ING Groep NV Buys New Stake in RenaissanceRe Holdings Ltd. $RNR

ING Groep NV bought a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 4th quarter, Holdings Channel.com reports. The firm bought 8,800 shares of the insurance provider’s stock, valued at approximately $2,474,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Capital World Investors lifted its holdings in shares of RenaissanceRe by 0.3% during the 3rd quarter. Capital World Investors now owns 2,649,518 shares of the insurance provider’s stock valued at $672,792,000 after acquiring an additional 7,839 shares in the last quarter. Lightrock Netherlands B.V. lifted its holdings in shares of RenaissanceRe by 4,690.1% during the 4th quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock valued at $286,083,000 after acquiring an additional 996,266 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of RenaissanceRe by 4.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,001,410 shares of the insurance provider’s stock valued at $254,273,000 after acquiring an additional 45,936 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of RenaissanceRe by 17.6% during the 2nd quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock valued at $195,182,000 after acquiring an additional 120,063 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of RenaissanceRe by 6.2% during the 3rd quarter. Invesco Ltd. now owns 618,974 shares of the insurance provider’s stock valued at $157,176,000 after acquiring an additional 36,254 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods lifted their target price on shares of RenaissanceRe from $323.00 to $327.00 and gave the company a “market perform” rating in a report on Tuesday, April 7th. TD Cowen boosted their price objective on shares of RenaissanceRe from $280.00 to $290.00 and gave the stock a “hold” rating in a report on Thursday, February 26th. Weiss Ratings upgraded shares of RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, May 26th. Mizuho set a $325.00 price objective on shares of RenaissanceRe in a report on Monday, May 4th. Finally, Wells Fargo & Company boosted their price objective on shares of RenaissanceRe from $305.00 to $306.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Four analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and an average target price of $322.93.

RenaissanceRe Stock Up 0.5%

Shares of NYSE:RNR opened at $283.56 on Wednesday. The firm has a market cap of $12.09 billion, a PE ratio of 4.73, a price-to-earnings-growth ratio of 0.78 and a beta of 0.18. The company has a fifty day simple moving average of $298.86 and a 200 day simple moving average of $288.70. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. RenaissanceRe Holdings Ltd. has a 12-month low of $231.17 and a 12-month high of $318.20.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. The business had revenue of $2.19 billion for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. On average, equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 40.02 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Monday, June 15th. RenaissanceRe’s dividend payout ratio is 2.73%.

RenaissanceRe 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.