Hillsdale Investment Management Inc. Grows Stake in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Hillsdale Investment Management increased its stake in RenaissanceRe by 25.3% in the first quarter, buying 3,700 more shares and bringing its total to 18,300 shares worth about $5.44 million.
• Other institutional investors also piled into the stock, and hedge funds and institutions now own 99.97% of RenaissanceRe shares.
• RenaissanceRe reported strong quarterly results, including $13.75 EPS and $2.19 billion in revenue, while analysts currently rate the stock a consensus "Hold" with an average price target of $331.80.

Hillsdale Investment Management Inc. boosted its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 25.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 18,300 shares of the insurance provider's stock after purchasing an additional 3,700 shares during the quarter. Hillsdale Investment Management Inc.'s holdings in RenaissanceRe were worth $5,439,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. grew its stake in RenaissanceRe by 135.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 195,975 shares of the insurance provider's stock valued at $55,100,000 after acquiring an additional 112,910 shares during the last quarter. Belpointe Asset Management LLC raised its position in RenaissanceRe by 595.0% during the fourth quarter. Belpointe Asset Management LLC now owns 6,151 shares of the insurance provider's stock worth $1,729,000 after acquiring an additional 5,266 shares during the last quarter. Prana Capital Management LP raised its position in RenaissanceRe by 608.9% during the third quarter. Prana Capital Management LP now owns 29,971 shares of the insurance provider's stock worth $7,611,000 after acquiring an additional 25,743 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of RenaissanceRe by 68.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 14,171 shares of the insurance provider's stock valued at $3,855,000 after purchasing an additional 5,782 shares in the last quarter. Finally, M&T Bank Corp grew its position in shares of RenaissanceRe by 8,296.5% in the fourth quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider's stock valued at $81,635,000 after purchasing an additional 286,894 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company's stock.

RenaissanceRe Stock Down 0.2%

NYSE RNR opened at $320.05 on Wednesday. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. RenaissanceRe Holdings Ltd. has a fifty-two week low of $231.17 and a fifty-two week high of $329.57. The business has a 50 day moving average price of $301.39 and a two-hundred day moving average price of $296.37. The stock has a market cap of $13.64 billion, a PE ratio of 5.33, a P/E/G ratio of 1.19 and a beta of 0.17.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%.The firm had revenue of $2.19 billion during the quarter. As a group, sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 40.57 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a $0.41 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe's dividend payout ratio (DPR) is presently 2.73%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on RNR shares. UBS Group raised their price objective on shares of RenaissanceRe from $326.00 to $342.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 8th. Cantor Fitzgerald upped their target price on RenaissanceRe from $340.00 to $354.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. Evercore set a $320.00 target price on RenaissanceRe in a report on Friday. Bank of America dropped their price target on RenaissanceRe to $426.00 and set a "buy" rating for the company in a research report on Tuesday, April 14th. Finally, Wells Fargo & Company boosted their price target on RenaissanceRe from $306.00 to $329.00 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. Five investment 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's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $331.80.

About RenaissanceRe

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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