Hsbc Holdings PLC Makes New Investment in RenaissanceRe Holdings Ltd. $RNR

Key Points

• HSBC Holdings acquired 16,289 shares of RenaissanceRe in the second quarter, valued at approximately $5.26 million. Institutional investors collectively own 99.97% of the company.
• Analysts maintain a broadly cautious outlook, with a consensus rating of “Hold” and an average price target of $336.33; ratings include five Buys, eleven Holds, and one Sell.
• RenaissanceRe reported quarterly earnings per share of $12.92 on $2.77 billion in revenue and declared a quarterly dividend of $0.41 per share, representing a 0.5% yield.

Hsbc Holdings PLC bought a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 16,289 shares of the insurance provider's stock, valued at approximately $5,258,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quarry LP lifted its position in RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider's stock worth $34,000 after acquiring an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in RenaissanceRe by 235.0% in the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock valued at $34,000 after acquiring an additional 94 shares in the last quarter. Kingdom Financial Group LLC. acquired a new stake in RenaissanceRe in the fourth quarter valued at approximately $36,000. Mcguire Capital Advisors Inc. purchased a new stake in shares of RenaissanceRe during the fourth quarter valued at approximately $38,000. Finally, SBI Securities Co. Ltd. raised its stake in shares of 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 purchasing an additional 37 shares during the period. Hedge funds and other institutional investors own 99.97% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Morgan Stanley raised their price target on shares of RenaissanceRe from $310.00 to $320.00 and gave the company an "equal weight" rating in a report on Monday, July 6th. Weiss Ratings cut shares of RenaissanceRe from a "buy (b+)" rating to a "buy (b)" rating in a research report on Monday, August 17th. JPMorgan Chase & Co. raised their target price on RenaissanceRe from $329.00 to $360.00 and gave the company a "neutral" rating in a research note on Monday, July 20th. Barclays lifted their target price on RenaissanceRe from $328.00 to $341.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 7th. Finally, Citigroup upgraded RenaissanceRe from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $335.00 to $345.00 in a research note on Wednesday, June 10th. Five research 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $336.33.

RenaissanceRe Trading Up 0.1%

RNR opened at $330.58 on Friday. RenaissanceRe Holdings Ltd. has a 12-month low of $231.17 and a 12-month high of $335.97. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market capitalization of $13.74 billion, a PE ratio of 5.67, a P/E/G ratio of 1.20 and a beta of 0.17. The firm's fifty day moving average price is $320.85 and its 200 day moving average price is $306.35.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. The company 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%. As a group, research analysts expect that RenaissanceRe Holdings Ltd. will post 42.4 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe's dividend payout ratio (DPR) is presently 2.81%.

Insider Buying and Selling

In related news, EVP Robert Qutub sold 5,000 shares of the business's stock in a transaction dated 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 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.30% of the company's stock.

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.

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