Zurcher Kantonalbank Zurich Cantonalbank Acquires 1,766 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 15.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,418 shares of the insurance provider’s stock after acquiring an additional 1,766 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in RenaissanceRe were worth $3,339,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its stake in shares of RenaissanceRe by 3.7% during the 3rd quarter. Victory Capital Management Inc. now owns 23,011 shares of the insurance provider’s stock worth $6,268,000 after buying an additional 824 shares during the last quarter. Oppenheimer & Co. Inc. bought a new position in RenaissanceRe in the 3rd quarter valued at about $231,000. KBC Group NV lifted its position in RenaissanceRe by 17.0% during the third quarter. KBC Group NV now owns 1,362 shares of the insurance provider’s stock worth $371,000 after acquiring an additional 198 shares during the last quarter. CIBC Asset Management Inc grew its position in shares of RenaissanceRe by 3.6% in the third quarter. CIBC Asset Management Inc now owns 1,530 shares of the insurance provider’s stock valued at $417,000 after purchasing an additional 53 shares during the last quarter. Finally, Empowered Funds LLC bought a new position in shares of RenaissanceRe during the third quarter worth approximately $243,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. JPMorgan Chase & Co. upped their price objective on RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a report on Friday, January 3rd. Jefferies Financial Group reiterated a “hold” rating and issued a $282.00 price objective (down previously from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. Morgan Stanley decreased their target price on shares of RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Friday, January 31st. Wells Fargo & Company dropped their price target on shares of RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating for the company in a research report on Thursday, January 30th. Finally, Keefe, Bruyette & Woods reduced their price target on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 4th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $279.90.

Insider Buying and Selling at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the transaction, the executive vice president now owns 79,392 shares in the company, valued at $20,178,270.72. This trade represents a 1.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

RenaissanceRe Stock Performance

RenaissanceRe stock opened at $239.63 on Friday. The stock has a market cap of $11.80 billion, a PE ratio of 6.84, a P/E/G ratio of 2.09 and a beta of 0.38. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19. RenaissanceRe Holdings Ltd. has a 12-month low of $208.98 and a 12-month high of $300.00. The business’s 50-day moving average price is $242.19 and its two-hundred day moving average price is $257.64.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, beating the consensus estimate of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. As a group, analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. RenaissanceRe’s dividend payout ratio is presently 4.57%.

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.