XTX Topco Ltd acquired a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR – Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 4,381 shares of the insurance provider’s stock, valued at approximately $878,000.
Several other hedge funds also recently added to or reduced their stakes in the business. Renaissance Technologies LLC grew its position in RenaissanceRe by 37.4% in the first quarter. Renaissance Technologies LLC now owns 41,500 shares of the insurance provider’s stock worth $8,314,000 after acquiring an additional 11,300 shares during the period. BlackRock Inc. grew its position in RenaissanceRe by 0.9% in the first quarter. BlackRock Inc. now owns 4,063,107 shares of the insurance provider’s stock worth $814,003,000 after acquiring an additional 37,079 shares during the period. Bleakley Financial Group LLC purchased a new position in RenaissanceRe in the first quarter worth approximately $206,000. Bank of America Corp DE lifted its stake in RenaissanceRe by 22.9% during the first quarter. Bank of America Corp DE now owns 374,591 shares of the insurance provider’s stock worth $75,046,000 after purchasing an additional 69,872 shares in the last quarter. Finally, Prudential Financial Inc. lifted its stake in RenaissanceRe by 39.1% during the first quarter. Prudential Financial Inc. now owns 10,010 shares of the insurance provider’s stock worth $2,005,000 after purchasing an additional 2,812 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on RNR shares. The Goldman Sachs Group started coverage on RenaissanceRe in a research note on Friday. They set a “buy” rating and a $242.00 price target on the stock. Bank of America decreased their price target on RenaissanceRe from $275.00 to $266.00 and set a “buy” rating on the stock in a research note on Monday, August 21st. BMO Capital Markets upgraded RenaissanceRe from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $198.00 to $216.00 in a research note on Tuesday, July 11th. Morgan Stanley initiated coverage on RenaissanceRe in a research note on Tuesday, June 20th. They set an “equal weight” rating and a $222.00 price target on the stock. Finally, StockNews.com initiated coverage on RenaissanceRe in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $230.71.
RenaissanceRe Price Performance
Shares of RNR opened at $196.75 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.41 and a quick ratio of 1.41. RenaissanceRe Holdings Ltd. has a 1-year low of $128.00 and a 1-year high of $223.80. The stock has a market cap of $10.07 billion, a PE ratio of 24.59 and a beta of 0.42. The firm has a fifty day moving average price of $189.44 and a 200 day moving average price of $196.17.
RenaissanceRe (NYSE:RNR – Get Free Report) last released its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $8.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.58 by $1.21. RenaissanceRe had a net margin of 5.60% and a return on equity of 14.22%. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $1.96 billion. During the same quarter in the prior year, the firm posted $5.51 earnings per share. RenaissanceRe’s revenue for the quarter was up 17.8% on a year-over-year basis. As a group, sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.8 EPS for the current year.
RenaissanceRe Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.38 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.52 annualized dividend and a dividend yield of 0.77%. RenaissanceRe’s dividend payout ratio (DPR) is 19.00%.
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.
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