M&T Bank Corp Has $81.64 Million Holdings in RenaissanceRe Holdings Ltd. $RNR

Key Points

• M&T Bank raised its stake in RenaissanceRe by 8,296.5%, acquiring 290,352 shares and owning about $81.64 million (roughly 0.63% of the company) per its latest 13F filing.
• RenaissanceRe reported a strong quarter—EPS $13.34 versus $10.59 expected and revenue of $2.97B versus $1.73B expected—and recently increased its quarterly dividend to $0.41 per share.
• Institutional investors hold about 99.97% of the stock, with other large funds (notably Lightrock Netherlands, Capital World Investors, Dimensional, and Bank of America) materially increasing their positions recently.

M&T Bank Corp raised its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 8,296.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 290,352 shares of the insurance provider's stock after acquiring an additional 286,894 shares during the quarter. M&T Bank Corp owned about 0.63% of RenaissanceRe worth $81,635,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Capital World Investors increased its position in RenaissanceRe by 0.3% in the 3rd quarter. Capital World Investors now owns 2,649,518 shares of the insurance provider's stock valued at $672,792,000 after acquiring an additional 7,839 shares in the last quarter. Lightrock Netherlands B.V. increased its position in RenaissanceRe by 4,690.1% in the 4th quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider's stock valued at $286,083,000 after acquiring an additional 996,266 shares in the last quarter. Dimensional Fund Advisors LP increased its position in RenaissanceRe by 4.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,001,410 shares of the insurance provider's stock valued at $254,273,000 after acquiring an additional 45,936 shares in the last quarter. Bank of America Corp DE increased its position in RenaissanceRe by 17.6% in the 2nd quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider's stock valued at $195,182,000 after acquiring an additional 120,063 shares in the last quarter. Finally, Invesco Ltd. increased its position in RenaissanceRe by 6.2% in the 3rd quarter. Invesco Ltd. now owns 618,974 shares of the insurance provider's stock valued at $157,176,000 after acquiring an additional 36,254 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company's stock.

Insiders Place Their Bets

In related news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the transaction, the executive vice president owned 73,023 shares of the company's stock, valued at $22,326,782.25. This trade represents a 6.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

RNR has been the subject of several research reports. Mizuho raised their price objective on shares of RenaissanceRe from $313.00 to $318.00 and gave the company a "neutral" rating in a research report on Monday, April 13th. Citigroup lifted their price target on shares of RenaissanceRe from $328.00 to $333.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 18th. TD Cowen lifted their price target on shares of RenaissanceRe from $280.00 to $290.00 and gave the stock a "hold" rating in a research report on Thursday, February 26th. Wall Street Zen upgraded shares of RenaissanceRe from a "hold" rating to a "buy" rating in a research report on Saturday, February 14th. Finally, Bank of America lowered their price target on shares of RenaissanceRe to $426.00 and set a "buy" rating for the company in a research report on Tuesday, April 14th. Four analysts have rated the stock with a Buy rating, thirteen have issued 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 $322.64.

RenaissanceRe Stock Down 0.5%

Shares of NYSE:RNR opened at $311.37 on Wednesday. RenaissanceRe Holdings Ltd. has a one year low of $222.75 and a one year high of $318.20. The company has a 50 day moving average of $300.73 and a 200-day moving average of $279.89. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 1.43. The stock has a market cap of $13.44 billion, a price-to-earnings ratio of 5.49, a P/E/G ratio of 0.73 and a beta of 0.24.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, topping the consensus estimate of $10.59 by $2.75. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the firm earned $8.06 EPS. RenaissanceRe's quarterly revenue was up 29.6% compared to the same quarter last year. On average, sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 38.38 earnings per share for the current year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were 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 of this dividend was Friday, March 13th. This is a positive change from RenaissanceRe's previous quarterly dividend of $0.40. RenaissanceRe's payout ratio is 2.89%.

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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