M&T Bank Corp Acquires 124 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

M&T Bank Corp boosted its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,151 shares of the insurance provider’s stock after buying an additional 124 shares during the quarter. M&T Bank Corp’s holdings in RenaissanceRe were worth $996,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Bessemer Group Inc. lifted its position in shares of RenaissanceRe by 5.8% during the 4th quarter. Bessemer Group Inc. now owns 1,106 shares of the insurance provider’s stock valued at $274,000 after buying an additional 61 shares in the last quarter. Independent Advisor Alliance raised its stake in RenaissanceRe by 7.7% during the 4th quarter. Independent Advisor Alliance now owns 864 shares of the insurance provider’s stock worth $215,000 after acquiring an additional 62 shares during the period. Fifth Third Bancorp lifted its holdings in RenaissanceRe by 1.2% during the first quarter. Fifth Third Bancorp now owns 6,599 shares of the insurance provider’s stock valued at $1,584,000 after purchasing an additional 79 shares in the last quarter. Seeds Investor LLC boosted its position in shares of RenaissanceRe by 6.3% in the fourth quarter. Seeds Investor LLC now owns 1,385 shares of the insurance provider’s stock worth $344,000 after purchasing an additional 82 shares during the period. Finally, QRG Capital Management Inc. increased its stake in shares of RenaissanceRe by 5.7% in the first quarter. QRG Capital Management Inc. now owns 1,642 shares of the insurance provider’s stock worth $394,000 after purchasing an additional 88 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

RNR has been the topic of a number of analyst reports. Morgan Stanley lowered their target price on shares of RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating on the stock in a research note on Monday. Wells Fargo & Company restated an “equal weight” rating and issued a $269.00 price objective (up from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. JMP Securities reiterated a “market perform” rating on shares of RenaissanceRe in a research report on Thursday, April 24th. Jefferies Financial Group lowered their price target on RenaissanceRe from $266.00 to $265.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Finally, Bank of America dropped their price target on RenaissanceRe from $437.00 to $426.00 and set a “buy” rating for the company in a research note on Wednesday, March 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, RenaissanceRe has an average rating of “Hold” and a consensus price target of $288.00.

Insider Activity at RenaissanceRe

In related news, CAO James Christopher Fraser sold 332 shares of RenaissanceRe stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total value of $82,847.28. Following the completion of the transaction, the chief accounting officer owned 27,154 shares in the company, valued at approximately $6,776,009.16. This trade represents a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.00% of the company’s stock.

RenaissanceRe Stock Up 1.1%

Shares of RNR opened at $240.09 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.36. The stock has a market capitalization of $11.68 billion, a price-to-earnings ratio of 7.66, a price-to-earnings-growth ratio of 2.86 and a beta of 0.30. RenaissanceRe Holdings Ltd. has a 1 year low of $210.51 and a 1 year high of $300.00. The business’s 50 day simple moving average is $244.00 and its 200-day simple moving average is $242.20.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($1.17). RenaissanceRe had a return on equity of 15.90% and a net margin of 13.26%. The business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.36 billion. During the same quarter in the prior year, the firm posted $12.18 EPS. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. As a group, equities analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.67%. The ex-dividend date of this dividend was Friday, June 13th. RenaissanceRe’s dividend payout ratio is 5.10%.

RenaissanceRe Company 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.