Louisiana State Employees Retirement System increased its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 5.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,300 shares of the insurance provider’s stock after purchasing an additional 600 shares during the quarter. Louisiana State Employees Retirement System’s holdings in RenaissanceRe were worth $1,622,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Keybank National Association OH increased its stake in RenaissanceRe by 0.7% during the 4th quarter. Keybank National Association OH now owns 11,225 shares of the insurance provider’s stock worth $1,501,000 after purchasing an additional 75 shares in the last quarter. JOYN Advisors Inc. increased its stake in RenaissanceRe by 63.9% during the 4th quarter. JOYN Advisors Inc. now owns 241 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 94 shares in the last quarter. First Mercantile Trust Co. increased its stake in RenaissanceRe by 52.6% during the 4th quarter. First Mercantile Trust Co. now owns 290 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 100 shares in the last quarter. ETF Managers Group LLC grew its stake in shares of RenaissanceRe by 15.5% during the 4th quarter. ETF Managers Group LLC now owns 937 shares of the insurance provider’s stock worth $125,000 after acquiring an additional 126 shares in the last quarter. Finally, Rehmann Capital Advisory Group grew its stake in shares of RenaissanceRe by 65.1% during the 4th quarter. Rehmann Capital Advisory Group now owns 322 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 127 shares in the last quarter. 95.72% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have recently weighed in on RNR shares. Bank of America cut shares of RenaissanceRe from a “neutral” rating to an “underperform” rating in a research note on Wednesday, January 16th. Zacks Investment Research raised shares of RenaissanceRe from a “sell” rating to a “hold” rating in a research note on Tuesday, January 8th. Wells Fargo & Co reaffirmed a “hold” rating and set a $125.00 price target on shares of RenaissanceRe in a research note on Tuesday, January 29th. TheStreet raised shares of RenaissanceRe from a “c+” rating to a “b” rating in a research note on Thursday, February 7th. Finally, UBS Group raised their price target on shares of RenaissanceRe from $144.00 to $153.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 9th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $146.36.
Shares of RNR opened at $154.35 on Wednesday. The company has a market cap of $6.43 billion, a PE ratio of 16.83, a price-to-earnings-growth ratio of 1.39 and a beta of 0.49. RenaissanceRe Holdings Ltd. has a twelve month low of $117.35 and a twelve month high of $152.80. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.71 and a quick ratio of 1.71.
RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, January 29th. The insurance provider reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($1.93) by $1.95. The company had revenue of $633.44 million during the quarter, compared to analysts’ expectations of $545.60 million. RenaissanceRe had a net margin of 10.96% and a return on equity of 9.18%. As a group, sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 11.51 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 0.88%. The ex-dividend date was Thursday, March 14th. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.33. RenaissanceRe’s dividend payout ratio is presently 14.83%.
In other news, SVP Ross Curtis sold 7,500 shares of the stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $152.00, for a total value of $1,140,000.00. Following the completion of the sale, the senior vice president now owns 105,503 shares of the company’s stock, valued at approximately $16,036,456. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Sean G. Brosnan sold 1,250 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $145.97, for a total value of $182,462.50. Following the completion of the sale, the senior vice president now directly owns 10,960 shares of the company’s stock, valued at approximately $1,599,831.20. The disclosure for this sale can be found here. In the last three months, insiders sold 10,750 shares of company stock valued at $1,628,463. 1.60% of the stock is currently owned by insiders.
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RenaissanceRe Company Profile
RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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, and binding facilities and regional U.S.
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