Cooke & Bieler LP lifted its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 97.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,088,978 shares of the insurance provider's stock after purchasing an additional 538,636 shares during the period. RenaissanceRe comprises 1.9% of Cooke & Bieler LP's portfolio, making the stock its 12th largest holding. Cooke & Bieler LP owned approximately 2.13% of RenaissanceRe worth $213,440,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Xponance Inc. increased its stake in shares of RenaissanceRe by 1.1% in the fourth quarter. Xponance Inc. now owns 7,676 shares of the insurance provider's stock worth $1,504,000 after purchasing an additional 86 shares in the last quarter. Daiwa Securities Group Inc. purchased a new stake in shares of RenaissanceRe in the fourth quarter worth $39,000. Avior Wealth Management LLC purchased a new stake in shares of RenaissanceRe in the fourth quarter worth $745,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of RenaissanceRe by 33.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,237 shares of the insurance provider's stock worth $2,202,000 after purchasing an additional 2,846 shares in the last quarter. Finally, Louisiana State Employees Retirement System purchased a new stake in shares of RenaissanceRe in the fourth quarter worth $2,881,000. 99.97% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities analysts recently weighed in on RNR shares. Evercore ISI upped their target price on shares of RenaissanceRe from $213.00 to $216.00 and gave the stock an "underperform" rating in a research report on Thursday, April 11th. TD Cowen started coverage on shares of RenaissanceRe in a research report on Wednesday, January 10th. They set a "market perform" rating for the company. UBS Group upped their target price on shares of RenaissanceRe from $229.00 to $238.00 and gave the stock a "neutral" rating in a research report on Monday, February 5th. JPMorgan Chase & Co. upped their target price on shares of RenaissanceRe from $204.00 to $237.00 and gave the stock a "neutral" rating in a research report on Monday, April 8th. Finally, BMO Capital Markets upped their target price on shares of RenaissanceRe from $216.00 to $295.00 and gave the stock an "outperform" rating in a research report on Monday, February 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $247.89.
Check Out Our Latest Stock Report on RenaissanceRe
Insider Activity
In other news, EVP David E. Marra sold 750 shares of the stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $229.00, for a total value of $171,750.00. Following the sale, the executive vice president now owns 79,699 shares of the company's stock, valued at $18,251,071. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Carol P. Sanders sold 880 shares of the firm's stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $227.59, for a total value of $200,279.20. Following the transaction, the director now owns 5,363 shares of the company's stock, valued at approximately $1,220,565.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP David E. Marra sold 750 shares of the firm's stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $229.00, for a total transaction of $171,750.00. Following the completion of the transaction, the executive vice president now directly owns 79,699 shares in the company, valued at approximately $18,251,071. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,130 shares of company stock valued at $958,429. 1.30% of the stock is currently owned by company insiders.
RenaissanceRe Price Performance
RNR stock traded up $1.90 during trading on Friday, hitting $224.74. 308,689 shares of the company's stock traded hands, compared to its average volume of 299,837. RenaissanceRe Holdings Ltd. has a 52 week low of $174.22 and a 52 week high of $239.42. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.40 and a current ratio of 1.40. The business has a fifty day simple moving average of $227.55 and a 200 day simple moving average of $215.80. The stock has a market capitalization of $11.85 billion, a price-to-earnings ratio of 4.39, a P/E/G ratio of 2.98 and a beta of 0.30.
RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings data on Tuesday, January 30th. The insurance provider reported $11.77 EPS for the quarter, beating the consensus estimate of $8.13 by $3.64. RenaissanceRe had a net margin of 28.04% and a return on equity of 26.93%. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same quarter last year, the business earned $7.33 earnings per share. RenaissanceRe's quarterly revenue was up 17.9% compared to the same quarter last year. As a group, research analysts expect that RenaissanceRe Holdings Ltd. will post 34.41 EPS for the current fiscal year.
RenaissanceRe Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $0.39 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.56 annualized dividend and a dividend yield of 0.69%. This is an increase from RenaissanceRe's previous quarterly dividend of $0.38. RenaissanceRe's dividend payout ratio is currently 3.05%.
About RenaissanceRe
(
Free Report)
RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.
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