Bayesian Capital Management LP Buys Shares of 3,970 RenaissanceRe Holdings Ltd. (NYSE:RNR)

Bayesian Capital Management LP purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 3,970 shares of the insurance provider’s stock, valued at approximately $988,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Bank of America Corp DE increased its position in RenaissanceRe by 17.9% during the 4th quarter. Bank of America Corp DE now owns 817,247 shares of the insurance provider’s stock valued at $203,339,000 after buying an additional 124,125 shares in the last quarter. Benjamin Edwards Inc. acquired a new position in shares of RenaissanceRe during the fourth quarter valued at about $435,000. BNP Paribas Financial Markets raised its position in shares of RenaissanceRe by 10.5% in the 4th quarter. BNP Paribas Financial Markets now owns 12,447 shares of the insurance provider’s stock valued at $3,097,000 after purchasing an additional 1,186 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in RenaissanceRe by 5.4% in the 4th quarter. Ameriprise Financial Inc. now owns 71,210 shares of the insurance provider’s stock worth $17,718,000 after purchasing an additional 3,674 shares in the last quarter. Finally, Anderson Financial Strategies LLC purchased a new stake in RenaissanceRe during the 4th quarter worth approximately $1,307,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 price objective for the company in a research note on Tuesday, April 8th. Bank of America dropped their price target on RenaissanceRe from $437.00 to $426.00 and set a “buy” rating on the stock in a research note on Wednesday, March 26th. JMP Securities restated a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, April 24th. Jefferies Financial Group dropped their target price on RenaissanceRe from $266.00 to $265.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Finally, Wells Fargo & Company reduced their price target on shares of RenaissanceRe from $277.00 to $271.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $282.60.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $246.54 on Tuesday. The company has a market capitalization of $11.99 billion, a PE ratio of 7.04, a price-to-earnings-growth ratio of 2.09 and a beta of 0.34. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42. The company’s fifty day moving average price is $239.06 and its 200 day moving average price is $250.45. RenaissanceRe Holdings Ltd. has a 1 year low of $208.98 and a 1 year high of $300.00.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($1.17). RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. The firm had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.36 billion. During the same period in the previous year, the company earned $12.18 earnings per share. The company’s revenue was up 7.6% compared to the same quarter last year. On average, research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a $0.40 dividend. The ex-dividend date was Friday, March 14th. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.65%. RenaissanceRe’s payout ratio is 5.10%.

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.