Sone Capital Management LLC acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR – Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 12,912 shares of the insurance provider’s stock, valued at approximately $4,092,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Kingdom Financial Group LLC. purchased a new position in RenaissanceRe in the fourth quarter worth $36,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of RenaissanceRe during the 2nd quarter valued at $42,000. Quarry LP lifted its holdings in shares of RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC boosted its position in shares of RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 94 shares in the last quarter. Finally, Mcguire Capital Advisors Inc. acquired a new stake in shares of RenaissanceRe in the 4th quarter worth $38,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.
Analysts Set New Price Targets
Several brokerages recently issued reports on RNR. Weiss Ratings lowered RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, August 17th. TD Cowen raised their price target on RenaissanceRe from $300.00 to $315.00 and gave the stock a “hold” rating in a report on Tuesday, July 7th. Mizuho raised 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. Keefe, Bruyette & Woods upped their price objective on shares of RenaissanceRe from $342.00 to $350.00 and gave the company a “market perform” rating in a report on Monday, July 27th. Finally, Wolfe Research set a $315.00 price objective on shares of RenaissanceRe in a research report on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $336.33.
RenaissanceRe Stock Up 1.8%
Shares of RNR stock opened at $329.39 on Tuesday. RenaissanceRe Holdings Ltd. has a fifty-two week low of $231.17 and a fifty-two week high of $335.97. The firm has a market capitalization of $13.69 billion, a PE ratio of 5.65, a P/E/G ratio of 1.18 and a beta of 0.17. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The stock’s 50-day simple moving average is $318.44 and its 200-day simple moving average is $305.58.
RenaissanceRe (NYSE:RNR – Get Free Report) last released its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. The firm had revenue of $2.77 billion during the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%. Equities analysts expect that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current year.
RenaissanceRe Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 15th. RenaissanceRe’s dividend payout ratio is 2.81%.
Insider Activity at RenaissanceRe
In other news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the sale, the executive vice president owned 72,907 shares in the company, valued at $24,280,218.21. This represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is owned by company insiders.
RenaissanceRe Company Profile
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.
The company operates through two primary segments: Reinsurance and Insurance.
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