MQS Management LLC bought a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 2,138 shares of the insurance provider's stock, valued at approximately $513,000.
A number of other institutional investors have also modified their holdings of the stock. First Trust Advisors LP grew its position in RenaissanceRe by 462.8% in the 4th quarter. First Trust Advisors LP now owns 864,252 shares of the insurance provider's stock valued at $215,035,000 after buying an additional 710,698 shares during the last quarter. Norges Bank purchased a new stake in shares of RenaissanceRe in the fourth quarter valued at about $173,530,000. Boston Partners increased its stake in shares of RenaissanceRe by 28.5% during the fourth quarter. Boston Partners now owns 2,013,382 shares of the insurance provider's stock worth $500,991,000 after acquiring an additional 446,781 shares during the period. GAMMA Investing LLC raised its holdings in RenaissanceRe by 33,487.8% during the first quarter. GAMMA Investing LLC now owns 396,000 shares of the insurance provider's stock worth $95,040,000 after purchasing an additional 394,821 shares in the last quarter. Finally, Capital World Investors lifted its position in RenaissanceRe by 8.8% in the fourth quarter. Capital World Investors now owns 2,882,835 shares of the insurance provider's stock valued at $717,278,000 after purchasing an additional 233,708 shares during the period. Institutional investors and hedge funds own 99.97% of the company's stock.
Insider Buying and Selling
In other RenaissanceRe news, CAO James Christopher Fraser sold 332 shares of RenaissanceRe stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total value of $82,847.28. Following the transaction, the chief accounting officer owned 27,154 shares in the company, valued at $6,776,009.16. This trade represents a 1.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.00% of the stock is owned by company insiders.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on RNR. Wells Fargo & Company reissued an "equal weight" rating and set a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a research note on Thursday. Jefferies Financial Group cut their price objective on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating for the company in a research report on Friday, April 11th. Morgan Stanley set a $285.00 target price on shares of RenaissanceRe and gave the stock an "overweight" rating in a research report on Monday, May 19th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $268.00 price objective (down previously from $282.00) on shares of RenaissanceRe in a research note on Wednesday, July 9th. Finally, JPMorgan Chase & Co. raised shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price objective on the stock in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $288.56.
View Our Latest Analysis on RenaissanceRe
RenaissanceRe Price Performance
Shares of NYSE:RNR opened at $237.27 on Monday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.36 and a current ratio of 1.36. The business's fifty day moving average price is $244.00 and its two-hundred day moving average price is $242.20. The stock has a market cap of $11.54 billion, a PE ratio of 7.57, a price-to-earnings-growth ratio of 2.86 and a beta of 0.30. RenaissanceRe Holdings Ltd. has a one year low of $210.51 and a one year high of $300.00.
RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($1.17). RenaissanceRe had a net margin of 13.26% and a return on equity of 15.90%. The firm had revenue of $3.44 billion for the quarter, compared to analysts' expectations of $3.36 billion. During the same period in the previous year, the company posted $12.18 EPS. The business's quarterly revenue was up 7.6% on a year-over-year basis. On average, analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.
RenaissanceRe Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date of this dividend was Friday, June 13th. RenaissanceRe's payout ratio is 5.10%.
RenaissanceRe Company Profile
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Free Report)
RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.
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