Northwest & Ethical Investments L.P. Boosts Position in RenaissanceRe Holdings Ltd. $RNR

Northwest & Ethical Investments L.P. grew its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 38.3% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 129,908 shares of the insurance provider’s stock after acquiring an additional 36,001 shares during the period. RenaissanceRe comprises 0.8% of Northwest & Ethical Investments L.P.’s portfolio, making the stock its 24th biggest holding. Northwest & Ethical Investments L.P.’s holdings in RenaissanceRe were worth $31,555,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of RNR. Hantz Financial Services Inc. increased its holdings in RenaissanceRe by 707.1% during the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after acquiring an additional 99 shares during the period. IFP Advisors Inc grew its position in shares of RenaissanceRe by 160.0% during the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 72 shares in the last quarter. Huntington National Bank increased its holdings in shares of RenaissanceRe by 80.9% in the second quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 55 shares during the period. Brooklyn Investment Group raised its position in shares of RenaissanceRe by 151.7% in the first quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider’s stock worth $35,000 after buying an additional 88 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in RenaissanceRe by 43.1% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 186 shares of the insurance provider’s stock valued at $45,000 after buying an additional 56 shares during the period. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Price Performance

RNR stock opened at $262.10 on Wednesday. The firm has a market cap of $12.09 billion, a P/E ratio of 7.28, a P/E/G ratio of 2.08 and a beta of 0.25. The firm’s fifty day moving average is $255.46 and its 200 day moving average is $247.14. RenaissanceRe Holdings Ltd. has a 52 week low of $219.00 and a 52 week high of $290.78. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.36 and a current ratio of 1.40.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.49 by $6.13. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.The firm had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same period last year, the firm earned $10.23 earnings per share. The company’s revenue for the quarter was down 4.8% compared to the same quarter last year. Research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, December 15th. RenaissanceRe’s dividend payout ratio is 4.45%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RNR. Weiss Ratings restated a “buy (b-)” rating on shares of RenaissanceRe in a research note on Friday, October 31st. Morgan Stanley upped their price objective on shares of RenaissanceRe from $280.00 to $290.00 and gave the stock an “overweight” rating in a research report on Monday, November 17th. Wolfe Research assumed coverage on shares of RenaissanceRe in a research note on Monday, September 15th. They issued a “peer perform” rating on the stock. Cowen reissued a “hold” rating on shares of RenaissanceRe in a research note on Tuesday, October 7th. Finally, The Goldman Sachs Group initiated coverage on shares of RenaissanceRe in a report on Tuesday, October 14th. They issued a “sell” rating and a $256.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $284.50.

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.