price target on RenaissanceRe from $328.00 to $341.00 and gave the stock an "equal weight" rating in a research note on Tuesday. UBS Group increased their price objective on shares of RenaissanceRe from $326.00 to $342.00 and gave the company a "neutral" rating in a research report on Wednesday. Wolfe Research set a $315.00 target price on shares of RenaissanceRe in a research report on Tuesday. Finally, Citigroup upgraded shares of RenaissanceRe from a "neutral" rating to a "buy" rating and upped their price target for the company from $335.00 to $345.00 in a research note on Wednesday, June 10th. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, RenaissanceRe has an average rating of "Hold" and an average price target of $331.80.
Read Our Latest Analysis on RNR
About RenaissanceRe
(
Free Report)
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.
Further Reading
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