Delta Global Management LP Purchases Shares of 5,900 RenaissanceRe Holdings Ltd. $RNR

Key Points

• Delta Global Management LP acquired 5,900 RenaissanceRe shares during the first quarter, valued at approximately $1.75 million. Institutional investors collectively own 99.97% of the company.
• RenaissanceRe reported quarterly earnings of $12.92 per share, exceeding estimates by $1.20, while revenue of $2.77 billion also topped expectations.
• Analyst sentiment remains mixed, with the stock carrying an overall “Hold” rating and an average price target of $335.33, despite Bank of America raising its target to $438 and maintaining a “Buy” rating.

Delta Global Management LP acquired a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,900 shares of the insurance provider's stock, valued at approximately $1,754,000.

A number of other hedge funds have also recently made changes to their positions in RNR. Kingdom Financial Group LLC. bought a new stake in RenaissanceRe during the 4th quarter valued at approximately $36,000. Quarry LP boosted its stake 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 purchasing an additional 52 shares during the period. CIBC Private Wealth Group LLC boosted its stake in RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock worth $34,000 after purchasing an additional 94 shares during the period. Mcguire Capital Advisors Inc. purchased a new stake in RenaissanceRe during the 4th quarter valued at approximately $38,000. Finally, SBI Securities Co. Ltd. raised its position in shares of 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 during the last quarter. Institutional investors own 99.97% of the company's stock.

RenaissanceRe Trading Down 0.2%

Shares of RNR stock opened at $328.33 on Monday. The company has a market cap of $13.64 billion, a PE ratio of 5.63, a price-to-earnings-growth ratio of 1.24 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a 1 year low of $231.17 and a 1 year high of $329.60. The stock's 50 day simple moving average is $305.10 and its two-hundred day simple moving average is $298.57. 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 released its earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share for the quarter, beating the consensus estimate of $11.72 by $1.20. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.57 billion. During the same quarter in the previous year, the company posted $12.29 EPS. Research analysts predict that RenaissanceRe Holdings Ltd. will post 41.08 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 0.5%. The ex-dividend date was Monday, June 15th. RenaissanceRe's dividend payout ratio is presently 2.81%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on RNR shares. Bank of America boosted their target price on shares of RenaissanceRe from $410.00 to $438.00 and gave the stock a "buy" rating in a report on Thursday. Barclays increased their price objective on shares of RenaissanceRe from $328.00 to $341.00 and gave the company an "equal weight" rating in a report on Tuesday, July 7th. TD Cowen raised their price objective on RenaissanceRe from $300.00 to $315.00 and gave the company a "hold" rating in a research report on Tuesday, July 7th. Mizuho lifted their price objective on RenaissanceRe from $325.00 to $329.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. Finally, Wall Street Zen downgraded shares of RenaissanceRe from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, RenaissanceRe has an average rating of "Hold" and an average price target of $335.33.

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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