Formuepleje A S lowered its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR – Free Report) by 32.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 9,020 shares of the insurance provider’s stock after selling 4,300 shares during the quarter. Formuepleje A S’s holdings in RenaissanceRe were worth $2,870,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in RNR. BlackRock Inc. purchased a new stake in RenaissanceRe during the 2nd quarter worth $1,319,724,000. Lightrock Netherlands B.V. raised its position in 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 during the period. Dimensional Fund Advisors LP raised its position in 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 during the period. GQG Partners LLC acquired a new position in shares of RenaissanceRe during the second quarter worth about $185,351,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of RenaissanceRe during the second quarter worth about $116,717,000. Institutional investors and hedge funds own 99.97% of the company’s stock.
RenaissanceRe Stock Up 0.9%
RenaissanceRe stock traded up $2.99 during midday trading on Thursday, hitting $342.50. 191,748 shares of the stock were exchanged, compared to its average volume of 352,513. RenaissanceRe Holdings Ltd. has a 1 year low of $231.17 and a 1 year high of $349.25. The firm has a market cap of $14.23 billion, a P/E ratio of 5.87, a P/E/G ratio of 0.97 and a beta of 0.12. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The company has a 50 day moving average price of $326.60 and a two-hundred day moving average price of $313.42.
RenaissanceRe (NYSE:RNR – Get Free Report) last issued its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. The firm had revenue of $2.77 billion for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. On average, sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 44.98 earnings per share for the current fiscal year.
RenaissanceRe Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Tuesday, September 15th. RenaissanceRe’s payout ratio is presently 2.81%.
Insider Activity at RenaissanceRe
In related news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total value of $1,665,150.00. Following the transaction, the executive vice president owned 72,907 shares in the company, valued at approximately $24,280,218.21. The trade was a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.30% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have recently weighed in on RNR. Evercore set a $330.00 target price on RenaissanceRe in a research report on Thursday, July 23rd. UBS Group set a $349.00 target price on RenaissanceRe and gave the company a “neutral” rating in a report on Monday, July 27th. 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. Jefferies Financial Group upgraded RenaissanceRe from a “hold” rating to a “market outperform” rating in a report on Tuesday, September 22nd. Finally, Mizuho upped their price target on RenaissanceRe from $325.00 to $329.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Six 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’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $337.50.
View Our Latest Research Report on RenaissanceRe
RenaissanceRe Company Profile
RenaissanceRe Holdings Ltd. is a Bermuda-based global provider of reinsurance and insurance solutions. Founded in 1993, the company focuses on managing and underwriting risks that can be difficult to place in traditional insurance markets, with an emphasis on disciplined underwriting and catastrophe risk management.
RenaissanceRe’s business includes property catastrophe reinsurance, which provides coverage for events such as hurricanes, earthquakes and other natural disasters, as well as property, casualty and specialty reinsurance.
Featured Articles
- Five stocks we like better than RenaissanceRe
- Beyond the GPU: Credo Paves the Next AI Data Superhighway
- Fastenal Flashes Bullish Signal as Uptrend Holds Despite Margin Pressure
- Synopsys Signals Confidence With $1B Accelerated Buyback, Analysts Raise Targets
- Domino’s Pizza: As Cheap As It Gets, Nowhere to Go But Up
Want to see what other hedge funds are holding RNR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RenaissanceRe Holdings Ltd. (NYSE:RNR – Free Report).
Receive News & Ratings for RenaissanceRe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RenaissanceRe and related companies with MarketBeat.com's FREE daily email newsletter.
