RenaissanceRe Holdings Ltd. $RNR Shares Bought by Hsbc Holdings PLC

Hsbc Holdings PLC raised its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 38.1% in the second quarter, Holdings Channel.com reports. The institutional investor owned 16,289 shares of the insurance provider’s stock after purchasing an additional 4,492 shares during the quarter. Hsbc Holdings PLC’s holdings in RenaissanceRe were worth $5,258,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of RNR. Kingdom Financial Group LLC. purchased a new position in shares of RenaissanceRe in the fourth quarter worth about $36,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in RenaissanceRe during the 2nd quarter valued at about $42,000. Quarry LP grew its stake in 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 acquiring an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 94 shares during the last quarter. Finally, Mcguire Capital Advisors Inc. acquired a new stake in RenaissanceRe in the 4th quarter valued at about $38,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Bank of America boosted their target price on RenaissanceRe from $410.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday, July 23rd. Weiss Ratings cut RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, August 17th. Wolfe Research set a $315.00 price target on RenaissanceRe in a report on Tuesday, July 7th. UBS Group set a $349.00 price objective on shares of RenaissanceRe and gave the company a “neutral” rating in a report on Monday, July 27th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of RenaissanceRe in a research note on Thursday, July 23rd. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $336.33.

Insider Buying and Selling

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the completion of the transaction, the executive vice president owned 72,907 shares of the company’s stock, valued at $24,280,218.21. This trade represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.30% of the stock is owned by insiders.

RenaissanceRe Price Performance

NYSE:RNR opened at $322.30 on Thursday. RenaissanceRe Holdings Ltd. has a 52 week low of $231.17 and a 52 week high of $340.24. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $13.39 billion, a P/E ratio of 5.53, a P/E/G ratio of 1.18 and a beta of 0.17. The stock’s fifty day moving average is $323.44 and its two-hundred day moving average is $307.94.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. The business 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 EPS for the current year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.41 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. RenaissanceRe’s dividend payout ratio is presently 2.81%.

About RenaissanceRe

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.