Convergence Investment Partners LLC Acquires New Shares in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Convergence Investment Partners initiated a new position in RenaissanceRe during the first quarter, buying 5,063 shares valued at about $1.5 million.
• Institutional ownership in RenaissanceRe remains overwhelmingly high at 99.97%, with several other funds also increasing or opening positions in the insurer.
• RenaissanceRe reported strong quarterly results with $13.75 EPS and revenue of $2.19 billion; analysts currently have a Hold consensus and an average price target of $333.87.

Convergence Investment Partners LLC bought a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 5,063 shares of the insurance provider's stock, valued at approximately $1,505,000.

A number of other institutional investors and hedge funds have also modified their holdings of RNR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of RenaissanceRe by 39.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider's stock valued at $2,325,000 after buying an additional 2,737 shares during the last quarter. Millennium Management LLC purchased a new position in RenaissanceRe in the 1st quarter worth about $15,289,000. Jones Financial Companies Lllp lifted its stake in RenaissanceRe by 900.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider's stock valued at $324,000 after acquiring an additional 1,215 shares during the period. Goldman Sachs Group Inc. lifted its stake in RenaissanceRe by 72.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider's stock valued at $13,725,000 after acquiring an additional 24,027 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of RenaissanceRe by 18.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider's stock valued at $107,000 after acquiring an additional 69 shares during the last quarter. Institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Performance

RNR opened at $320.86 on Wednesday. The company's 50 day moving average is $303.24 and its 200 day moving average is $297.63. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. The company has a market cap of $13.68 billion, a price-to-earnings ratio of 5.35, a PEG ratio of 1.25 and a beta of 0.17. 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 announced its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 EPS for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The business had revenue of $2.19 billion during the quarter. On average, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 40.57 EPS for the current year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Monday, June 15th. RenaissanceRe's dividend payout ratio is 2.73%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Bank of America decreased their price objective on shares of RenaissanceRe to $426.00 and set a "buy" rating for the company in a report on Tuesday, April 14th. Wall Street Zen downgraded shares of RenaissanceRe from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Citigroup upgraded shares of RenaissanceRe from a "neutral" rating to a "buy" rating and boosted their target price for the company from $335.00 to $345.00 in a research note on Wednesday, June 10th. Evercore set a $320.00 price target on RenaissanceRe in a report on Friday, July 10th. Finally, UBS Group raised their price target on RenaissanceRe from $326.00 to $342.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 8th. 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. Based on data from MarketBeat, RenaissanceRe presently has an average rating of "Hold" and a consensus price target of $333.87.

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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