Healthcare of Ontario Pension Plan Trust Fund Takes Position in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Healthcare of Ontario Pension Plan Trust Fund purchased 34,000 RenaissanceRe shares worth approximately $10.1 million, while institutional investors collectively own 99.97% of the company.
• RenaissanceRe reported quarterly EPS of $12.92, beating estimates by $1.20, and revenue of $2.77 billion versus the $2.57 billion consensus forecast.
• Analysts have a consensus “Hold” rating and a $336.33 price target; shares recently opened at $334.63, near their 52-week high.

Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 34,000 shares of the insurance provider's stock, valued at approximately $10,106,000. Healthcare of Ontario Pension Plan Trust Fund owned approximately 0.08% of RenaissanceRe as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Kingdom Financial Group LLC. acquired a new stake in RenaissanceRe during the 4th quarter valued at $36,000. Quarry LP boosted its position in shares of RenaissanceRe by 65.0% in the third quarter. Quarry LP now owns 132 shares of the insurance provider's stock worth $34,000 after buying an additional 52 shares during the period. CIBC Private Wealth Group LLC grew its holdings in shares of RenaissanceRe by 235.0% during the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock valued at $34,000 after buying an additional 94 shares in the last quarter. Mcguire Capital Advisors Inc. purchased a new position in shares of RenaissanceRe during the fourth quarter valued at $38,000. Finally, SBI Securities Co. Ltd. raised its position in 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 period. Institutional investors and hedge funds own 99.97% of the company's stock.

RenaissanceRe Price Performance

Shares of NYSE:RNR opened at $334.63 on Wednesday. The firm has a market cap of $13.90 billion, a price-to-earnings ratio of 5.74, a P/E/G 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 $335.88. 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 business has a fifty day simple moving average of $306.36 and a 200 day simple moving average of $299.40.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 EPS for the quarter, beating analysts' consensus estimates 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 earnings per share. As a group, sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 41.08 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages recently issued reports on RNR. Citigroup raised RenaissanceRe from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $335.00 to $345.00 in a research note on Wednesday, June 10th. Barclays lifted their target price on RenaissanceRe from $328.00 to $341.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 7th. Wall Street Zen downgraded RenaissanceRe from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Mizuho increased their price target on shares of RenaissanceRe from $325.00 to $329.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Finally, Wells Fargo & Company raised their price target on shares of RenaissanceRe from $306.00 to $329.00 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $336.33.

Insider Activity at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the business's 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 sale, the executive vice president owned 72,907 shares of the company's stock, valued at approximately $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 can be accessed through this link. Insiders own 2.30% of the company's stock.

RenaissanceRe Company 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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