RenaissanceRe Holdings Ltd. $RNR Shares Acquired by Quantedge Capital Pte Ltd

Key Points

• Quantedge Capital Pte Ltd increased its stake in RenaissanceRe by 422.7% in the first quarter, bringing its holdings to 11,500 shares worth about $3.4 million.
• Wall Street sentiment remains cautious: analysts currently rate RenaissanceRe a Hold overall, with a consensus price target of $333.87 after several firms recently raised targets.
• The company reported strong recent results, including $13.75 EPS and $2.19 billion in revenue, and it also paid a quarterly dividend of $0.41 per share.

Quantedge Capital Pte Ltd increased its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 422.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,500 shares of the insurance provider's stock after buying an additional 9,300 shares during the period. RenaissanceRe comprises approximately 1.9% of Quantedge Capital Pte Ltd's investment portfolio, making the stock its 13th largest holding. Quantedge Capital Pte Ltd's holdings in RenaissanceRe were worth $3,418,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. increased its stake in shares of RenaissanceRe by 135.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 195,975 shares of the insurance provider's stock worth $55,100,000 after purchasing an additional 112,910 shares in the last quarter. Belpointe Asset Management LLC lifted its stake in RenaissanceRe by 595.0% in the 4th quarter. Belpointe Asset Management LLC now owns 6,151 shares of the insurance provider's stock valued at $1,729,000 after buying an additional 5,266 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in RenaissanceRe by 68.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,171 shares of the insurance provider's stock valued at $3,855,000 after buying an additional 5,782 shares in the last quarter. M&T Bank Corp lifted its stake in RenaissanceRe by 8,296.5% in the 4th quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider's stock valued at $81,635,000 after buying an additional 286,894 shares in the last quarter. Finally, Horizon Investments LLC boosted its holdings in RenaissanceRe by 247,520.0% in the 4th quarter. Horizon Investments LLC now owns 24,762 shares of the insurance provider's stock worth $6,962,000 after buying an additional 24,752 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on RNR shares. JPMorgan Chase & Co. boosted their price objective on RenaissanceRe from $329.00 to $360.00 and gave the stock a "neutral" rating in a research note on Monday. UBS Group raised their target price on RenaissanceRe from $326.00 to $342.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. Keefe, Bruyette & Woods lifted their price target on RenaissanceRe from $327.00 to $342.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 8th. Morgan Stanley boosted their price target on RenaissanceRe from $310.00 to $320.00 and gave the stock an "equal weight" rating in a research report on Monday, July 6th. Finally, Evercore set a $320.00 price objective on RenaissanceRe in a research note on Friday, July 10th. Five analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $333.87.

RenaissanceRe Trading Down 0.2%

Shares of RenaissanceRe stock opened at $320.86 on Wednesday. The stock has a market cap of $13.68 billion, a P/E ratio of 5.35, a P/E/G ratio of 1.25 and a beta of 0.17. The stock's 50 day simple moving average is $303.24 and its 200-day simple moving average is $297.63. 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 current ratio of 1.37 and a quick ratio of 1.37.

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

RenaissanceRe Announces Dividend

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

About RenaissanceRe

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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