Connor Clark & Lunn Investment Management Ltd. increased its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 79.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 30,967 shares of the insurance provider's stock after acquiring an additional 13,723 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.06% of RenaissanceRe worth $7,432,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in RNR. Tsfg LLC purchased a new stake in RenaissanceRe during the 1st quarter valued at $40,000. LRI Investments LLC raised its stake in RenaissanceRe by 116.5% during the 1st quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock valued at $63,000 after buying an additional 141 shares during the last quarter. UMB Bank n.a. raised its stake in RenaissanceRe by 165.1% during the 1st quarter. UMB Bank n.a. now owns 464 shares of the insurance provider's stock valued at $111,000 after buying an additional 289 shares during the last quarter. State of Wyoming purchased a new stake in RenaissanceRe during the 4th quarter valued at $175,000. Finally, Rossby Financial LCC purchased a new stake in RenaissanceRe during the 1st quarter valued at $187,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on the stock. Cantor Fitzgerald upgraded shares of RenaissanceRe to a "hold" rating in a research note on Wednesday. Keefe, Bruyette & Woods upped their price objective on RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a research note on Monday, July 28th. JMP Securities restated a "market perform" rating on shares of RenaissanceRe in a research note on Thursday, April 24th. UBS Group upped their price objective on RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Finally, Citigroup initiated coverage on RenaissanceRe in a research note on Wednesday. They issued a "buy" rating and a $288.00 price objective for the company. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, RenaissanceRe has an average rating of "Hold" and a consensus target price of $282.09.
View Our Latest Research Report on RNR
RenaissanceRe Trading Down 0.7%
Shares of RNR traded down $1.66 during midday trading on Thursday, hitting $242.41. The stock had a trading volume of 244,595 shares, compared to its average volume of 486,450. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36. The firm has a market cap of $11.41 billion, a PE ratio of 6.19, a price-to-earnings-growth ratio of 2.40 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a 1 year low of $219.00 and a 1 year high of $300.00. The stock's 50 day moving average is $241.51 and its 200 day moving average is $240.35.
RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.28 by $2.01. The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.96 billion. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The firm's quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter last year, the firm earned $12.41 earnings per share. As a group, analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.
RenaissanceRe Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.7%. RenaissanceRe's dividend payout ratio (DPR) is 4.09%.
RenaissanceRe Profile
(
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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