Bank of New York Mellon Corp Makes New $116.72 Million Investment in RenaissanceRe Holdings Ltd. $RNR

Bank of New York Mellon Corp acquired a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 368,308 shares of the insurance provider's stock, valued at approximately $116,717,000. Bank of New York Mellon Corp owned about 0.89% of RenaissanceRe as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of RNR. Orbis Allan Gray Ltd purchased a new stake in shares of RenaissanceRe in the fourth quarter worth about $178,519,000. Norges Bank purchased a new position in RenaissanceRe during the fourth quarter valued at approximately $168,582,000. Egerton Capital UK LLP acquired a new position in RenaissanceRe in the fourth quarter valued at approximately $137,944,000. GQG Partners LLC acquired a new position in RenaissanceRe in the fourth quarter valued at approximately $108,780,000. Finally, AQR Capital Management LLC boosted its position in RenaissanceRe by 154.5% in the 3rd quarter. AQR Capital Management LLC now owns 397,027 shares of the insurance provider's stock worth $99,769,000 after purchasing an additional 241,001 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Price Performance

RenaissanceRe stock opened at $324.18 on Monday. The stock has a market cap of $13.47 billion, a P/E ratio of 5.56, a PEG ratio of 1.18 and a beta of 0.17. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The company has a 50-day moving average price of $317.81 and a 200 day moving average price of $305.28. RenaissanceRe Holdings Ltd. has a 12-month low of $231.17 and a 12-month high of $335.97.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly 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. Sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a $0.41 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. RenaissanceRe's dividend payout ratio (DPR) is 2.81%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RNR. UBS Group set a $349.00 target price on shares of RenaissanceRe and gave the company a "neutral" rating in a research note on Monday, July 27th. Wall Street Zen lowered shares of RenaissanceRe from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. JPMorgan Chase & Co. lifted their price target on RenaissanceRe from $329.00 to $360.00 and gave the company a "neutral" rating in a research note on Monday, July 20th. Mizuho increased their price target on RenaissanceRe from $325.00 to $329.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Finally, Barclays raised their price objective on RenaissanceRe from $328.00 to $341.00 and gave the company an "equal weight" rating in a report on Tuesday, July 7th. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, RenaissanceRe presently has an average rating of "Hold" and an average target price of $336.33.

Insider Activity at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction dated 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 $24,280,218.21. This trade represents a 6.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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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