Algert Global LLC Grows Holdings in RenaissanceRe Holdings Ltd. $RNR

Algert Global LLC grew its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 82.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 27,800 shares of the insurance provider’s stock after acquiring an additional 12,540 shares during the period. Algert Global LLC owned about 0.06% of RenaissanceRe worth $7,059,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Alliancebernstein L.P. grew its position in shares of RenaissanceRe by 36.0% during the 3rd quarter. Alliancebernstein L.P. now owns 83,610 shares of the insurance provider’s stock valued at $21,231,000 after acquiring an additional 22,128 shares during the period. Ameriprise Financial Inc. raised its holdings in RenaissanceRe by 33.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 184,468 shares of the insurance provider’s stock worth $46,842,000 after purchasing an additional 46,688 shares during the period. Schonfeld Strategic Advisors LLC acquired a new position in RenaissanceRe in the 3rd quarter worth about $9,970,000. Creative Planning boosted its position in RenaissanceRe by 53.6% during the third quarter. Creative Planning now owns 6,550 shares of the insurance provider’s stock worth $1,663,000 after purchasing an additional 2,287 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its position in RenaissanceRe by 31.3% during the third quarter. Lazard Asset Management LLC now owns 75,484 shares of the insurance provider’s stock worth $19,168,000 after purchasing an additional 17,987 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $305.75, for a total value of $1,528,750.00. Following the transaction, the executive vice president directly owned 73,023 shares of the company’s stock, valued at $22,326,782.25. This trade represents a 6.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.00% of the company’s stock.

RenaissanceRe Stock Up 0.1%

Shares of RNR opened at $294.09 on Tuesday. The stock has a 50 day moving average price of $289.45 and a 200 day moving average price of $269.71. RenaissanceRe Holdings Ltd. has a one year low of $219.00 and a one year high of $315.88. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.43 and a current ratio of 1.43. The stock has a market capitalization of $12.79 billion, a price-to-earnings ratio of 5.19, a PEG ratio of 0.68 and a beta of 0.21.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, beating analysts’ consensus estimates of $10.59 by $2.75. The company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $1.73 billion. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The firm’s revenue for the quarter was up 29.6% on a year-over-year basis. During the same quarter last year, the firm posted $8.06 EPS. Equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Friday, March 13th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. RenaissanceRe’s payout ratio is currently 2.89%.

Analyst Upgrades and Downgrades

RNR has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods lifted their price target on shares of RenaissanceRe from $314.00 to $323.00 and gave the company a “market perform” rating in a research note on Monday, February 9th. Citigroup upped their price objective on shares of RenaissanceRe from $328.00 to $333.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 18th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RenaissanceRe in a report on Monday, December 29th. TD Cowen lifted their target price on shares of RenaissanceRe from $280.00 to $290.00 and gave the company a “hold” rating in a research report on Thursday, February 26th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $303.00 target price on shares of RenaissanceRe in a research note on Friday, December 5th. Three equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $310.27.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.