Denali Advisors LLC Purchases Shares of 3,119 RenaissanceRe Holdings Ltd. $RNR

Denali Advisors LLC acquired a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the second quarter, Holdings Channel.com reports. The firm acquired 3,119 shares of the insurance provider’s stock, valued at approximately $988,000.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of RenaissanceRe in the second quarter worth $1,319,724,000. Orbis Allan Gray Ltd acquired a new stake in RenaissanceRe during the 4th quarter worth $178,519,000. Norges Bank purchased a new stake in shares of RenaissanceRe in the 4th quarter valued at about $168,582,000. Egerton Capital UK LLP acquired a new stake in shares of RenaissanceRe in the fourth quarter valued at approximately $137,944,000. Finally, GQG Partners LLC purchased a new position in RenaissanceRe during the 4th quarter worth $108,780,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Stock Performance

Shares of RNR opened at $321.84 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. RenaissanceRe Holdings Ltd. has a 12-month low of $231.17 and a 12-month high of $335.97. The business’s fifty day moving average price is $317.33 and its 200 day moving average price is $305.00. The stock has a market capitalization of $13.37 billion, a PE ratio of 5.52, a price-to-earnings-growth ratio of 1.15 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The business had revenue of $2.77 billion for the quarter. Equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 42.4 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 15th. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.81%.

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the completion of the sale, the executive vice president directly owned 72,907 shares in the company, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

RNR has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price target on shares of RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. Keefe, Bruyette & Woods lifted their price objective on RenaissanceRe from $342.00 to $350.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. TD Cowen lifted their price target on shares of RenaissanceRe from $300.00 to $315.00 and gave the stock a “hold” rating in a report on Tuesday, July 7th. Bank of America lifted their price target on RenaissanceRe from $410.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Finally, Wells Fargo & Company upped their price objective on RenaissanceRe from $306.00 to $329.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $336.33.

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.