TimesSquare Capital Management LLC Takes Position in RenaissanceRe Holdings Ltd. $RNR

TimesSquare Capital Management LLC purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the second quarter, Holdings Channel.com reports. The fund purchased 2,594 shares of the insurance provider’s stock, valued at approximately $822,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in RenaissanceRe in the second quarter valued at about $42,000. Diamond Hill Capital Management LLC Investment Advisor acquired a new position in RenaissanceRe during the second quarter worth about $23,174,000. Global Retirement Partners LLC bought a new position in shares of RenaissanceRe in the second quarter worth about $344,000. Bank of New York Mellon Corp bought a new position in shares of RenaissanceRe in the second quarter worth about $116,717,000. Finally, State of Wyoming acquired a new stake in shares of RenaissanceRe in the 2nd quarter valued at approximately $318,000. 99.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

RNR has been the subject of a number of research analyst reports. Citigroup upgraded shares of RenaissanceRe from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $335.00 to $345.00 in a research report on Wednesday, June 10th. Wolfe Research set a $315.00 target price on shares of RenaissanceRe in a research report on Tuesday, July 7th. Barclays boosted their target price on shares of RenaissanceRe from $328.00 to $341.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 7th. Morgan Stanley upped their price target on shares of RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Finally, Bank of America increased their price target on RenaissanceRe from $410.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Five analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $336.33.

RenaissanceRe Trading Down 1.7%

RNR opened at $318.02 on Tuesday. RenaissanceRe Holdings Ltd. has a fifty-two week low of $231.17 and a fifty-two week high of $335.97. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market capitalization of $13.21 billion, a price-to-earnings ratio of 5.46, a PEG ratio of 1.18 and a beta of 0.17. The company’s 50 day moving average price is $315.69 and its two-hundred day moving average price is $304.14.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. The firm had revenue of $2.77 billion during the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. As a group, research analysts predict that RenaissanceRe Holdings Ltd. will post 42.29 earnings per share for the current year.

RenaissanceRe Dividend Announcement

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

Insider Transactions at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was 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 directly owned 72,907 shares of the company’s stock, valued at $24,280,218.21. This trade represents a 6.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

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.