Magnetar Financial LLC Purchases New Shares in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Magnetar Financial LLC purchased a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 9,910 shares of the insurance provider’s stock, valued at approximately $2,329,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Riverview Trust Co bought a new position in RenaissanceRe in the 1st quarter valued at $26,000. Rise Advisors LLC bought a new position in RenaissanceRe in the 1st quarter valued at $31,000. Mather Group LLC. bought a new position in RenaissanceRe in the 1st quarter valued at $34,000. GAMMA Investing LLC bought a new position in RenaissanceRe in the 4th quarter valued at $37,000. Finally, Daiwa Securities Group Inc. bought a new position in shares of RenaissanceRe in the 4th quarter worth $39,000. 99.97% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the sale, the executive vice president now directly owns 85,544 shares in the company, valued at $19,675,120. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on RNR shares. Evercore ISI raised their price target on RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. Wells Fargo & Company reduced their price target on RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating on the stock in a research report on Friday. Morgan Stanley reduced their price target on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. UBS Group reduced their price target on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 9th. Finally, Bank of America raised their price target on RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe currently has a consensus rating of “Hold” and a consensus price target of $263.40.

RenaissanceRe Stock Up 2.2 %

Shares of RNR traded up $4.91 during midday trading on Friday, hitting $224.50. The stock had a trading volume of 399,550 shares, compared to its average volume of 366,338. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.41. The company has a 50 day simple moving average of $223.97 and a two-hundred day simple moving average of $223.64. The firm has a market cap of $11.87 billion, a price-to-earnings ratio of 4.96, a price-to-earnings-growth ratio of 1.61 and a beta of 0.38. RenaissanceRe Holdings Ltd. has a twelve month low of $174.22 and a twelve month high of $239.42.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.86 by $2.32. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The business had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the previous year, the business earned $8.16 earnings per share. RenaissanceRe’s quarterly revenue was up 41.3% on a year-over-year basis. On average, analysts anticipate that RenaissanceRe Holdings Ltd. will post 37.43 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date of this dividend was Friday, June 14th. RenaissanceRe’s dividend payout ratio is presently 3.45%.

About RenaissanceRe

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.