BlackRock Inc. purchased a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,164,482 shares of the insurance provider's stock, valued at approximately $1,319,724,000. BlackRock Inc. owned 10.02% of RenaissanceRe at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quarry LP grew its holdings in shares of RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider's stock worth $34,000 after purchasing an additional 52 shares during the period. CIBC Private Wealth Group LLC raised its holdings 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 buying an additional 94 shares during the period. Kingdom Financial Group LLC. purchased a new position in RenaissanceRe in the fourth quarter valued at approximately $36,000. Mcguire Capital Advisors Inc. acquired a new position in RenaissanceRe during the fourth quarter valued at approximately $38,000. Finally, SBI Securities Co. Ltd. lifted its position in RenaissanceRe by 33.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider's stock valued at $41,000 after buying an additional 37 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
RNR has been the subject of several recent research reports. Wells Fargo & Company increased their price objective on shares of RenaissanceRe from $306.00 to $329.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 9th. Weiss Ratings lowered shares of RenaissanceRe from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday. UBS Group set a $349.00 price target on shares of RenaissanceRe and gave the stock a "neutral" rating in a research report on Monday, July 27th. JPMorgan Chase & Co. increased their price target on RenaissanceRe from $329.00 to $360.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Finally, Wolfe Research set a $315.00 price objective on RenaissanceRe in a research report on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, RenaissanceRe has an average rating of "Hold" and an average target price of $336.33.
Read Our Latest Research Report on RNR
RenaissanceRe Stock Up 1.5%
Shares of NYSE:RNR opened at $321.84 on Friday. 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 fifty day simple moving average of $317.33 and a 200 day simple moving average of $305.00. The firm has a market cap of $13.37 billion, a PE ratio of 5.52, a price-to-earnings-growth ratio of 1.15 and a beta of 0.17. 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 posted its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. The firm had revenue of $2.77 billion for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. On average, equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 42.4 EPS for the current fiscal year.
RenaissanceRe Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Tuesday, September 15th. RenaissanceRe's dividend payout ratio (DPR) is 2.81%.
Insiders Place Their Bets
In other news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 72,907 shares in the company, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is currently owned by corporate insiders.
About RenaissanceRe
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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.
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