Hsbc Holdings PLC Grows Stock Position in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Hsbc Holdings PLC increased its RenaissanceRe stake by 38.1% in the second quarter, bringing its holdings to 16,289 shares worth approximately $5.26 million. Institutional investors collectively own 99.97% of the company.
• RenaissanceRe reported quarterly earnings of $12.92 per share on $2.77 billion in revenue, with a 23.65% net margin and 23.10% return on equity. Analysts expect full-year earnings of $42.40 per share.
• The company declared a quarterly dividend of $0.41 per share, equivalent to a $1.64 annualized payout and a 0.5% yield. Analysts maintain a consensus “Hold” rating with an average price target of $336.33, compared with the stock’s reported $322.30 price.

Hsbc Holdings PLC grew its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 38.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 16,289 shares of the insurance provider's stock after buying an additional 4,492 shares during the quarter. Hsbc Holdings PLC's holdings in RenaissanceRe were worth $5,258,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in RenaissanceRe during the second quarter valued at approximately $1,319,724,000. Boston Partners boosted its holdings in RenaissanceRe by 9.9% during the fourth quarter. Boston Partners now owns 1,423,483 shares of the insurance provider's stock worth $400,150,000 after buying an additional 128,245 shares in the last quarter. Lightrock Netherlands B.V. boosted its holdings in RenaissanceRe by 15.8% during the first quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider's stock worth $350,263,000 after buying an additional 160,915 shares in the last quarter. Dimensional Fund Advisors LP grew its position in RenaissanceRe by 5.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider's stock valued at $322,603,000 after buying an additional 52,371 shares during the period. Finally, Bank of America Corp DE grew its position in RenaissanceRe by 17.6% during the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider's stock valued at $195,182,000 after buying an additional 120,063 shares during the period. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Performance

RNR opened at $322.30 on Thursday. The firm's fifty day simple moving average is $323.44 and its two-hundred day simple moving average is $307.94. RenaissanceRe Holdings Ltd. has a 52-week low of $231.17 and a 52-week high of $340.24. The company has a market cap of $13.39 billion, a price-to-earnings ratio of 5.53, a PEG ratio of 1.18 and a beta of 0.17. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. The business 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%. Equities analysts anticipate that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 0.5%. The ex-dividend date is Tuesday, September 15th. RenaissanceRe's payout ratio is 2.81%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RNR. Weiss Ratings downgraded shares of RenaissanceRe from a "buy (b+)" rating to a "buy (b)" rating in a research report on Monday, August 17th. Mizuho raised their target price on RenaissanceRe from $325.00 to $329.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. lifted their price target on RenaissanceRe from $329.00 to $360.00 and gave the company a "neutral" rating in a research note on Monday, July 20th. UBS Group set a $349.00 price target on RenaissanceRe and gave the stock a "neutral" rating in a report on Monday, July 27th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of RenaissanceRe in a research report on Thursday, July 23rd. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $336.33.

Insider Buying and Selling

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the completion of the transaction, the executive vice president owned 72,907 shares of the company's stock, valued at $24,280,218.21. This represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.30% of the company's stock.

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.

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.