RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 33.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,237 shares of the insurance provider’s stock after purchasing an additional 2,846 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in RenaissanceRe were worth $2,202,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in RNR. Bruce G. Allen Investments LLC acquired a new position in shares of RenaissanceRe during the fourth quarter worth $38,000. Global Retirement Partners LLC grew its holdings in shares of RenaissanceRe by 519.4% during the third quarter. Global Retirement Partners LLC now owns 192 shares of the insurance provider’s stock valued at $39,000 after buying an additional 161 shares during the last quarter. VisionPoint Advisory Group LLC purchased a new stake in shares of RenaissanceRe during the third quarter valued at $57,000. CWM LLC grew its holdings in shares of RenaissanceRe by 200.0% during the third quarter. CWM LLC now owns 636 shares of the insurance provider’s stock valued at $126,000 after buying an additional 424 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of RenaissanceRe during the third quarter valued at $143,000. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Stock Down 2.9 %

RNR stock opened at $220.17 on Wednesday. The company has a market cap of $11.61 billion, a price-to-earnings ratio of 4.30, a PEG ratio of 3.01 and a beta of 0.30. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.23. RenaissanceRe Holdings Ltd. has a 12 month low of $174.22 and a 12 month high of $239.42. The firm has a 50-day moving average of $227.41 and a two-hundred day moving average of $216.04.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, January 30th. The insurance provider reported $11.77 earnings per share for the quarter, beating the consensus estimate of $8.13 by $3.64. RenaissanceRe had a net margin of 28.04% and a return on equity of 26.93%. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter in the prior year, the company posted $7.33 EPS. The business’s revenue for the quarter was up 17.9% on a year-over-year basis. As a group, analysts forecast that RenaissanceRe Holdings Ltd. will post 34.41 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $0.39 dividend. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.56 annualized dividend and a dividend yield of 0.71%. RenaissanceRe’s dividend payout ratio is 3.05%.

Insider Activity

In other news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total value of $586,400.00. Following the completion of the sale, the chief financial officer now owns 70,424 shares of the company’s stock, valued at approximately $16,518,653.44. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP David E. Marra sold 750 shares of the stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $229.00, for a total transaction of $171,750.00. Following the completion of the transaction, the executive vice president now owns 79,699 shares of the company’s stock, valued at approximately $18,251,071. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total transaction of $586,400.00. Following the completion of the transaction, the chief financial officer now directly owns 70,424 shares of the company’s stock, valued at approximately $16,518,653.44. The disclosure for this sale can be found here. Insiders sold a total of 4,130 shares of company stock valued at $958,429 in the last 90 days. Company insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

RNR has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of RenaissanceRe from $204.00 to $237.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Evercore ISI boosted their price objective on shares of RenaissanceRe from $213.00 to $216.00 and gave the company an “underperform” rating in a report on Thursday, April 11th. UBS Group boosted their price objective on shares of RenaissanceRe from $229.00 to $238.00 and gave the company a “neutral” rating in a report on Monday, February 5th. BMO Capital Markets boosted their price objective on shares of RenaissanceRe from $216.00 to $295.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Finally, TD Cowen began coverage on shares of RenaissanceRe in a report on Wednesday, January 10th. They issued a “market perform” rating on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $247.89.

About RenaissanceRe

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.