Horizon Investments LLC Buys 24,752 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• Horizon Investments LLC increased its stake in RenaissanceRe by 247,520% in Q4, buying 24,752 shares to hold 24,762 shares (about 0.05%) valued at $6.962 million.
• RenaissanceRe reported Q1 EPS of $13.75, beating estimates by $2.68, while revenue fell 36.8% YoY to $2.19 billion; the stock trades near $299 with a P/E of 4.98.
• Analysts show a consensus "Hold" rating with an average price target of $321.93; the company raised its quarterly dividend to $0.41 (yield ~0.5%) and an EVP sold 5,000 shares.

Horizon Investments LLC raised its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 247,520.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,762 shares of the insurance provider's stock after buying an additional 24,752 shares during the period. Horizon Investments LLC owned about 0.05% of RenaissanceRe worth $6,962,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Financial Consulate Inc. purchased a new position in shares of RenaissanceRe during the third quarter worth approximately $29,000. Farther Finance Advisors LLC boosted its holdings in shares of RenaissanceRe by 151.9% in the third quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 79 shares during the period. Quarry LP boosted its holdings in shares of RenaissanceRe by 65.0% in the third quarter. Quarry LP now owns 132 shares of the insurance provider's stock valued at $34,000 after purchasing an additional 52 shares during the period. CIBC Private Wealth Group LLC grew its stake in RenaissanceRe by 235.0% in the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock worth $34,000 after purchasing an additional 94 shares in the last quarter. Finally, Root Financial Partners LLC bought a new position in RenaissanceRe in the third quarter worth approximately $36,000. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Stock Down 2.7%

RenaissanceRe stock opened at $298.83 on Friday. The business has a fifty day moving average of $301.47 and a two-hundred day moving average of $282.04. The company has a quick ratio of 1.43, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. The firm has a market cap of $12.74 billion, a P/E ratio of 4.98, a P/E/G ratio of 0.82 and a beta of 0.23. RenaissanceRe Holdings Ltd. has a twelve month low of $231.17 and a twelve month high of $318.20.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The insurance provider reported $13.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $11.07 by $2.68. The business had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.84 billion. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%.The business's revenue was down 36.8% compared to the same quarter last year. During the same period last year, the business posted ($1.49) EPS. On average, analysts forecast that RenaissanceRe Holdings Ltd. will post 38.28 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were paid a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 0.5%. This is a boost from RenaissanceRe's previous quarterly dividend of $0.40. The ex-dividend date was Friday, March 13th. RenaissanceRe's payout ratio is presently 2.73%.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the business's stock in a transaction dated Friday, February 6th. The shares were 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 in the company, valued at approximately $22,326,782.25. The trade was a 6.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on RNR. Zacks Research lowered RenaissanceRe from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, January 6th. Mizuho increased their price target on RenaissanceRe from $313.00 to $318.00 and gave the stock a "neutral" rating in a research report on Monday, April 13th. Keefe, Bruyette & Woods raised their price target on RenaissanceRe from $323.00 to $327.00 and gave the company a "market perform" rating in a research note on Tuesday, April 7th. Morgan Stanley downgraded RenaissanceRe from an "overweight" rating to an "equal weight" rating and set a $310.00 price objective for the company. in a report on Thursday, February 26th. Finally, Barclays lowered their price objective on shares of RenaissanceRe from $341.00 to $328.00 and set an "equal weight" rating for the company in a research note on Wednesday. Four research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $321.93.

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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