Great Lakes Advisors LLC Invests $87.92 Million in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Great Lakes Advisors LLC acquired 277,424 RenaissanceRe shares worth approximately $87.9 million, giving it a 0.67% stake. Institutional investors collectively own 99.97% of the company.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating and an average price target of $336.33. Recent targets range from $329 to $360.
• RenaissanceRe reported quarterly earnings of $12.92 per share on $2.77 billion in revenue and declared a $0.41 quarterly dividend, equal to a 0.5% yield.

Great Lakes Advisors LLC purchased a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 277,424 shares of the insurance provider's stock, valued at approximately $87,916,000. Great Lakes Advisors LLC owned about 0.67% of RenaissanceRe at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in 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 acquiring an additional 2,737 shares in the last quarter. Millennium Management LLC acquired a new position in shares of RenaissanceRe during the 1st quarter worth $15,289,000. Jones Financial Companies Lllp increased its stake in shares of RenaissanceRe by 900.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider's stock worth $324,000 after purchasing an additional 1,215 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of 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 purchasing an additional 24,027 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised 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 purchasing an additional 69 shares in the last quarter. Institutional investors own 99.97% of the company's stock.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe 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 transaction, the executive vice president directly owned 72,907 shares of the company's stock, valued at $24,280,218.21. The trade was a 6.42% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on RNR shares. Mizuho upped their price objective on shares of RenaissanceRe from $325.00 to $329.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. Weiss Ratings lowered RenaissanceRe from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday. Keefe, Bruyette & Woods boosted their price target on RenaissanceRe from $342.00 to $350.00 and gave the stock a "market perform" rating in a research report on Monday, July 27th. JPMorgan Chase & Co. upped their price target on RenaissanceRe from $329.00 to $360.00 and gave the stock a "neutral" rating in a research note on Monday, July 20th. Finally, Barclays increased their price objective on RenaissanceRe from $328.00 to $341.00 and gave the company an "equal weight" rating in a report 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's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $336.33.

RenaissanceRe Stock Performance

NYSE:RNR opened at $320.97 on Wednesday. The firm has a market capitalization of $13.34 billion, a PE ratio of 5.51, a PEG ratio of 1.18 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a 1 year low of $231.17 and a 1 year high of $335.97. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm's fifty day simple moving average is $316.44 and its 200 day simple moving average is $304.46.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. The firm had revenue of $2.77 billion during the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. On average, sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 42.29 EPS for the current year.

RenaissanceRe Announces Dividend

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

Want to see what other hedge funds are holding RNR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source