The Manufacturers Life Insurance Company Acquires Shares of 26,078 RenaissanceRe Holdings Ltd. $RNR

Key Points

• The Manufacturers Life Insurance Company acquired 26,078 RenaissanceRe shares worth approximately $8.26 million, while institutional investors collectively own 99.97% of the stock.
• RenaissanceRe reported quarterly earnings of $12.92 per share on $2.77 billion in revenue, with a 23.10% return on equity and a 23.65% net margin.
• Analysts maintain a consensus “Hold” rating with a $336.33 price target; the company also declared a quarterly dividend of $0.41 per share, yielding about 0.5%.

The Manufacturers Life Insurance Company bought a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 26,078 shares of the insurance provider's stock, valued at approximately $8,264,000. The Manufacturers Life Insurance Company owned approximately 0.06% of RenaissanceRe as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in RenaissanceRe during the 2nd quarter valued at $1,319,724,000. Boston Partners boosted its holdings in shares of RenaissanceRe by 9.9% in the fourth quarter. Boston Partners now owns 1,423,483 shares of the insurance provider's stock worth $400,150,000 after acquiring an additional 128,245 shares during the period. Lightrock Netherlands B.V. grew its position in shares of RenaissanceRe by 15.8% in the first quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider's stock valued at $350,263,000 after purchasing an additional 160,915 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of RenaissanceRe by 5.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider's stock valued at $322,603,000 after purchasing an additional 52,371 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of RenaissanceRe by 17.6% during the 2nd quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider's stock valued at $195,182,000 after purchasing an additional 120,063 shares during the period. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Price Performance

NYSE:RNR opened at $330.58 on Monday. RenaissanceRe Holdings Ltd. has a 52-week low of $231.17 and a 52-week high of $335.97. The stock has a fifty day moving average of $320.85 and a 200 day moving average of $306.47. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market capitalization of $13.74 billion, a price-to-earnings ratio of 5.67, a P/E/G ratio of 1.20 and a beta of 0.17.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The business had revenue of $2.77 billion for the quarter. On average, research analysts expect that RenaissanceRe Holdings Ltd. will post 42.4 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 15th. RenaissanceRe's dividend payout ratio is 2.81%.

Analyst Ratings Changes

A number of brokerages recently issued reports on RNR. Citigroup raised RenaissanceRe from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $335.00 to $345.00 in a report on Wednesday, June 10th. Mizuho upped their price target on RenaissanceRe from $325.00 to $329.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. Wells Fargo & Company increased their price target on shares of RenaissanceRe from $306.00 to $329.00 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. Weiss Ratings lowered shares of RenaissanceRe from a "buy (b+)" rating to a "buy (b)" rating in a research report on Monday, August 17th. Finally, Evercore set a $330.00 price objective on shares of RenaissanceRe in a research note on Thursday, July 23rd. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, RenaissanceRe presently has a consensus rating of "Hold" and a consensus price target of $336.33.

Insiders Place Their Bets

In related news, EVP Robert Qutub sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the sale, the executive vice president directly owned 72,907 shares of the company's stock, valued at $24,280,218.21. This trade represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.30% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.