RenaissanceRe Holdings Ltd. $RNR Shares Acquired by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP increased its stake in RenaissanceRe by 5.1% in the first quarter, buying 52,371 additional shares and bringing its holdings to 1,085,380 shares valued at about $322.6 million.
• Several other hedge funds also boosted or initiated positions in the insurer, and institutional investors now own 99.97% of RenaissanceRe’s stock.
• Analysts are broadly cautious on the name: the stock has a Hold consensus rating with an average price target of $333.87, while RenaissanceRe recently reported strong quarterly earnings of $13.75 per share and paid a $0.41 quarterly dividend.

Dimensional Fund Advisors LP lifted its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 5.1% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,085,380 shares of the insurance provider's stock after buying an additional 52,371 shares during the period. Dimensional Fund Advisors LP owned 2.55% of RenaissanceRe worth $322,603,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of RenaissanceRe by 39.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider's stock worth $2,325,000 after purchasing an additional 2,737 shares during the period. Millennium Management LLC purchased a new stake in shares of RenaissanceRe in the first quarter valued at $15,289,000. Jones Financial Companies Lllp increased its stake in RenaissanceRe by 900.0% in the first quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider's stock valued at $324,000 after purchasing an additional 1,215 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in RenaissanceRe by 72.5% in the first quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider's stock valued at $13,725,000 after purchasing an additional 24,027 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in RenaissanceRe by 18.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider's stock worth $107,000 after buying an additional 69 shares during the period. Institutional investors and hedge funds own 99.97% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on RNR. Morgan Stanley lifted their price target on RenaissanceRe from $310.00 to $320.00 and gave the company an "equal weight" rating in a report on Monday, July 6th. Cantor Fitzgerald boosted their target price on shares of RenaissanceRe from $340.00 to $354.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. Citigroup raised shares of RenaissanceRe from a "neutral" rating to a "buy" rating and increased their price target for the stock from $335.00 to $345.00 in a research note on Wednesday, June 10th. UBS Group boosted their price objective on shares of RenaissanceRe from $326.00 to $342.00 and gave the company a "neutral" rating in a research note on Wednesday, July 8th. Finally, JPMorgan Chase & Co. upped their price objective on RenaissanceRe from $329.00 to $360.00 and gave the stock a "neutral" rating in a report on Monday. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $333.87.

RenaissanceRe Stock Down 0.2%

Shares of NYSE:RNR opened at $320.86 on Wednesday. The stock has a 50-day simple moving average of $303.24 and a 200-day simple moving average of $297.63. The stock has a market capitalization of $13.68 billion, a P/E ratio of 5.35, a PEG ratio of 1.25 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a 1 year low of $231.17 and a 1 year high of $329.57. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 1.37.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The firm had revenue of $2.19 billion for the quarter. Equities analysts forecast that RenaissanceRe Holdings Ltd. will post 40.57 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a dividend of $0.41 per share. The ex-dividend date was Monday, June 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe's payout ratio is presently 2.73%.

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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