Convergence Investment Partners LLC Takes Position in RenaissanceRe Holdings Ltd. $RNR

Convergence Investment Partners LLC acquired a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 5,063 shares of the insurance provider’s stock, valued at approximately $1,505,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RNR. Lightrock Netherlands B.V. lifted its holdings in RenaissanceRe by 4,690.1% during the fourth quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock valued at $286,083,000 after purchasing an additional 996,266 shares in the last quarter. Orbis Allan Gray Ltd purchased a new stake in shares of RenaissanceRe in the fourth quarter worth $178,519,000. Norges Bank bought a new stake in shares of RenaissanceRe during the 4th quarter valued at $168,582,000. Egerton Capital UK LLP bought a new stake in shares of RenaissanceRe during the 4th quarter valued at $137,944,000. Finally, GQG Partners LLC purchased a new position in shares of RenaissanceRe during the 4th quarter valued at $108,780,000. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Price Performance

RNR stock opened at $320.86 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 1.37. The company’s fifty day moving average price is $303.24 and its 200-day moving average price is $297.63. RenaissanceRe Holdings Ltd. has a one year low of $231.17 and a one year high of $329.57. The company has a market capitalization of $13.68 billion, a PE ratio of 5.35, a price-to-earnings-growth ratio of 1.25 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. The company had revenue of $2.19 billion during the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. On average, equities analysts anticipate that RenaissanceRe Holdings Ltd. will post 40.57 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Monday, June 15th. RenaissanceRe’s dividend payout ratio is 2.73%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on RNR shares. TD Cowen increased their price target on RenaissanceRe from $300.00 to $315.00 and gave the stock a “hold” rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. raised their price target on RenaissanceRe from $329.00 to $360.00 and gave the company a “neutral” rating in a report on Monday. Citigroup upgraded RenaissanceRe from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $335.00 to $345.00 in a research report on Wednesday, June 10th. Wall Street Zen lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Weiss Ratings upgraded RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, June 25th. Five analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, RenaissanceRe has an average rating of “Hold” and an average price target of $333.87.

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.