Estate Counselors LLC acquired a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 10,479 shares of the insurance provider's stock, valued at approximately $2,946,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Capital World Investors raised its stake in shares of RenaissanceRe by 0.3% in the third quarter. Capital World Investors now owns 2,649,518 shares of the insurance provider's stock worth $672,792,000 after purchasing an additional 7,839 shares during the last quarter. Lightrock Netherlands B.V. raised its stake in shares of RenaissanceRe by 4,690.1% in the fourth quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider's stock worth $286,083,000 after purchasing an additional 996,266 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of RenaissanceRe by 4.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,001,410 shares of the insurance provider's stock worth $254,273,000 after purchasing an additional 45,936 shares during the last quarter. Bank of America Corp DE raised its stake in shares of RenaissanceRe by 17.6% in the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider's stock worth $195,182,000 after purchasing an additional 120,063 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of RenaissanceRe by 6.2% during the third quarter. Invesco Ltd. now owns 618,974 shares of the insurance provider's stock valued at $157,176,000 after acquiring an additional 36,254 shares during the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on RNR. TD Cowen increased their price target on RenaissanceRe from $280.00 to $290.00 and gave the company a "hold" rating in a research report on Thursday, February 26th. Citigroup increased their price target on RenaissanceRe from $333.00 to $335.00 and gave the company a "neutral" rating in a research report on Friday. Wells Fargo & Company increased their price target on RenaissanceRe from $305.00 to $306.00 and gave the company an "equal weight" rating in a research report on Thursday. Evercore set a $309.00 price target on RenaissanceRe in a research report on Thursday, April 9th. Finally, JPMorgan Chase & Co. increased their price target on RenaissanceRe from $303.00 to $329.00 and gave the company a "neutral" rating in a research report on Wednesday, January 7th. Four investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, RenaissanceRe currently has a consensus rating of "Hold" and a consensus price target of $321.93.
Check Out Our Latest Report on RenaissanceRe
Insider Activity at RenaissanceRe
In other news, EVP Robert Qutub sold 5,000 shares of the firm's stock in a transaction on Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the completion of the transaction, the executive vice president directly owned 73,023 shares of the company's stock, valued at $22,326,782.25. This trade represents a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is owned by insiders.
RenaissanceRe Price Performance
Shares of NYSE RNR opened at $298.83 on Monday. The stock has a fifty day simple moving average of $301.47 and a two-hundred day simple moving average of $282.16. RenaissanceRe Holdings Ltd. has a 1-year low of $231.17 and a 1-year high of $318.20. The firm has a market cap of $12.74 billion, a price-to-earnings ratio of 4.98, a price-to-earnings-growth ratio of 0.82 and a beta of 0.22. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22.
RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The insurance provider reported $13.75 earnings per share for the quarter, beating the consensus estimate of $11.07 by $2.68. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%.The business had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.84 billion. During the same period in the prior year, the company earned ($1.49) earnings per share. RenaissanceRe's revenue was down 36.8% compared to the same quarter last year. Analysts anticipate that RenaissanceRe Holdings Ltd. will post 38.28 earnings per share for the current year.
RenaissanceRe Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were issued a $0.41 dividend. The ex-dividend date of this dividend was Friday, March 13th. This is an increase from RenaissanceRe's previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe's dividend payout ratio is 2.73%.
About RenaissanceRe
(
Free Report)
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.
Further Reading
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