Twinbeech Capital LP Purchases New Shares in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Twinbeech Capital LP purchased a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the fourth quarter, Holdings Channel.com reports. The firm purchased 13,260 shares of the insurance provider’s stock, valued at approximately $3,299,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of America Corp DE raised its holdings 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 worth $203,339,000 after purchasing an additional 124,125 shares during the last quarter. Impax Asset Management Group plc raised its holdings in RenaissanceRe by 10.8% during the 4th quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider’s stock worth $466,969,000 after purchasing an additional 182,530 shares during the last quarter. Trexquant Investment LP bought a new stake in RenaissanceRe during the 4th quarter worth about $561,000. Barclays PLC raised its holdings in RenaissanceRe by 57.1% during the 3rd quarter. Barclays PLC now owns 22,923 shares of the insurance provider’s stock worth $6,244,000 after purchasing an additional 8,333 shares during the last quarter. Finally, Franklin Resources Inc. bought a new stake in RenaissanceRe during the 4th quarter worth about $1,086,000. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $246.57 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.42. The stock has a market cap of $12.00 billion, a PE ratio of 7.04, a price-to-earnings-growth ratio of 2.09 and a beta of 0.34. The stock has a 50-day moving average of $240.51 and a 200-day moving average of $248.79. RenaissanceRe Holdings Ltd. has a one year low of $208.98 and a one year high of $300.00.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($1.17). RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.36 billion. During the same period last year, the company earned $12.18 earnings per share. The business’s revenue was up 7.6% compared to the same quarter last year. As a group, sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.60 annualized dividend and a dividend yield of 0.65%. RenaissanceRe’s dividend payout ratio is presently 5.10%.

Insider Activity at RenaissanceRe

In related news, CAO James Christopher Fraser sold 332 shares of the business’s stock in a transaction that occurred on 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 now directly owns 27,154 shares in the company, valued at approximately $6,776,009.16. The trade was a 1.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.30% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have weighed in on RNR. Keefe, Bruyette & Woods boosted their price objective on RenaissanceRe from $279.00 to $282.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Barclays dropped their price objective on RenaissanceRe from $234.00 to $231.00 and set an “underweight” rating for the company in a report on Friday, April 11th. JMP Securities reissued a “market perform” rating on shares of RenaissanceRe in a report on Thursday, April 24th. Morgan Stanley upped their price target on RenaissanceRe from $275.00 to $285.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Wells Fargo & Company lowered their price target on RenaissanceRe from $277.00 to $271.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $283.60.

About RenaissanceRe

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.