Swiss National Bank increased its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 305,075 shares of the insurance provider’s stock after purchasing an additional 10,700 shares during the quarter. Swiss National Bank owned 0.72% of RenaissanceRe worth $43,778,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Penserra Capital Management LLC acquired a new position in shares of RenaissanceRe in the fourth quarter valued at approximately $30,000. JOYN Advisors Inc. increased its stake in shares of RenaissanceRe by 63.9% in the fourth quarter. JOYN Advisors Inc. now owns 241 shares of the insurance provider’s stock valued at $32,000 after buying an additional 94 shares during the period. First Mercantile Trust Co. increased its stake in shares of RenaissanceRe by 52.6% in the fourth quarter. First Mercantile Trust Co. now owns 290 shares of the insurance provider’s stock valued at $39,000 after buying an additional 100 shares during the period. Rehmann Capital Advisory Group increased its stake in shares of RenaissanceRe by 65.1% in the fourth quarter. Rehmann Capital Advisory Group now owns 322 shares of the insurance provider’s stock valued at $43,000 after buying an additional 127 shares during the period. Finally, Parallel Advisors LLC increased its stake in shares of RenaissanceRe by 862.1% in the first quarter. Parallel Advisors LLC now owns 558 shares of the insurance provider’s stock valued at $80,000 after buying an additional 500 shares during the period. 94.94% of the stock is owned by institutional investors and hedge funds.
In related news, insider Aditya Dutt sold 15,000 shares of RenaissanceRe stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $176.44, for a total value of $2,646,600.00. Following the completion of the sale, the insider now owns 65,556 shares of the company’s stock, valued at approximately $11,566,700.64. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Ross Curtis sold 7,500 shares of the firm’s stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $152.00, for a total value of $1,140,000.00. Following the completion of the transaction, the senior vice president now owns 105,503 shares of the company’s stock, valued at approximately $16,036,456. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 39,000 shares of company stock valued at $6,462,600. Insiders own 1.60% of the company’s stock.
RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, May 7th. The insurance provider reported $3.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.40. RenaissanceRe had a return on equity of 9.25% and a net margin of 18.18%. The firm had revenue of $929.00 million during the quarter, compared to analyst estimates of $738.70 million. During the same period last year, the firm posted $1.42 EPS. The business’s revenue was up 40.1% compared to the same quarter last year. Sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 12.61 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 0.76%. The ex-dividend date of this dividend is Thursday, June 13th. RenaissanceRe’s dividend payout ratio is presently 14.83%.
A number of analysts have weighed in on RNR shares. Deutsche Bank increased their target price on shares of RenaissanceRe from $167.00 to $180.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. UBS Group increased their target price on shares of RenaissanceRe from $144.00 to $153.00 and gave the company a “neutral” rating in a research report on Tuesday, April 9th. ValuEngine cut RenaissanceRe from a “buy” rating to a “hold” rating in a report on Monday, April 1st. Zacks Investment Research upgraded RenaissanceRe from a “hold” rating to a “buy” rating and set a $160.00 target price on the stock in a report on Monday, April 1st. Finally, Barclays increased their target price on RenaissanceRe from $125.00 to $130.00 and gave the stock an “underweight” rating in a report on Monday, April 1st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. RenaissanceRe currently has a consensus rating of “Hold” and an average target price of $150.90.
RenaissanceRe Company Profile
RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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, and binding facilities and regional U.S.
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