Denali Advisors LLC Invests $988,000 in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Denali Advisors initiated a RenaissanceRe position during the second quarter, buying 3,119 shares valued at approximately $988,000. Institutional investors collectively own 99.97% of the company.
• Analyst sentiment remains mixed: RenaissanceRe has a consensus “Hold” rating and an average price target of $336.33, with recent targets ranging from $329 to $438.
• RenaissanceRe reported quarterly revenue of $2.77 billion and earnings per share of $12.92, while declaring a quarterly dividend of $0.41 per share, equivalent to a 0.5% yield.

Denali Advisors LLC bought a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 3,119 shares of the insurance provider's stock, valued at approximately $988,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Great Lakes Advisors LLC purchased a new position in RenaissanceRe in the 2nd quarter worth about $87,916,000. BlackRock Inc. acquired a new stake in shares of RenaissanceRe during the second quarter valued at approximately $1,319,724,000. Deutsche Bank AG purchased a new stake in shares of RenaissanceRe in the 2nd quarter valued at approximately $2,242,000. Perigon Wealth Management LLC purchased a new stake in shares of RenaissanceRe in the 2nd quarter valued at approximately $244,000. Finally, TimesSquare Capital Management LLC acquired a new position in RenaissanceRe in the 2nd quarter worth approximately $822,000. Institutional investors and hedge funds own 99.97% of the company's stock.

Analyst Ratings Changes

RNR has been the subject of several recent analyst reports. Weiss Ratings cut RenaissanceRe from a "buy (b+)" rating to a "buy (b)" rating in a research report on Monday. Citigroup raised RenaissanceRe from a "neutral" rating to a "buy" rating and lifted their target price for the company from $335.00 to $345.00 in a research note on Wednesday, June 10th. JPMorgan Chase & Co. upped their target price on RenaissanceRe from $329.00 to $360.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Bank of America increased their price target on shares of RenaissanceRe from $410.00 to $438.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Finally, Wells Fargo & Company boosted their price objective on shares of RenaissanceRe from $306.00 to $329.00 and gave the company an "equal weight" rating in a research report on Thursday, July 9th. Five research 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. Based on data from MarketBeat.com, RenaissanceRe has a consensus rating of "Hold" and an average price target of $336.33.

Insider Buying and Selling at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the 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 directly owned 72,907 shares of the company's stock, valued at approximately $24,280,218.21. This represents a 6.42% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.30% of the company's stock.

RenaissanceRe Stock Performance

RNR stock opened at $321.84 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $13.37 billion, a price-to-earnings ratio of 5.52, a P/E/G 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. The firm has a 50 day moving average of $317.33 and a two-hundred day moving average of $305.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last released 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 for the quarter. As a group, equities analysts anticipate that RenaissanceRe Holdings Ltd. will post 42.4 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

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

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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