RenaissanceRe Holdings Ltd. $RNR Shares Purchased by Illinois Municipal Retirement Fund

Key Points

• Illinois Municipal Retirement Fund increased its stake in RenaissanceRe by 19.9% in the first quarter, buying 4,980 additional shares and lifting its holdings to 29,950 shares worth about $8.9 million.
• Institutional investors remain overwhelmingly involved in the stock, with 99.97% of RenaissanceRe shares owned by institutions. Several other funds also added to or initiated positions during the quarter.
• RenaissanceRe’s stock was up 2.3% to $314.74, while analysts currently rate it Hold overall with an average price target of $331.80. The company also recently paid a quarterly dividend of $0.41 per share.

Illinois Municipal Retirement Fund grew its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 19.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,950 shares of the insurance provider's stock after acquiring an additional 4,980 shares during the period. Illinois Municipal Retirement Fund owned about 0.07% of RenaissanceRe worth $8,902,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Sanctuary Advisors LLC raised its stake in shares of RenaissanceRe by 108.0% in the 1st quarter. Sanctuary Advisors LLC now owns 2,194 shares of the insurance provider's stock valued at $652,000 after purchasing an additional 1,139 shares in the last quarter. Hillsdale Investment Management Inc. grew its stake in RenaissanceRe by 25.3% in the first quarter. Hillsdale Investment Management Inc. now owns 18,300 shares of the insurance provider's stock worth $5,439,000 after purchasing an additional 3,700 shares in the last quarter. Applied Finance Capital Management LLC increased its holdings in RenaissanceRe by 14.3% in the first quarter. Applied Finance Capital Management LLC now owns 829 shares of the insurance provider's stock valued at $246,000 after buying an additional 104 shares during the last quarter. Candriam S.C.A. bought a new stake in RenaissanceRe in the first quarter valued at about $6,202,000. Finally, ARGA Investment Management LP acquired a new stake in RenaissanceRe during the first quarter valued at approximately $2,263,000. Institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Up 2.3%

RNR stock opened at $314.74 on Friday. RenaissanceRe Holdings Ltd. has a 52 week low of $231.17 and a 52 week high of $329.57. The company has a market capitalization of $13.42 billion, a price-to-earnings ratio of 5.25, a price-to-earnings-growth ratio of 1.14 and a beta of 0.17. The firm's 50-day moving average is $301.77 and its two-hundred day moving average is $296.81. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22.

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

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given 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 dividend payout ratio (DPR) is 2.73%.

Wall Street Analyst Weigh In

A number of research firms have commented on RNR. Weiss Ratings raised RenaissanceRe from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, June 25th. UBS Group boosted their price target on RenaissanceRe from $326.00 to $342.00 and gave the company a "neutral" rating in a report on Wednesday, July 8th. Bank of America dropped their price target on RenaissanceRe to $426.00 and set a "buy" rating on the stock in a research report on Tuesday, April 14th. Evercore set a $320.00 price objective on RenaissanceRe in a research note on Friday, July 10th. Finally, Cantor Fitzgerald lifted their price objective on shares of RenaissanceRe from $340.00 to $354.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $331.80.

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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