Canada Pension Plan Investment Board Makes New $1.08 Million Investment in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Canada Pension Plan Investment Board acquired 3,400 RenaissanceRe shares worth approximately $1.08 million during the second quarter. Institutional investors collectively own 99.97% of the company.
• RenaissanceRe reported quarterly earnings of $12.92 per share on $2.77 billion in revenue, with a 23.65% net margin and 23.10% return on equity.
• The stock traded at $327.62, while analysts maintain a consensus “Hold” rating and a $336.33 price target. The company also declared a quarterly dividend of $0.41 per share, representing a 0.5% yield.

Canada Pension Plan Investment Board acquired a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 3,400 shares of the insurance provider's stock, valued at approximately $1,077,000.

Other hedge funds also recently made changes to their positions in the company. SBI Securities Co. Ltd. boosted its stake in shares of RenaissanceRe by 33.6% in the fourth quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider's stock valued at $41,000 after purchasing an additional 37 shares during the period. Beacon Pointe Advisors LLC increased its stake in RenaissanceRe by 2.2% during the 4th quarter. Beacon Pointe Advisors LLC now owns 1,857 shares of the insurance provider's stock worth $522,000 after buying an additional 40 shares during the period. Midwest Professional Planners LTD. lifted its holdings in RenaissanceRe by 1.5% in the 1st quarter. Midwest Professional Planners LTD. now owns 3,313 shares of the insurance provider's stock worth $985,000 after buying an additional 48 shares in the last quarter. Brown Brothers Harriman & Co. lifted its holdings in RenaissanceRe by 2.6% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 2,006 shares of the insurance provider's stock worth $509,000 after buying an additional 51 shares in the last quarter. Finally, Quarry LP lifted its holdings in RenaissanceRe by 65.0% in the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider's stock worth $34,000 after buying an additional 52 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Trading Down 0.9%

NYSE RNR opened at $327.62 on Tuesday. RenaissanceRe Holdings Ltd. has a 12 month low of $231.17 and a 12 month high of $335.97. 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 company has a market capitalization of $13.61 billion, a price-to-earnings ratio of 5.62, a price-to-earnings-growth ratio of 1.20 and a beta of 0.17. The company's fifty day moving average price is $321.37 and its two-hundred day moving average price is $306.70.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. The company 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, research analysts predict that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share 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%.

Insider Buying and Selling

In related news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction dated 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 directly owned 72,907 shares in the company, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Wolfe Research set a $315.00 target price on RenaissanceRe in a research note on Tuesday, July 7th. Wells Fargo & Company boosted their price target on RenaissanceRe from $306.00 to $329.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 9th. Evercore set a $330.00 price target on RenaissanceRe in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods increased their price target on RenaissanceRe from $342.00 to $350.00 and gave the company a "market perform" rating in a report on Monday, July 27th. Finally, Weiss Ratings lowered RenaissanceRe from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, August 17th. Five 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 stock. According to MarketBeat, RenaissanceRe currently has a consensus rating of "Hold" and a consensus target price of $336.33.

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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