Philadelphia Financial Management of San Francisco LLC Invests $18.97 Million in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Philadelphia Financial Management of San Francisco LLC acquired a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the third quarter, HoldingsChannel.com reports. The fund acquired 69,636 shares of the insurance provider’s stock, valued at approximately $18,969,000. RenaissanceRe accounts for 3.0% of Philadelphia Financial Management of San Francisco LLC’s portfolio, making the stock its 6th biggest position.

Other hedge funds have also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC boosted its position in shares of RenaissanceRe by 2.5% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 12,200 shares of the insurance provider’s stock worth $3,323,000 after purchasing an additional 302 shares in the last quarter. HighTower Advisors LLC lifted its stake in shares of RenaissanceRe by 47.8% in the third quarter. HighTower Advisors LLC now owns 12,224 shares of the insurance provider’s stock valued at $3,342,000 after purchasing an additional 3,954 shares during the period. Concentric Capital Strategies LP purchased a new stake in RenaissanceRe during the third quarter worth about $2,958,000. Kestra Investment Management LLC acquired a new position in RenaissanceRe during the third quarter worth about $371,000. Finally, Rockefeller Capital Management L.P. purchased a new position in RenaissanceRe in the third quarter valued at about $3,684,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Stock Down 0.2 %

Shares of NYSE RNR opened at $286.78 on Wednesday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.43 and a current ratio of 1.43. RenaissanceRe Holdings Ltd. has a 1 year low of $188.24 and a 1 year high of $300.00. The stock’s 50-day simple moving average is $271.84 and its 200-day simple moving average is $247.90. The firm has a market cap of $14.90 billion, a price-to-earnings ratio of 4.13, a PEG ratio of 1.40 and a beta of 0.41.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the business earned $8.33 EPS. RenaissanceRe’s revenue for the quarter was up 52.1% compared to the same quarter last year. As a group, equities analysts anticipate that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, December 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.54%. RenaissanceRe’s payout ratio is 2.25%.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $269.00, for a total transaction of $269,000.00. Following the transaction, the executive vice president now directly owns 83,044 shares in the company, valued at $22,338,836. This trade represents a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RNR. JPMorgan Chase & Co. boosted their price target on RenaissanceRe from $274.00 to $280.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Jefferies Financial Group raised their price target on RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods lowered their price objective on shares of RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 12th. Barclays assumed coverage on shares of RenaissanceRe in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective for the company. Finally, Citigroup upped their target price on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $293.00.

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.