Ausbil Investment Management Ltd Buys 3,569 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• Ausbil Investment Management increased its RenaissanceRe stake by 45.4% in the second quarter, buying 3,569 shares for a total of 11,425 shares valued at approximately $3.62 million. Institutional investors collectively own 99.97% of the company.
• RenaissanceRe reported $12.92 in quarterly EPS on $2.77 billion in revenue, with a 23.65% net margin and 23.10% return on equity. Analysts expect $41.94 in full-year EPS.
• Analyst sentiment remains mostly cautious, with a consensus “Hold” rating and an average price target of $336.33 versus the stock’s reported $318.06 price. The company also declared a quarterly dividend of $0.41 per share, yielding 0.5% annually.

Ausbil Investment Management Ltd grew its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 45.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,425 shares of the insurance provider's stock after purchasing an additional 3,569 shares during the period. RenaissanceRe comprises about 1.6% of Ausbil Investment Management Ltd's investment portfolio, making the stock its 22nd biggest position. Ausbil Investment Management Ltd's holdings in RenaissanceRe were worth $3,620,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Kingdom Financial Group LLC. bought a new stake in shares of RenaissanceRe in the fourth quarter valued at about $36,000. Quarry LP increased its stake 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 period. CIBC Private Wealth Group LLC raised its holdings in RenaissanceRe by 235.0% in the 3rd 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. acquired a new position in RenaissanceRe in the 4th quarter valued at approximately $38,000. Finally, SBI Securities Co. Ltd. lifted its position in shares of RenaissanceRe by 33.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider's stock worth $41,000 after acquiring an additional 37 shares during the period. Institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Performance

Shares of NYSE:RNR opened at $318.06 on Tuesday. The business's fifty day moving average price is $311.92 and its two-hundred day moving average price is $302.54. RenaissanceRe Holdings Ltd. has a fifty-two week low of $231.17 and a fifty-two week high of $335.97. The stock has a market capitalization of $13.22 billion, a price-to-earnings ratio of 5.46, a price-to-earnings-growth ratio of 1.18 and a beta of 0.17. 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 announced its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. The business had revenue of $2.77 billion during the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. As a group, analysts predict that RenaissanceRe Holdings Ltd. will post 41.94 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.41 per share. The ex-dividend date of this dividend 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%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RNR. Wells Fargo & Company lifted their price objective on RenaissanceRe from $306.00 to $329.00 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. JPMorgan Chase & Co. lifted their price target on shares of RenaissanceRe from $329.00 to $360.00 and gave the stock a "neutral" rating in a research note on Monday, July 20th. Weiss Ratings raised shares of RenaissanceRe from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, June 25th. Citigroup upgraded shares of RenaissanceRe from a "neutral" rating to a "buy" rating and increased their price objective for the company from $335.00 to $345.00 in a research note on Wednesday, June 10th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of RenaissanceRe from $342.00 to $350.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. Five 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 stock. According to data from MarketBeat, RenaissanceRe has an average rating of "Hold" and a consensus price target of $336.33.

Insider Activity

In other news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe 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 completion of the transaction, the executive vice president owned 72,907 shares in the company, valued at approximately $24,280,218.21. The trade was a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.30% of the company's stock.

About RenaissanceRe

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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