Leuthold Group LLC Buys 13,765 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• Leuthold Group increased its RenaissanceRe stake by 79.7% in the third quarter, buying 13,765 shares to bring its holdings to 31,043 shares, valued at about $9.9 million.
• RenaissanceRe reported quarterly EPS of $12.71, beating the $10.56 consensus estimate, while revenue of $1.69 billion fell short of expectations of $1.78 billion.
• Analysts’ consensus rating is Hold, with an average price target of $343.69; 99.97% of the company’s shares are held by institutional investors.

Leuthold Group LLC increased its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 79.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,043 shares of the insurance provider's stock after purchasing an additional 13,765 shares during the quarter. RenaissanceRe comprises about 0.9% of Leuthold Group LLC's portfolio, making the stock its 29th biggest position. Leuthold Group LLC owned 0.08% of RenaissanceRe worth $9,879,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the stock. BlackRock Inc. bought a new position in RenaissanceRe in the 2nd quarter worth approximately $1,319,724,000. GQG Partners LLC bought a new position in RenaissanceRe in the 2nd quarter valued at $185,351,000. Bank of New York Mellon Corp acquired a new stake in shares of RenaissanceRe in the 2nd quarter valued at $116,717,000. Great Lakes Advisors LLC acquired a new stake in shares of RenaissanceRe in the 2nd quarter valued at $87,916,000. Finally, Lightrock Netherlands B.V. increased its stake in shares of RenaissanceRe by 15.8% in the 1st quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider's stock valued at $350,263,000 after buying an additional 160,915 shares during the period. 99.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RNR. Keefe, Bruyette & Woods boosted their target price on RenaissanceRe from $342.00 to $350.00 and gave the stock a "market perform" rating in a research report on Monday, July 27th. Cantor Fitzgerald reiterated an "overweight" rating on shares of RenaissanceRe in a report on Thursday, July 23rd. Evercore set a $330.00 price objective on RenaissanceRe in a research report on Thursday, July 23rd. Bank of America boosted their price objective on RenaissanceRe from $410.00 to $438.00 and gave the stock a "buy" rating in a report on Thursday, July 23rd. Finally, TD Cowen upped their target price on shares of RenaissanceRe from $315.00 to $320.00 and gave the company a "hold" rating in a research report on Monday, October 12th. Five analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $343.69.

RenaissanceRe Stock Performance

Shares of RenaissanceRe stock opened at $348.10 on Tuesday. The firm has a fifty day moving average of $335.54 and a two-hundred day moving average of $312.37. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.40 and a current ratio of 1.40. The stock has a market capitalization of $14.07 billion, a price-to-earnings ratio of 10.01, a PEG ratio of 0.91 and a beta of 0.11. RenaissanceRe Holdings Ltd. has a 52 week low of $251.60 and a 52 week high of $363.84.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings results on Tuesday, October 27th. The insurance provider reported $12.71 EPS for the quarter, beating analysts' consensus estimates of $10.56 by $2.15. The company had revenue of $1.69 billion during the quarter, compared to analysts' expectations of $1.78 billion. RenaissanceRe had a return on equity of 21.13% and a net margin of 16.25%. During the same period in the prior year, the business posted $15.62 EPS. As a group, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 49.24 EPS for the current year.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd. is a Bermuda-based provider of reinsurance and insurance, serving clients around the world. The company focuses on helping insurers and other businesses manage risks that can be difficult to predict or absorb.

Its main offerings include property catastrophe reinsurance, which helps protect insurers against losses from events such as hurricanes and earthquakes, as well as casualty and specialty reinsurance and insurance. RenaissanceRe also manages capital on behalf of third-party investors and uses risk modeling to assess and manage its exposure.

Founded in Bermuda in 1993, RenaissanceRe was established to address demand for catastrophe risk coverage.

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