abrdn plc Buys 9,607 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

abrdn plc boosted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 135.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,677 shares of the insurance provider’s stock after acquiring an additional 9,607 shares during the quarter. abrdn plc’s holdings in RenaissanceRe were worth $3,269,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Bruce G. Allen Investments LLC purchased a new stake in shares of RenaissanceRe during the fourth quarter valued at approximately $38,000. Daiwa Securities Group Inc. purchased a new position in shares of RenaissanceRe in the fourth quarter worth $39,000. VisionPoint Advisory Group LLC bought a new stake in RenaissanceRe during the 3rd quarter valued at $57,000. CWM LLC boosted its position in RenaissanceRe by 200.0% during the 3rd 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 period. Finally, Allspring Global Investments Holdings LLC bought a new stake in RenaissanceRe in the 3rd quarter worth $143,000. 99.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

RenaissanceRe Trading Down 0.2 %

NYSE RNR opened at $219.08 on Monday. The stock’s 50 day moving average is $226.91 and its 200 day moving average is $216.26. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $11.55 billion, a PE ratio of 4.28, a P/E/G ratio of 2.91 and a beta of 0.30. RenaissanceRe Holdings Ltd. has a twelve month low of $174.22 and a twelve month high of $239.42.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, January 30th. The insurance provider reported $11.77 EPS for the quarter, beating analysts’ consensus estimates of $8.13 by $3.64. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.83 billion. RenaissanceRe had a net margin of 28.04% and a return on equity of 26.93%. The company’s quarterly revenue was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $7.33 EPS. Research analysts forecast that RenaissanceRe Holdings Ltd. will post 34.43 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

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

Insider Buying and Selling at RenaissanceRe

In other news, Director Carol P. Sanders sold 880 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $227.59, for a total value of $200,279.20. Following the sale, the director now directly owns 5,363 shares of the company’s stock, valued at approximately $1,220,565.17. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Carol P. Sanders sold 880 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $227.59, for a total transaction of $200,279.20. Following the completion of the transaction, the director now owns 5,363 shares of the company’s stock, valued at approximately $1,220,565.17. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction 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 transaction, the chief financial officer now 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. Over the last quarter, insiders sold 4,130 shares of company stock valued at $958,429. Corporate insiders own 1.30% of the company’s stock.

RenaissanceRe Profile

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.