Sei Investments Co. Increases Holdings in RenaissanceRe Holdings Ltd. $RNR

Sei Investments Co. increased its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 11.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 252,435 shares of the insurance provider’s stock after acquiring an additional 25,422 shares during the period. Sei Investments Co. owned about 0.59% of RenaissanceRe worth $75,029,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. boosted its holdings in shares of RenaissanceRe by 135.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 195,975 shares of the insurance provider’s stock worth $55,100,000 after buying an additional 112,910 shares during the last quarter. Belpointe Asset Management LLC increased its holdings in RenaissanceRe by 595.0% during the fourth quarter. Belpointe Asset Management LLC now owns 6,151 shares of the insurance provider’s stock valued at $1,729,000 after buying an additional 5,266 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in RenaissanceRe by 68.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 14,171 shares of the insurance provider’s stock valued at $3,855,000 after buying an additional 5,782 shares during the last quarter. M&T Bank Corp increased its holdings in RenaissanceRe by 8,296.5% during the fourth quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider’s stock valued at $81,635,000 after buying an additional 286,894 shares during the last quarter. Finally, Horizon Investments LLC raised its position in RenaissanceRe by 247,520.0% in the fourth quarter. Horizon Investments LLC now owns 24,762 shares of the insurance provider’s stock worth $6,962,000 after acquiring an additional 24,752 shares during the period. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Trading Up 3.4%

RNR stock opened at $328.33 on Friday. RenaissanceRe Holdings Ltd. has a 1-year low of $231.17 and a 1-year high of $329.60. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.37. The company has a market capitalization of $14.00 billion, a price-to-earnings ratio of 5.63, a PEG ratio of 1.24 and a beta of 0.17. The business has a 50 day simple moving average of $305.10 and a two-hundred day simple moving average of $298.42.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 EPS for the quarter, topping the consensus estimate of $11.72 by $1.20. The business had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.57 billion. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. During the same quarter in the previous year, the company earned $12.29 EPS. Research analysts anticipate that RenaissanceRe Holdings Ltd. will post 40.57 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders 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 2.81%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RNR. Wall Street Zen cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Morgan Stanley upped their price objective on RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. UBS Group raised their target price on RenaissanceRe from $326.00 to $342.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Citigroup upgraded RenaissanceRe from a “neutral” rating to a “buy” rating and lifted their target price for the company from $335.00 to $345.00 in a research report on Wednesday, June 10th. Finally, TD Cowen boosted their price target on RenaissanceRe from $300.00 to $315.00 and gave the company a “hold” rating in a report on Tuesday, July 7th. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $335.33.

RenaissanceRe Company 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.