Deutsche Bank AG Buys Shares of 7,075 RenaissanceRe Holdings Ltd. $RNR

Key Points

• Deutsche Bank initiated a position in RenaissanceRe, buying 7,075 shares valued at approximately $2.24 million in the second quarter. Institutional investors collectively own 99.97% of the company.
• RenaissanceRe’s stock opened at $330.02, near its 12-month high of $335.97. Analysts maintain a consensus “Hold” rating with an average price target of $336.33.
• The company reported quarterly EPS of $12.92 on $2.77 billion in revenue and declared a quarterly dividend of $0.41 per share, representing a 0.5% annualized yield.

Deutsche Bank AG bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,075 shares of the insurance provider's stock, valued at approximately $2,242,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Horizon Investments LLC grew its holdings in shares of RenaissanceRe by 247,520.0% during the fourth quarter. Horizon Investments LLC now owns 24,762 shares of the insurance provider's stock worth $6,962,000 after buying an additional 24,752 shares in the last quarter. Estate Counselors LLC purchased a new position in shares of RenaissanceRe during the fourth quarter valued at approximately $2,946,000. Candriam S.C.A. purchased a new position in shares of RenaissanceRe during the first quarter valued at approximately $6,202,000. Mitsubishi UFJ Trust & Banking Corp boosted its position in RenaissanceRe by 60.9% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 6,958 shares of the insurance provider's stock worth $1,956,000 after acquiring an additional 2,634 shares during the last quarter. Finally, Delta Global Management LP purchased a new stake in RenaissanceRe in the 1st quarter worth approximately $1,754,000. Hedge funds and other institutional investors own 99.97% of the company's stock.

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Insiders Place Their Bets

In other news, EVP Robert Qutub sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the sale, 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 legal filing with the SEC, which is accessible through this link. 2.30% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on RNR. Wall Street Zen downgraded RenaissanceRe from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Weiss Ratings cut RenaissanceRe from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday, August 17th. Keefe, Bruyette & Woods upped their target price on RenaissanceRe from $342.00 to $350.00 and gave the company a "market perform" rating in a research note on Monday, July 27th. TD Cowen increased their target price on RenaissanceRe from $300.00 to $315.00 and gave the stock a "hold" rating in a research report on Tuesday, July 7th. Finally, Wolfe Research set a $315.00 price target on RenaissanceRe in a research note on Tuesday, July 7th. Five equities 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 data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $336.33.

RenaissanceRe Trading Down 0.5%

NYSE:RNR opened at $330.02 on Friday. The firm has a market capitalization of $13.71 billion, a PE ratio of 5.66, a price-to-earnings-growth ratio of 1.21 and a beta of 0.17. 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 Holdings Ltd. has a 12 month low of $231.17 and a 12 month high of $335.97. The business's 50-day moving average is $320.23 and its two-hundred day moving average is $306.18.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. The company had revenue of $2.77 billion for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%. Research analysts predict that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

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