Legal & General Group Plc Takes $18.74 Million Position in RenaissanceRe Holdings Ltd. $RNR

Legal & General Group Plc acquired a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 59,143 shares of the insurance provider’s stock, valued at approximately $18,742,000.

Several other institutional investors have also recently made changes to their positions in RNR. Horizon Investments LLC grew its holdings in RenaissanceRe by 247,520.0% during the 4th quarter. Horizon Investments LLC now owns 24,762 shares of the insurance provider’s stock valued at $6,962,000 after buying an additional 24,752 shares in the last quarter. Candriam S.C.A. purchased a new position in shares of RenaissanceRe in the first quarter worth $6,202,000. Estate Counselors LLC purchased a new position in shares of RenaissanceRe in the fourth quarter worth $2,946,000. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of RenaissanceRe by 60.9% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 6,958 shares of the insurance provider’s stock worth $1,956,000 after acquiring an additional 2,634 shares during the last quarter. Finally, Delta Global Management LP bought a new position in shares of RenaissanceRe during the first quarter worth $1,754,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

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 shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the sale, the executive vice president owned 72,907 shares of the company’s stock, valued at $24,280,218.21. This trade represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is owned by company insiders.

RenaissanceRe Stock Performance

NYSE RNR opened at $330.58 on Friday. The business’s 50 day moving average price is $320.85 and its 200-day moving average price is $306.35. RenaissanceRe Holdings Ltd. has a fifty-two week low of $231.17 and a fifty-two week high of $335.97. The company has a market cap of $13.74 billion, a P/E ratio of 5.67, a P/E/G ratio of 1.20 and a beta of 0.17. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. The company had revenue of $2.77 billion during the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%. Sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current year.

RenaissanceRe Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have issued reports on RNR. JPMorgan Chase & Co. lifted their price target on shares of RenaissanceRe from $329.00 to $360.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Mizuho increased their price objective on shares of RenaissanceRe from $325.00 to $329.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Cantor Fitzgerald restated an “overweight” rating on shares of RenaissanceRe in a research report on Thursday, July 23rd. Citigroup raised RenaissanceRe from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $335.00 to $345.00 in a report on Wednesday, June 10th. Finally, Bank of America boosted their target price on RenaissanceRe from $410.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, RenaissanceRe has a consensus rating of “Hold” and an average price target of $336.33.

About RenaissanceRe

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.