Legal & General Group Plc Invests $18.74 Million in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Legal & General Group Plc acquired 59,143 RenaissanceRe shares worth approximately $18.74 million, giving it a 0.14% stake. Institutional investors collectively own 99.97% of the company.
• Analysts maintain a largely cautious outlook, with an average rating of “Hold” and a consensus price target of $336.33; targets range from $315 to $438.
• RenaissanceRe reported $12.92 in quarterly EPS on $2.77 billion in revenue and announced a quarterly dividend of $0.41 per share, equivalent to a 0.5% yield.

Legal & General Group Plc purchased a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 59,143 shares of the insurance provider's stock, valued at approximately $18,742,000. Legal & General Group Plc owned about 0.14% of RenaissanceRe as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in RNR. Quarry LP lifted its position in RenaissanceRe by 65.0% in the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider's stock valued at $34,000 after acquiring an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in shares of RenaissanceRe by 235.0% in the 3rd 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. Kingdom Financial Group LLC. purchased a new position in shares of RenaissanceRe in the fourth quarter worth $36,000. Mcguire Capital Advisors Inc. bought a new position in shares of RenaissanceRe during the fourth quarter valued at $38,000. Finally, SBI Securities Co. Ltd. lifted its holdings 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 in the last quarter. Institutional investors own 99.97% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on RNR. JPMorgan Chase & Co. upped their target price on shares of RenaissanceRe from $329.00 to $360.00 and gave the company a "neutral" rating in a research note on Monday, July 20th. Bank of America boosted their price objective on shares of RenaissanceRe from $410.00 to $438.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. TD Cowen raised their target price on shares of RenaissanceRe from $300.00 to $315.00 and gave the stock a "hold" rating in a report on Tuesday, July 7th. Evercore set a $330.00 target price on shares of RenaissanceRe in a research report on Thursday, July 23rd. Finally, Wolfe Research set a $315.00 price objective on RenaissanceRe in a report on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, RenaissanceRe has an average 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 firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the sale, the executive vice president owned 72,907 shares in the company, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company's stock.

RenaissanceRe Price Performance

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

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The business had revenue of $2.77 billion during the quarter. Sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current year.

RenaissanceRe Dividend Announcement

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

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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