Boston Partners increased its position in RenaissanceRe Holdings Ltd. (NYSE:RNR – Free Report) by 4.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,910,970 shares of the insurance provider’s stock after buying an additional 73,882 shares during the period. Boston Partners owned 4.35% of RenaissanceRe worth $382,923,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the company. First Trust Direct Indexing L.P. grew its holdings in RenaissanceRe by 2.0% during the first quarter. First Trust Direct Indexing L.P. now owns 3,007 shares of the insurance provider’s stock valued at $602,000 after purchasing an additional 58 shares during the last quarter. TCI Wealth Advisors Inc. grew its holdings in RenaissanceRe by 73.4% during the first quarter. TCI Wealth Advisors Inc. now owns 163 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 69 shares during the last quarter. Signaturefd LLC grew its holdings in RenaissanceRe by 30.0% during the fourth quarter. Signaturefd LLC now owns 312 shares of the insurance provider’s stock valued at $57,000 after purchasing an additional 72 shares during the last quarter. AMG National Trust Bank grew its holdings in RenaissanceRe by 1.2% during the fourth quarter. AMG National Trust Bank now owns 7,782 shares of the insurance provider’s stock valued at $1,434,000 after purchasing an additional 92 shares during the last quarter. Finally, abrdn plc grew its holdings in RenaissanceRe by 2.7% during the fourth quarter. abrdn plc now owns 3,647 shares of the insurance provider’s stock valued at $672,000 after purchasing an additional 95 shares during the last quarter. Institutional investors and hedge funds own 93.15% of the company’s stock.
Insider Buying and Selling at RenaissanceRe
In related news, CEO Kevin Odonnell acquired 13,020 shares of the business’s stock in a transaction on Friday, May 26th. The stock was bought at an average cost of $192.00 per share, with a total value of $2,499,840.00. Following the completion of the acquisition, the chief executive officer now owns 296,025 shares in the company, valued at $56,836,800. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 1.30% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have commented on the company. TheStreet downgraded RenaissanceRe from a “b-” rating to a “c+” rating in a report on Thursday, June 8th. Morgan Stanley assumed coverage on shares of RenaissanceRe in a research note on Tuesday, June 20th. They issued an “equal weight” rating and a $222.00 price objective on the stock. StockNews.com assumed coverage on shares of RenaissanceRe in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. BMO Capital Markets upgraded shares of RenaissanceRe from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $198.00 to $216.00 in a research note on Tuesday, July 11th. Finally, Jefferies Financial Group upgraded shares of RenaissanceRe from a “hold” rating to a “buy” rating and raised their price objective for the stock from $234.00 to $238.00 in a research note on Thursday, May 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $221.40.
Get Our Latest Research Report on RenaissanceRe
RenaissanceRe Stock Performance
RNR stock traded down $6.01 during midday trading on Friday, hitting $184.47. The stock had a trading volume of 369,531 shares, compared to its average volume of 429,110. The firm has a market capitalization of $9.44 billion, a price-to-earnings ratio of 23.06 and a beta of 0.42. RenaissanceRe Holdings Ltd. has a 52 week low of $128.00 and a 52 week high of $223.80. The stock has a 50-day simple moving average of $191.24 and a 200 day simple moving average of $199.37. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.28.
RenaissanceRe (NYSE:RNR – Get Free Report) last issued its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $8.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.58 by $1.21. The company had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $1.96 billion. RenaissanceRe had a return on equity of 14.22% and a net margin of 5.60%. The business’s revenue was up 17.8% on a year-over-year basis. During the same period last year, the business earned $5.51 earnings per share. As a group, equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 25.47 earnings per share for the current year.
RenaissanceRe Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.82%. RenaissanceRe’s payout ratio is presently 19.00%.
RenaissanceRe Company Profile
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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