RenaissanceRe Holdings Ltd. $RNR Stock: Candriam S.C.A. Raises Stake

Key Points

• Candriam S.C.A. increased its RenaissanceRe stake by 43.1% in the third quarter, adding 38,201 shares to hold 126,892 shares worth about $40.5 million.
• Analyst sentiment is broadly neutral: the stock has an average Hold rating and a consensus price target of $343.69, with 5 Buy, 12 Hold, and 1 Sell ratings.
• RenaissanceRe reported quarterly EPS of $12.71, beating estimates of $10.56, while revenue of $1.69 billion came in below expectations of $1.78 billion.

Candriam S.C.A. grew its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 43.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 126,892 shares of the insurance provider's stock after purchasing an additional 38,201 shares during the quarter. Candriam S.C.A. owned about 0.31% of RenaissanceRe worth $40,528,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in RNR. Ethic Inc. raised its holdings in shares of RenaissanceRe by 18.2% in the third quarter. Ethic Inc. now owns 6,698 shares of the insurance provider's stock valued at $2,132,000 after buying an additional 1,031 shares during the last quarter. Parallel Advisors LLC lifted its position in RenaissanceRe by 19.7% during the 3rd quarter. Parallel Advisors LLC now owns 843 shares of the insurance provider's stock worth $268,000 after buying an additional 139 shares in the last quarter. Abacus Wealth Partners LLC acquired a new position in RenaissanceRe during the 3rd quarter worth about $231,000. Alps Advisors Inc. lifted its position in RenaissanceRe by 78.0% during the 3rd quarter. Alps Advisors Inc. now owns 3,033 shares of the insurance provider's stock worth $965,000 after buying an additional 1,329 shares in the last quarter. Finally, Heritage Family Offices LLP acquired a new position in RenaissanceRe during the 3rd quarter worth about $51,000. Institutional investors own 99.97% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Royal Bank Of Canada started coverage on shares of RenaissanceRe in a research report on Tuesday, September 22nd. They issued a "sector perform" rating and a $365.00 price objective for the company. Keefe, Bruyette & Woods boosted their target price on shares of RenaissanceRe from $342.00 to $350.00 and gave the stock a "market perform" rating in a research note on Monday, July 27th. TD Cowen upped their target price on shares of RenaissanceRe from $315.00 to $320.00 and gave the stock a "hold" rating in a research report on Monday, October 12th. Wells Fargo & Company increased their price target on shares of RenaissanceRe from $319.00 to $338.00 and gave the company an "equal weight" rating in a research note on Monday, November 2nd. Finally, Weiss Ratings cut shares of RenaissanceRe from a "buy (b+)" rating to a "hold (c+)" rating in a research note on Thursday, October 29th. Five investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $343.69.

RenaissanceRe Trading Down 2.1%

RNR stock opened at $346.75 on Friday. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.22. RenaissanceRe Holdings Ltd. has a twelve month low of $251.60 and a twelve month high of $363.84. The company has a market cap of $14.01 billion, a P/E ratio of 9.97, a PEG ratio of 0.89 and a beta of 0.11. The business has a fifty day moving average of $335.19 and a 200-day moving average of $312.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings results on Tuesday, October 27th. The insurance provider reported $12.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.56 by $2.15. The business had revenue of $1.69 billion for the quarter, compared to analysts' expectations of $1.78 billion. RenaissanceRe had a return on equity of 21.13% and a net margin of 16.25%. During the same quarter last year, the business earned $15.62 earnings per share. As a group, equities research analysts expect that RenaissanceRe Holdings Ltd. will post 49.24 EPS for the current year.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd. is a Bermuda-based provider of reinsurance and insurance, serving clients around the world. The company focuses on helping insurers and other businesses manage risks that can be difficult to predict or absorb.

Its main offerings include property catastrophe reinsurance, which helps protect insurers against losses from events such as hurricanes and earthquakes, as well as casualty and specialty reinsurance and insurance. RenaissanceRe also manages capital on behalf of third-party investors and uses risk modeling to assess and manage its exposure.

Founded in Bermuda in 1993, RenaissanceRe was established to address demand for catastrophe risk coverage.

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